Home Renovations That Will Pay Off BIG at Resale23 May Twelve Rivers Realty
Whether you’re planning on putting a “For Sale” sign in front of your house in a couple of months or in a couple of years, it’s smart to know which home renovations will pay off the most at resale.
If you’re renovating for resale value, it’s important to focus on repairing the major things like roof, flooring, plumbing, paint, etc. But it’s also a good idea to focus on enhancing rooms like the kitchen and bathroom. “Kitchen and bathroom remodels continue to be two of the best investments you can make in your house,” according to HGTV.com.
So, if you’re wondering what home improvements to make for the best return on investment, look no further. We’ve done our research and ask the pros what they think. Here are the top home renovations that will return the most at resale.
The bathroom is a prime place for renovations. Although it’s one of the smallest rooms in a home, it’s usually one of the first rooms buyers check out. If your bathroom is looking super outdated, it could be what’s holding your home back from selling.
The average return at resale on a minor bathroom model is 102 percent, according to HGTV.com. More than 100 percent of the cost! Bathrooms tend to be one of the most expensive rooms of the home, in terms of renovations. An inexpensive way to dramatically improve the look and feel of the bathroom is to replace the vanity, lighting, and toilet.
New Garage Door
When you’re thinking about selling your home, putting in a new garage door offers the best return on investment. Not only will a new garage door immediately enhance your curb appeal, but it will get your back almost every dollar you spent on it when you sell your home.
Old garage doors tend to be rusted, dirty and all dinged up. Install a new 4-section garage door on new heavy-duty galvanized steel tracks. You can reuse the existing motorized opener. The average cost of replacing the garage door is $3,470 with a resale value of $3,411 and a recoup rate of 98.3 percent.
Before you go all HGTV and embark on a major kitchen remodel, consider doing a minor one first. People spend a ton of time in their kitchens, so it’s important that the kitchen is up-to-date and energy efficient.
Instead of gutting the entire room and starting from scratch (unless you absolutely need to), try starting with something small like the cabinets. You can leave the cabinet boxes in place and update them with modernized Shaker-style wood panels and drawer fronts.
If the kitchen needs some more love, move onto the countertops next. If it still needs work, swap out the older appliances with energy-efficient models. Awesome kitchens are one of the first things people look for when buying a home, so a minor kitchen remodel will be worth your investment.
Window & Front Door Replacement
Knock. Knock. Who’s there? …Not any buyers if the front door to your home looks like the entryway into a haunted house. Any real estate pro will tell you that the front of the home, aka “curb appeal” matter a lot.
The average cost of an entry door replacement (steel) is $1,471; The average resale value is $1,344, which is a cost recouped of 91.3 percent, according to the Cost vs. Value 2018 National Report.
Replacing new windows can brighten an entire room, literally. There’s no need to splurge though. Remodeling Magazine reports vinyl replacement windows have a 74 percent return on investment, giving them a 1 percent edge over wood windows.
Interior & Exterior Paint
If you want to brighten up or drastically change a home or room, it’s a good idea to start with a coat of paint. And if you’re on a budget, a little bit of paint can go a loooong way. By simply purchasing a $25-$50 can of neutral color paint (to appeal to a broader audience), and painting a room, you’re instantly enhancing the value of your home by making it look clean, polished and updated.
What Our Agents Suggest:
“Enhancing the kitchen can even be a simple remodel like painting cabinets, installing new faucets or adding new backsplash. Or spend a little more and add a nice butcher block island, install new counters or upgrade lighting and/or appliances. The kitchen seems to be a key factor in most my Buyers' decisions,”
-Crystal Barone, partner, director and REALTOR®.
Bill Wilson’s Top 7 Key Items to Sell:
1. Kitchen updates
2. Master Bath updates
3. Contemporary paint/color scheme
4. Curb appeal/fresh landscape
5. A unique and desirable feature that makes Home stand out. I.E. wet bar redone with gold fixtures and trendy wallpaper
6. If in the $250k-$500k range, a back-yard fire pit/lounge area
7. Front door. Goes along with curb appeal. For under $500 you can get a modern door that will do wonders for the homes resale value