Remodeling for resale? Recoup your investment with these projects.
Friday, July 19, 2019
Where do you invest so that you improve resale value? The answer to that question is actually easier – and less expensive – than you might think.
First impressions rule
House hunters decide whether they’re in love with your home within the first few seconds of seeing it. We’re talking the minute they pull up to the driveway. That means your curb appeal needs to be on the mark. According to the Remodeling 2019 Cost vs. Value Report (www.costvsvalue.com), a garage door replacement can help you recoup 97.5 percent of your investment when you sell. This trend has held for the last few years, so it’s a change you can be confident in making. And with the average replacement costing around $3,600, it’s a relatively small expense compared to other remodeling projects.
If you can’t afford to completely replace your garage door, there are some smaller DIY projects that make a large statement without a large price tag. A simple coat of paint that complements the color scheme of the rest of the house and some hardware for visual interest can create the impression of a new door. Check out Remodelaholic for an example and some stunning before-and-after photos.
Adding manufactured stone veneer to your home’s façade can be nearly as impactful. The Cost vs. Value Report found that sellers recovered nearly 95 percent of their investment on resale, proving yet again that first impressions really do matter.
Get cooking
When it comes to interior remodeling projects that will improve resale value, the Cost vs. Value Report indicates that focusing on the kitchen is likely best for ROI. The key here, however, is that it’s minor kitchen remodels that result in 80.5 percent recouped expenses. Major kitchen remodels, on average, return closer to 60 percent depending on how upscale the project is. This hasn’t changed much over the years, either. Similar findings were highlighted in 2015 as well.
Many factors can play into why minor projects pay off better – materials and labor typically cost less, and it leaves the door open for new homeowners to customize it to their own tastes, for example. If you’re looking for smaller updates you can make in the kitchen that won’t break the bank, consider door hardware as part of your investment.
Schlage Custom™ Door Hardware offers a variety of designs and finishes to complement any style of home. Choose a door knob or lever that stands out as an eye-catching statement piece buyers will remember or keep it more subdued with a style that blends more with the rest of the room. You can also match the finish to appliances and plumbing fixtures for a cohesive look throughout the kitchen. Perhaps best of all, the new homeowners will appreciate the attention to detail and installation of high-quality products.
Moving doesn’t have to be overwhelming. Check out our real estate guide for more tips on how to improve your home’s resale value and ideas for making the big transition simpler.
© 2019 Hanley Wood, LLC. Complete data from the Remodeling 2019 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.
