Make these repairs before you try to sell your house

It’s a little work that can go a long way

These are six times you should never skimp on home repairs Anything with electrical work A leaky roof Defective water-based plumbing appliances Standing water A dirty chimney Clogged gutters

Selling a home is no simple task this year. With mortgage rates closing in on 7% following a tumultuous year of sky-high home prices, buyers are backing off and cooling the market at a rapid pace. Home prices are going down and the challenges of selling a home are going up.

To make selling your home easier, consider making a few key repairs first.

About 95% of home sellers made an average $14,163 in repairs to their properties between mid-July and mid-August, The Wall Street Journal reported. That’s nearly a 20 percentage point increase from last year.

However, not all home repairs hold the same value to the housing market. According to the National Association of Realtors, there are 11 major ways you can repair or upgrade your home, but only two of them will offer a major return on investment in the process.

Remodeling projectCost recovery
Hardwood flooring refinish147%
New wood flooring118%
Insulation upgrade100%
Basement conversion to living area86%
Closet renovation83%
Attic conversion to living area75%
Complete kitchen renovation75%
Bathroom renovation71%
Kitchen renovation67%
Add new bathroom63%
Add new primary bedroom suite56%

That being said, the association also noted that a vast majority of homeowners who participated in house renovations perceived an improvement to their quality of lives. While most of the renovations listed above will not provide a huge return on investment, they may improve your living experience.

“Most consumers are pleased with the overall result and 57 percent would tackle the project the same way, while 35 percent would make a few different choices such as finishes or materials,” the association’s report said. “After remodeling, 84 percent of owners have a greater desire to be in their home. Sixty-nine percent have increased enjoyment in their home. Fifty-seven percent feel happy, and 39 percent feel satisfied when they see their completed project, with a typical Joy Score of 9.6. Sixty-nine percent feel a major sense of accomplishment when they think of their completed project.”

Ultimately, homeowners looking to improve their house’s odds on the market should focus their renovation efforts on hardwood flooring refinishes and new wood flooring projects. Upgrading your insulation will likely not cost you any money in the long run, but will also likely not make you any profit.