When getting ready to list your home on the market, putting a little elbow grease into a few renovation projects is a solid way to increase value. Many home improvement projects add tremendous appeal to homes and cause them to fetch higher prices when it comes time to close. To find out which projects are the absolute best bang for your buck, here is a list of remodeling areas that create excellent return on investment:
1. A Home’s Entry – The Front Door
This fact may seem silly or simplistic, but getting a new front door for your home offers the absolute best return on investment of any project. Just a few hundred dollars and an hour or two of labor can have you enjoying reinvigorated curb appeal. Steel doors in particular offer a sense of security at a lower price point.
Already have a new door? Freshening it up with a coat of paint in a bold accent color can have a similar effect on buyer enthusiasm. Whether replacing or repainting, a front door remodel project can transform the entire look and feel of your home’s exterior with the added benefit of extra energy efficiency.
Average ROI — 98% for a steel door
2. Update with Siding Replacement
Newer homes have amazing siding products that are practically maintenance free and add tremendous curb appeal. These products are so desirable that older homes without them can feel like they are lagging behind. Older siding has been estimated to decrease the sales value of a home by 10% or more.
Vinyl versions are extremely affordable, and foam-backed vinyl is even better because of its excellent insulating properties. However, fiber-cement siding is the best upgrade to give your home a sense of quality and class. Homeowners seeking an upmarket crowd can opt for fiber-cement products that mimic the feel of stone, wood or ultra-modern materials.
Average ROI — Fiber cement 83.9%, vinyl 81.5%
3. Mid-Level Kitchen Remodel
Jamming in islands and going all granite is certainly tempting, considering the prevalence of such glamorous amenities in most magazine-ready homes. In reality, going overboard on your kitchen can make your home less marketable if the style does not match the rest of the home or neighborhood.
Besides, materials like granite require high upkeep to maintain that jaw-dropping beauty. Going more modest with low-maintenance materials like stainless steel, Corian or quartz can achieve a similar effect with wider appeal.
In general, you should try to add things to your kitchen to make it easier to move around and get things done. Adding storage, a more useful faucet and under-cabinet lighting can make the space much more desirable to the average home buyer.
Average ROI — 78-81.8%
4. Adding a Wood Deck
A home’s lawn can be just as important to sales appeal as its interior. One way for buyers to get even more use out of the lawn is to have a wooden deck to enjoy on days with nice weather. A sealed, finished deck can help edge out competing properties and increase the value of your home. Since many buyers consider them as part of the “living space,” their relative low cost can offer much more dollar-for-dollar return than something like a sun room or home addition.
Average ROI — 80.6%
These improvements are all excellent ways to add value to most houses, but not every house is the same. Knowing your neighborhood and targeting the average market expectations is the absolute best way to retrieve the highest closing value for your home. Here are some more of the top projects you can do to increase the value of your home!
Let an expert real estate agent guide you by suggesting the optimal upgrades for your particular home and target market. Get a free home value estimate and some advice on how to increase your sales appeal by filling out the form on the right and you’ll be paired up with one of our experienced real estate agents.