This content is sponsored by Opendoor
It’s an age old question: how can I maximize the value of my home? Homeowners often embark on a project hoping, but not knowing, that they’ll see a worthy return on their investment when it comes time to sell. This can make an already stressful process even more frustrating.
As we head into what's often a slower, fall real estate season, when many homeowners opt to stay put and contemplate selling next year, the list of potential projects might be top of mind. So what should you focus on? If you want to tackle just one project this year, what should it be? Local real estate company Opendoor just launched a new Home Improvement Value Calculator to eliminate some of the mystery by enabling homeowners to estimate how much certain home improvement projects can increase their overall home value.
So what adds the most value right here in the Twin Cities? Looking at the Opendoor data for homes valued around $300,000 (close to the current median home price), the top five upgrades and the estimated home value increase associated with each are:
- Adding a full bathroom – $23,000 (7.67%)
- Finishing the basement – $21,150 (7.05%)
- Adding a bedroom, taking it from 2 to 3 bedrooms – $19,250 (6.42%)
- Converting existing living space into a 3rd bedroom – $14,900 (4.97%)
- Adding a pool – $13,300 (4.43%)
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It's no surprise, these projects with significant returns are also pretty significant undertakings. Selling your home to Opendoor can be a great option for homeowners that don’t want to take on the hassle of home renovations. Homeowners can visit opendoor.com to start the free, no obligation process. Opendoor provides a competitive, all-cash offer on eligible homes within 24 hours, whether it's been remodeled or not.
Opendoor Data Methodology: Opendoor buys and sells thousands of homes per month. Using our valuation model along with teams of local pricing experts, we’re able to isolate individual features of homes and understand how improvements to those features can increase the overall value of a home. Where many tools rely on subjective surveys, Opendoor’s calculator uses current market data.
