You should be smart about which home projects you do, even if you’re not planning to move soon. You should be careful with your time, energy, and money, and not all upgrades will pay off the way you think they will. This is what U.S. News Real Estate says:
Not all home improvement projects will make a house more valuable when it comes time to sell. Think about whether the project will pay for itself by bringing buyers to your house when it’s time to sell before you spend money on a pool or an addition.
That’s why you should talk to a local agent first, before you get a power tool or call a contractor.
Planning Ahead Pays Off
Should you be moving soon, you should start your to-do list as soon as possible. Life can change quickly, even if you aren’t planning to move just yet. A new job, a growing family, or a shift in your priorities can make your plans move faster. You don’t want to have to rush to fix up your house if your plans change.
Smart updates now = fewer headaches later.
You can spread out the work over time, which is better for your wallet and your stress level if you plan ahead. Better yet, you can enjoy the improvements while you live there. This way, you can be sure that your home will be ready to sell when the time comes.
What Buyers Want (and What’s Actually Worth Doing)
Here is some information that can help you decide which projects are worth your time and money. NAR did a study that shows which home improvements usually give you the best return on your investment (ROI) (see graph below):
It’s great if an update you’re already thinking about fits in with those high-ROI upgrades. It’s likely to make your life better now and raise the value of your home in the future.
But don’t believe this list. This is based on data from across the country, and it will depend on where you live on what people want the most. That’s where your agent comes in. This is what an article from Ramsey Solutions says:
A real estate agent who knows your market well is the best person to talk to about what you can expect in terms of resale value on home improvements, especially if you want to sell soon. They know what the big trends are in the area and can show you how other homes that have the features you want are selling. So, you can make a smart choice before you start ordering lumber and tearing down walls.
You should be careful not to do too much. You might have to pay the most for your neighborhood if you make too many high-end updates. That might sound great, but buyers might not be interested if the price is too high for the area. If you hire the right agent, they will help you make smart changes that buyers will love without going overboard.
It pays to plan ahead for every project, no matter how big or small. A key part of that plan is having an agent.
Bottom Line
You can still make smart changes to your home that will help you love it now and make it stand out later, even if you don’t plan to move soon.