For the majority of folks, home renovations answer some families needs – maybe a finished basement for your children’s playroom or upgraded master bath. Those are worthwhile tasks if you have plans to stay in your house for more than a few years.
On the flip side, if you want to add value immediately, your dream renovation might not be a new kitchen that has stainless steel appliances and granite counters or a fantastic in-ground pool. Recently, Remodeling Magazine published its 2017 Cost versus Value Report, and again, projects that increase curb appeal fare better than improvements inside a house, with few exceptions. Here are 5 home improvements that will make your money back if not more on the value of your home.
Replace the front door
Expected Recoup: ~90 percent; Average cost: $1,500 – $2,500
When it comes to curb appeal, an automatic win, a new door is going to return around 90% of its value. The trendiest replacements are sensible steel doors and stately stone veneer models. An attractive and welcoming front entrance was a winning feature with both real estate professionals and potential buyers.
Install new siding
Expected Recoup: 80 to 84 percent; Average price: $12,000
Re-siding a home adds a return around 80% to 84% at resale. Whether the siding you choose is fiber cement, vinyl, or wood, the decision to re-side a house has historically increased resale value for homeowners. It adds to the curb appeal and assists in controlling energy costs.
Upgrade the garage door
Expected Recoup: ~80 percent; Average price: $2,300 – $3,000
One other curb appeal home improvement, upgrading the garage door to an appealing carriage-style or wood garage door generates around 80% of its cost as you sell your house. Garage doors that have an abundance of windows usually do a bit better than the ones without. Use one of the recent remodeling preview applications offered by home improvement companies to gain an idea of what different doors are going to look like before taking the plunge.
Change to hardwood floors
Expected Recoup: 78 to 91 percent; Average cost: $5,000 – $6,000
Depending upon the style of your house and where you live, upgrading your carpeting or laminate flooring to hardwood floors may return from 78 to 91% of the cost as you resell your house. Bear in mind that engineered wood items do not fare as well – therefore, try the real thing unless you aren’t prepared to sell immediately. Search for a universally attractive finish, and remember that oak is a perennial favorite among homebuyers.
Install fiberglass insulation in the attic
Expected Recoup: 107 percent; Average cost: $1,200 – $2,000
There isn’t anything thrilling about beefing up your attic insulation, yet from a cost-benefit viewpoint, it’s the top home improvement to make. According to recent reports, you will see a 107% return on your attic insulation job. And not just that, you will witness a difference in your home energy bills in the interim.
We hope these tips assist you as you prepare to buy or sell a home.
If you have questions about mortgage financing, contact us here or give us a call 865-770-3099.
