Updating your home is a fantastic way to increase value along with curb appeal. Knowing where to start and what areas to focus on can be a little confusing. As a homeowner, you want to be confident that you will recover the cost and maximize profits. What are the top-ranking home improvements?
Remodeling magazine’s 2015 Cost vs. Value Survey compares construction costs with resale values for 36 midrange and upscale remodeling projects comprising additions, remodels and replacements in 102 markets across the country (www.realtor.org). Currently in their 17th year, they have identified the following projects as offering the best return on your investment for 2015.
Steel Front Door
Updating the front door is typically a top-ranking home improvement. However, as of late, the current trend is replacing your entry way with a steel entry door. In fact, this update offers the best return on money because it is one of the least expensive updates with the highest return on investment. Replacing your front door with a steel door offers a recoup rate of 101.8% (mid-range home improvement category) according to Remodeling magazine’s 2015 Cost vs. Value Survey.
Manufactured Stone Veneer
Manufactured stone veneer is new to the list this year. This project involves replacing about 300 square feet of siding with manufactured stone veneer. Stone veneer is lightweight, easy to install and adds a tremendous amount of curb appeal. The national average cost for this update is $7,150 with a 92.2% return on investment.
A popular trend for 2015 is replacing outdated garage doors. Remodeling magazine’s 2015 Cost vs. Value Survey compares the value of popular home renovation projects. The survey found that replacing an outdated garage door is an affordable update that delivers an average 88.4% ROI for homeowners (mid-range home improvement category). A garage door is often a main focal point on a home, as a result updating this area can give the house a whole new look without breaking the bank.
Minor Kitchen Remodel
The kitchen is typically the heart of the home. We spend a lot of time in the kitchen and it is often a gathering point. An updated kitchen can help sell a house. A minor kitchen remodel costs approximately $19,000 with a recoup rate of 79.3%. This would include new cabinet doors, new drawer fronts, new appliances, countertop and flooring. If a minor kitchen is not in the budget, consider updating the countertops, sanding and painting the cabinets, and change the hardware on the cabinets and drawers.
Inside the home, the bathroom is a major deciding factor among homebuyers. A bathroom remodel average’s $16,724 and offers an ROI of 70%. Updates you will want to consider are replacing the bathtub, old shower doors, old surrounding tile, floor, toilet, sink and vanity. Also, remove outdated wall coverings and add a fresh coat of paint. If you are not able to remove the bathtub, another option is to re-glaze the existing tub and re-caulk.
When considering your return on investment, generally it is best to focus on updating rather than large renovations. When selling a home, first impressions make a lasting impact. As a result, an updated interior and curb appeal are very important and can help you sell faster. If you are considering placing your home on the market, contact me for more tips on getting your home noticed and sold quickly.