There are several projects that you can do to add value to your home. What this blog attempts to do is to give the seller an idea on what projects to tackle to increase the value of your home. My goal is to let you see what the approximate percentage you might recuperate when listing your home.
Credit for this information goes to Erica Christoffer who writes for Realtor Magazine.
1. Entry Door Replacement – 101%
According to Remodeling magazine’s Cost vs. Value, replacing your existing front door with a new steel door will net you a 101.8% return on resale for a minimal replacement cost of about $1,230. Who knew? But think about it: It’s the first and last thing you’ll touch on your home visit. It makes an impression
2. Siding Replacement (fiber-cement) – 87%
3. Siding Replacement (foam-backed vinyl) – 78%
When it comes time for inspection and appraisal, having those repairs done will not only increase the value of your home but also reduce the likelihood of being forced to make fixes or adjust pricing later in the process.
4. Deck Addition – 87%
5. Garage Door Replacement – 88%
6. Minor Kitchen Remodel – 83%
7. Major Kitchen Remodel – 64%
I usually don’t recommend a kitchen remodel before selling your house. Put yourself in the buyer position. If I am buyer I would want to remodel the kitchen to my own tastes. You are not going to get your money back on a kitchen remodel.
8. Window Replacement (vinyl) – 76%
9. Window Replacement (wood) – 74%
10. Bathroom Remodel – 64%
11. Bathroom Addition – 61%
12. Basement Remodel – 78%
13. Roofing Replacement – 63%
14. Walls and Flooring –
Notice I did not put a value on on return on investment for this. That is because it has different type of Value. Replacing or refinishing your flooring and painting the walls are the quickest and least expensive ways to give a house new life. With these enhancements, you can expect roughly a 10% uptick in asking price. Shades of gray are in, and stay away from tan and beige. For flooring laminates are in and will last longer than carpet.