Increase Your Home’s Resale Value With The Right Renovations
Renovating a home can come with its share of hard work. But, if done smartly renovating can be a worthwhile way of increasing the resale value of your home.
If you are planning on selling your home soon you should consider only making renovations that will increase the resale value of your home. Even without a limited timeline to enjoy your renovations, spending your money smartly with an eye on making an increased return is always a good idea. If you are interested in increasing your homes resale value, keep these renovations in mind:
Exterior upgrades: Remodeling magazine’s 2019 Cost vs Value report found that nine out of ten renovations that offer the best return take place on the exterior. Replacing your garage door is one of the best ways you can add value to your house. You’re likely to recoup 97.5% of the cost of a garage door replacement. Replacing your siding also pays off. Updating vinyl siding with manufactured stone veneer has a 94.9% return on investment. A wooden deck is also a great investment and will recoup 75.6% of the outlay cost. It’s also great to consider low maintenance options such as TimberTech composite decking. The average deck will set you back around $13,000.
Curb appeal: Curb appeal plays a huge part in the home value, and that’s why investing in good landscaping, painting, and a welcoming front door is so important. Potential buyers will be making decisions as soon as they pull up to your home, so it’s best that the first impression is a good one. Replacing your front door with a fiberglass one will recoup 74.9% of the cost when it comes to selling. A fiberglass door comes ready-to-install and is an attractive way to welcome guests into your home.
Adding rooms: Adding more rooms to your home can also increase its value. Make sure that while you are adding a room, you are not taking away space (don’t knock out the second bedroom to add a bigger living room, unless you plan on adding the bedroom somewhere else). A mid-range or up-scale master bathroom or master bedroom or a backyard patio will regain from 50% of the cost you spend on them.
Minor kitchen renovation: A minor kitchen renovation can deliver more return for your money than overhauling the whole room. Rather than remodeling the entire room, keep it simple by replacing the cabinets, and replace old appliances with newer energy-efficient models. Give the room a facelift by updating any laminate countertops and outdated flooring. A mid-priced sink and faucet can help take your room to the next level. Finish with a new coat of paint for the walls, trim and ceiling. This type of home renovation can help you regain 80.5% of the costs when it comes to selling your home. The average cost of a minor kitchen renovation is around $22,500.
Weatherproof and insulate windows and roofs: An oft-overlooked category, renovating for the longevity of your home might not be as exciting as a new kitchen or bathroom, but it certainly provides returns when you sell. Replacing your roof or updating your wooden or vinyl windows might not seem worthwhile, but new buyers will see the value in having a weather-tight and well insulated home. Plus, a roof or window replacement will regain back 60% of the cost when you come to sell it.
Light and space: Natural light can make a room seem much larger than it actually is while creating more space in your home can completely transform it. If you are considering opening up more space but don’t want to remove a wall, consider adding a window, a skylight, or enlarging an existing window. Properly positioned windows or a bigger doorway give the illusion of more space.
While renovations can help you sell your home there are some things you should consider before picking up a paintbrush or calling a contractor.
Repair before renovating: There’s no point in adding more work to your home before fixing things that need to be repaired first. Since buyers don’t want half-finished homes or a house in disrepair, it’s essential to make sure that before starting a new project you have anything that needs replacing or needs to be repaired taken care of.
Finish what you start: The most important thing is to make sure that you complete what you start. Nothing turns a potential buyer off more than seeing a half done job. Make sure that you have everything that you begin completed, and if you are considering selling don’t start a renovation that won’t be finished by the time that you go to put your home on the market.
Not sure where to begin? If you’re looking for ideas and advice about a project, We will help you move that project from dream to reality.