5 Home Improvements That Will Pay Off
It’s not always a labor of love, remodeling can be a wise choice when it comes to adding additional returns on your investment. If you’re considering selling your home this spring, here are the top five home remodeling projects that lead to the highest rates, some with over 100-percent return at resale.
1. Major or Minor Bathroom Remodel
By giving your old floors and vanity a face-lift from the ground up, the new look will grab any interested buyer’s attention.
A major remodel means completely stripping an existing bathroom, expanding it from its previous 5×7 ft. floorplan and replacing all of the out-dated fixtures including the tub or shower, sinks, faucets, closet, and floor. Generally, a major remodel brings a return of 93.2-percent which means – if the cost of your entire remodel is $26,052, the return on your investment at the time of sale would be $24,286.
A minor bathroom remodel at resale has an average return of 102-percent. If you plan to update your tub, shower or fixtures it could cost around $10,500 with a return of $10,700 at resale. This is by far the number one return on investment when it comes to updating your home for sale. If your bathroom is already a picture out of a magazine, simply re-caulk your tub or add a fresh coat of a trending paint color. What would cost less than $300 and a few hours of work could mean a higher return at resale or a higher listing price when your home is ready for market.
2. Minor Kitchen Remodel
A small cosmetic remodel can mean refacing cabinets and drawers, adding a new wall oven, cooktop, sink and fixtures, updated countertops and/or improving the flooring without any changes to the original floor plan. For everything listed, the average full-scale minor remodel equals around $14,900 and brings an average recoup of 98-5-percent at resale. With little extra decorative details and finishing touches such as sink fixtures, curtain rods, and drapes, you could see an extra $14,690 or more in returns in the closing agreement of your home sale.
3. Outdoor Additions
Small improvements have a large impact at closing. Give your courtyard an impressive entry with a welcome gate, add decorative planters to your porch, deck and patio, or add charm to a gathering space with solar lighting to add additional returns of 90.3-percent at resale.
If you’re thinking about selling your home that doesn’t already have a deck, it may be a good idea to add one to improve your listing price and increase returns in your closing agreement. A 16 x 20 ft pressure treated wood deck will cost around $11,000. At resale, you can expect a recoup again of 90.3-percent, which will leave you around $10,000 in return.
Maybe you don’t wish to put an additional $11,000 into your home (especially when you’re in the process of finding a new perfect home yourself). For a simple update that provides a 100-percent return on investment at very little cost, add a splash of color to the front of your home. By adding flowering foundation plants, or an exciting color combination of doors, trim and siding, your home will surely pop with upscale charm to any passerby (including interested buyers).
4. New Garage Door
For most homes, especially street-facing homes, a garage door is the focal point on the face of the house. Ranked one of the highest returns on investment in the history of home updates and remodels, a new garage door returns close to 90-percent at resale.
For an easy upgrade to your home choose a trending style of door that will captivate a prospective buyer. Hot styles right now are carriage doors that give a handmade appearance, or doors with a large number of windows. On average, the cost of a new door is around $2,300 which brings a return of $2,070.
If you’re thinking about going the extra mile with your garage renovation, consider adding a Bluetooth component such as iSmartGarage that powers and controls your garage door through a mobile device.
5. Insulation Upgrade
The least exciting upgrade of the list, but certainly not the upgrade with the least value. Most agents will even highlight this renovation as an exciting relief to for buyers. On average, an insulation upgrade will cost close to $2,100 for an average family-size home. As the homeowner, you can expect a recoup of around 95-percent at resale.
For buyers, knowing that the structure of the house is up to date and that they have nothing to worry about when settling in, allows for more enjoyment during the home buying process and a strong emotional return on their investments.