When considering home improvements, the decision often boils down to enhancing your living experience or boosting your property’s market value. But which projects offer the best return on investment (ROI)? To shed light on this question, I sat down with Charlotte Bentley, an experienced real estate consultant and home improvement advisor, to gain her insights on the most valuable home upgrades.
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Charlotte has spent over a decade in the housing market, advising homeowners on where to wisely invest their renovation budgets. Her approach is pragmatic, focusing on balancing personal enjoyment with financial gain. Our conversation was enlightening, offering a clear roadmap for homeowners who want to make informed decisions.
Charlotte began by addressing a common misconception: “Many people think big-ticket items like adding a new bathroom or an expansive kitchen remodel will automatically increase their home’s value significantly. But, that’s not always the case,” she explained. “While these improvements can enhance your living experience, they don’t always offer a high ROI.”
Instead, Charlotte emphasised the importance of strategic upgrades, particularly those that enhance curb appeal. “Your home’s exterior is the first impression potential buyers get. Simple improvements such as replacing the garage door or adding a fresh coat of paint can make a significant impact,” she noted. According to the latest Cost vs. Value Report, garage door replacements have consistently offered one of the highest returns, recouping nearly 93% of the investment. It’s a modest change with substantial benefits.
Another area Charlotte highlighted was kitchen upgrades. “A minor kitchen remodel can be quite effective,” she suggested. “Instead of going all out with a top-to-bottom renovation, consider updating appliances, refacing cabinets, and replacing countertops with more modern materials. These changes can yield a return of around 71%.” This approach allows homeowners to modernise their kitchens without the hefty price tag of a full renovation.
Charlotte also touched on the impact of market conditions on renovation costs and returns. “With recent supply chain disruptions and inflation, the cost of materials has surged, affecting the overall ROI of home improvements,” she warned. “For instance, a steel entry door replacement used to offer a return of over 91% in 2018. But today, that figure has dropped significantly due to increased costs.”
For those planning to stay in their homes longer, Charlotte advised a different strategy. “If you’re not looking to sell soon, focus on improvements that enhance your quality of life,” she said. “Projects like converting an attic or basement into a living space can provide immediate benefits for your family.” While these projects may not fully recoup their costs at sale, the added space can be invaluable for a growing family.
When it comes to projects to avoid, Charlotte was clear. “Certain high-end upgrades, like luxury bathroom remodels, often don’t pay off if you’re selling,” she cautioned. “These are great if they’ll bring you joy, but if your goal is to increase your home’s value, they may not be the best investment.”
As our conversation drew to a close, Charlotte emphasised the importance of aligning improvements with personal goals and market realities. “Every homeowner’s situation is unique,” she concluded. “Whether you’re enhancing your home for personal comfort or gearing up to sell, the key is to be strategic. Understand what adds value in your local market and balance that with what makes your home a joy to live in.”
Charlotte Bentley’s insights serve as a valuable guide for anyone looking to navigate the complex world of home improvements. By focusing on high-impact, cost-effective projects and staying informed about market trends, homeowners can make decisions that benefit both their lifestyle and their bottom line.
Fabrice Fèvre
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