Three in four homeowners would rather replace their appliances than accept a low offer.

New Study Suggests that Certain Upgrades Increase Home Value

According to a new study, Cinch Home Services found that a hefty majority of homeowners and renters, some 75%, believe that upgrading their appliances will increase their home value by nearly $14,000.

This thinking leads to over half of homeowners upgrading their appliances prior to putting their house on the for-sale market.  Nearly 60% will replace/repair their air conditioner, nearly 46% will replace/repair their dishwasher and about 40% will consider replacing/repairing their water heater.

READ: 2022 Top Agent Success Secrets [Revealed]: New FREE Real Estate Coaching Web Event, Revealing 17 Surprising Secrets Of The Top 100 $ Millionaire Agents. Get Your FREE Spot For The 2022 Real Estate Coaching Webinar Now. After You Have Attended This Event You Will Have A Huge Feeling Of Relief Knowing You Will FINALLY Laugh At Your Money Worries – You Will Have Your Own Personalized 2022 Step-By-Step Business Plan. Learn Now How To Generate 100’s of Motivated Leads for FREE, Without Coming Off As A Pushy Salesperson and Losing Your Soul. You Will Soon Know How To Become One of the 1000s of Agents Making HUGE Money Who Never Thought They Could. YES, I Want To Attend The FREE Webinar! <——Click To Register

P.S. Free Webinar, Limited Space. Less Than 300 Spots Still Available.

Return on Investment is Key

Take a look at some of the following home updates that may, to repeat may enhance the valuation of your home:

  • Kitchen Remodels: average cost of $75,000 that includes:
    • Built-in microwave
    • Dishwasher
    • Custom lighting
      • Cost Recoup: 57% or $43,000
    • Garage Replacement: average cost of $4,000
      • Cost Recoup: 75% or $3,000
    • Stone Veneer: average cost of $10,400
      • Cost Recoup: 92% of $6,600
    • Minor Kitchen Remodel: average cost of $26,500
      • Cost recoup: 72% or $19,000
    • Sliding Replacement: average cost of $20,000
      • Cost Recoup: 69% or $13,000

Renovations that May Be Beneficial

Some home improvements such as upgrading kitchen appliances or replacing flooring are considered “capital improvements.”

Even if the capital improvements an owner makes on her/his home don’t enhance the home’s value, the IRS allows homeowners to write off capital improvements when the house sells.

Likewise, if refinancing the home after making upgrades, the home will likely appraise at a higher rate than when the house was originally purchased.  This new refinance valuation could mean an increase in home equity and lower loan-to-value ratio for the homeowner.

Bottom Line

With houses selling like hotcakes at record-high prices at the moment, homeowners may not need to do a thing to enhance the value of their homes.  But, having a home shine brighter with upgrades never hurts.

Thanks to HousingWire.























































Claim Your FREE Real Estate Treasure Map!