Cost vs Value of Renovations
So you’ve decided to brave the dust and dirt and inconvenience – not to mention the expense of a renovation project.
If it’s because you’ve always wanted an updated kitchen or bath and it will enhance your quality of life, go right ahead. But if you are planning to sell soon and think the renovation will increase the resale value of your home, hold on...
Studies suggest that most renovation projects do in fact increase the price of the home at resale. However, the increase is typically less than the cost of the project.
Cost vs. Value Reports contradict the common wisdom that kitchen and bathroom renovations pay for themselves. It also suggests that you should renovate primarily for your own enjoyment and accept that your project will pay for itself only partially when you sell.
One thing these reports don’t take into account is how renovations affect the marketability of your home. Real estate agents say that a gleaming kitchen with state-of-the-art appliances, tile or hardwood flooring, stone countertop and lots of cupboard space can sell a house the instant a prospective buyer sees it. Conversely, a cramped, dim kitchen with outdated linoleum and countertop and avocado or harvest gold appliances may actually scare buyers away.
Bathrooms are another big draw. A house with quality fixtures and finishes will sell much faster than the same house with moldy grouting and ancient fixtures.
If you can’t afford to renovate, update and refresh key rooms instead. Replacing an old countertop, repainting cupboards and walls and installing new door pulls and lighting can make a big improvement in your kitchen for a very modest price. Similar touches increase the appeal of older bathrooms, too. 
Fresh paint throughout your home is another low-cost, high-return project – it makes everything look cleaner and brighter, and buyers love a house they won’t have to redecorate immediately.
Home buyers want outdoor living space, not just an expanse of grass or a few flowers. Putting in a large, well-planned deck is a project with good payback, adding an average of 90 percent of its cost to your home’s resale value.