If you are on the market preparing to buy your new home in contingent on selling your current one. You need to focus on these home improvements and reap the benefits of a great return on investment (ROI).
Garage Door replacement-97%
Year after year, the aesthetics of having a new garage door will yield the most returns among home renovations. Compared to a bathroom renovation, 57% ROI.
Not only buyers will be drawn to the clean and new look of your garage door but boost the security-enhancing benefit for the potential buyers of your home.
The cost of a typical garage door replacement could be around $2,300.
Manufactured stone veneer- 95%
The manufactured stone veneer is consistently the second-highest in ROI.
The Pacific region (Washington, Oregon, and California) and the southeast (Mississippi, Kentucky, and Tennessee) have the highest return on investment. As high as 107%.
On average, stone veneers cost $7-$12 per sq. foot for materials alone. According to Home Remodeling, since skilled labor, specifically stonemason, the cost increases to $47-$65 per square foot.
When considering stone veneers, research your neighborhood for the last sold properties. If the prior sold properties do not have a stone veneer finish, you may opt for repainting the exterior to better match the comparable sold homes in your neighborhood.
Your upgrade might increase the value of your home and could be a challenge to sell it in the future.
It may not be the cheapest upgrade that you can make on your exterior façade, but it’ll visually elevate your property’s “wow factor.”
Minor Kitchen Remodel-80.5%
Minor kitchen renovations could be repainting, cabinet door refacing, or even replacing drawer pulls could bring a fresh look to your kitchen.
Vinyl Siding- 75.6%
As potential homebuyers drive by and look at the exterior of your home the first thing, they see is your siding. Some average return is about 85% in some regions of the country.
The aesthetics of a new siding greatly improves your curb appeal.
Re-Painting the exterior, on the other hand, yields 55% on return on investment. Use neutral colors like light beiges or greys that can be more appealing to the general public.
Exterior paint jobs, like replacing the siding, should be left to the professionals. Exterior painting requires major preparation. It involves ladders, equipment and spray tools that could be dangerous and may not show a professional look after the task.
Wood or Vinyl Window Replacement-72%
Windows is another area that could greatly affect the value of your home. Windows replacements come in wood and vinyl.
Both of these materials have the same return on investment, wood- 71%; vinyl- 73%.
In some instances, you can even have tax deductions if you opt for energy-efficient windows.
Maximizing your home improvements
If you are doing the renovation for personal reasons or you’re selling the house, focusing on these key areas can increase the value of your home or sell your home faster.
You can also see the currently sold listing in your area and price your home appropriately or more. Property valuation reports include property comparables in your area.
The collective percentage of return on investment slightly dipped year after year because of increase in material costs since the imposition
Focus on these home renovations to narrow down the
Curb appeal is the key feature and the biggest bang for your dollars in the long run.
This article is meant for informational purposes only and is not intended to be construed as financial, tax, legal, real estate, insurance, or investment advice. Local Records always encourages you to reach out to contractors and professionals regarding your own situation.