Lifestyles over 50 Finance & Money
As people progress through various stages in life they find themselves in a quandary regarding their home – should I stay or should I go? For those who want to stay in the same geographic location they must evaluate if their home meets their needs, or if it could be renovated to meet their needs. If a renovation is required - what is the level of investment and would it add value to the home? If you find yourself undertaking this mental exercise, we compiled a list of reported projects that yield the best return on investment:
Best Home Renovations that Yield the Highest Returns:
Entry door replacement
Garage door replacement
Minor kitchen remodel
If your project is not on the list, it still may add value to your home. In some cases, like the need or desire to downsize, selling a home makes sense. Below is a list of renovations that yield the smallest return:
Home office remodel
Backup power generation
Master suite addition
Whichever your scenario, it is best to consult professionals to provide renovation estimates and a potential impact on your home’s value. If you are interested in selling your home, you can also contact a realtor to provide you with a neighborhood analysis and home assessment.
Elissa Clausnitzer, SRS is a licensed Realtor with Weichert Realtors and has over 30 years of experience in real estate. Elissa specializes in helping boomers and seniors achieve their goals in their next step in life. Call her at 610-573- 0386.