There are a number of home upgrades you can tackle to increase your home value in a short time.
If you are on the market preparing to buy your new home in contingent on selling your current one. You need to focus on these home upgrades and reap the benefits of a great return on investment (ROI).
You can also use your tax refund to boost your curb appeal or revamp your ceiling. Removing your popcorn ceilings could bring an instant clean appearance and a cheap way to update the interior of your house. You’ll also give potential buyers the relief of not doing it themselves.
- Garage Door replacement-97%
Year after year, the aesthetics of having a new garage door will yield the most returns among home renovations. Compared to a bathroom renovation that yields around 57% ROI.
Not only buyers will be drawn to the clean and new look of your garage door, but boosts the security-enhancing benefit for potential buyers.
To boost your savings with this upgrade, if the motor of your garage door opener is working fine, use it and just change the garage door panels. Most contractors are familiar with this kind of upgrade and will only charge for the panels and installation of the doors
Nationally, the cost of a typical garage door replacement could be around $2,300. It’s the least amount of investment that you can do to your façade with the biggest impact.
- Manufactured stone veneer- 95%
Manufactured stone veneer is consistently the second-highest in ROI.
The Pacific region (Washington, Oregon, and California) and the south east (Mississippi, Kentucky and Tennessee) has the highest return on investment. As high as 107%.
On average, stone veneers cost $7-$12 per sq. foot for materials alone. According to Home Remodeling, since skilled labor, specifically stone mason, the cost increases to $47-$65 per square foot.
When considering stone veneers, research your neighborhood for the last sold properties. If the prior sold properties do not have a stone veneer finish, you may opt for repainting the exterior to better match the comparable sold homes in your neighborhood.
Your upgrade might increase the value of your home, and could be a challenge to sell it in the future.
It may not be the cheapest upgrade that you can make on your exterior façade, but it’ll visually elevate your property’s “wow factor.”
- Minor Kitchen Remodel-80.5%
Even if budgets are tight, a minor kitchen renovation could increase your home’s value and recoup your investment at the least 80%.
- Resurfacing your cabinets can brighten up a tired looking kitchen and make it look expensive. You can hire a contractor to paint your cabinets and still be in budget of your project.
- Lean towards lighter colors, mainly white to brighten up your kitchen.
- Replacing drawer pulls compliment your painting project, it’s easily available online or home improvement store and the best part is you can do it yourself.
- Backsplashes are great accents and its available in magnetic options that you can practically take off the wall and clean it.
On the other hand, an upscale major kitchen renovation has one of the lowest returns on investment, yielding an average of 60%. If you spent $50,000 on your kitchen rehab, you’ll most likely get only $30,000 in return.
Skip the pricey granite countertops, flooring upgrades and professional kitchen appliances.
Minor kitchen upgrade gives the best bang for your bucks and are mostly DIY.
- Siding return- 75.6%
As potential homebuyers drive by and look at the exterior of your home the first thing, they see is your siding. Some average return is about 85% on some regions of the country.
The aesthetics of a new siding greatly improves your curb appeal.
Re-Painting the exterior on the other hand yields 55% on return on investment. Use neutral colors like light beiges or greys that can be more appealing to the general public.
Exterior paint jobs, like replacing the siding, should be left to the professionals. Exterior painting requires major preparation. It involves ladders, equipment and spray tools that could be dangerous and may not show a professional look after the task.
- Window Replacement-72%
Windows is another area that could greatly affect the value of your home. Windows replacements come in wood and vinyl.
Both of these materials have the same return on investment, wood- 71%; vinyl- 73%.
On some instances, you can even have tax deductions if you opt for energy efficient windows.
- Painting specific Rooms in your house- up to 150%
According to Remodelling Expense, painting bathrooms and kitchens can have the best return on investment in all the areas of your home.
Maximizing your home renovation
If you are doing the renovation for personal reasons or you’re selling the house, focusing on these key areas can increase the value of your home or sell your home faster.
You can also see the current sold listing in your area and price your home appropriately or more. Property valuation reports includes property comparables in your area.
The collective percentage of return on investment slightly dipped year after year because of increase in material costs since the imposition
Focus on these home renovations to narrow down the
Curb appeal is the key feature and the biggest bang for your dollars in the long run.
This article is meant for informational purposes only and is not intended to be construed as financial, tax, legal, real estate, insurance, or investment advice. Local Records always encourages you to reach out to an advisor regarding your own situation.