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What home improvements produce the highest ROI?
A repossessed home is selling for 50k under the market value for the neighborhood it resides in. I would like to renovate the house as it is dated. What improvements would produce the highest ROI?
2 Answers
- glennLv 71 decade agoFavorite Answer
I would check this out very carefully before you buy it. It could seem 50K under market- but it could cost a lot more to bring it up even with the houses you are comparing it to. Also some banks list their properties under value so that an "auction" mentality develops and the house sells for a lot more than the listed price. There is no law that requires a bank or any other seller to agree to even a full price offer- they can change their mind at any time.
Recent studies show that replacing a bad front door with a good- solid front door returns the most. Paint and cleanup and landscape also return a lot for the money. Kitchens and baths are very important- but also very expensive to do.
Get quotes on how much this would cost to bring up to the quality of the house sales you are comparing this to.
- 1 decade ago
Kitchen gives the highest return, followed by bathrooms. Landscaping can be cheap and make a big difference.
