Planning on staying in your home indefinitely? Or are you in the market for a new house? Regardless of your current status, whenever you’re considering remodeling or home improvement, it’s good to consider the effect it will have on the value of your home.
When it comes to the housing market, you never know what kind of shape it is going to be in. While you’re waiting for it to get better, there are always upgrades and renovations that can be done to boost the curb appeal and the value of your home. Any changes that are made to your home should be done to increase the overall value of it. Here are some renovation projects that you should consider to make to your home to increase the value during resale.
Replacing Vinyl Siding
Replacing the siding on your home not only improves its appearance, but also can boost energy efficiency. If you choose vinyl or other siding products with permanent color, gravitate toward neutral shades that will still be classic year after year. According to the National Association of Home Builders’ Cost vs. Value, replacing 1,250 sq. ft. of vinyl siding and trim returns 95.5 percent of cost (including the cost when a contractor does it for you).
Upgrading Kitchens
Any real estate agent will tell you to invest your time and money in the kitchen if you want to add value to your home. Why? Because kitchens make a big impression and home buyers want them to be modern, functional and well-maintained. The average cost of a major kitchen remodel is high, but includes a complete gutting — from cabinets to appliances to flooring and replacing them with modern mid-range materials.
Be careful not to go too far with kitchen remodels. Unless you’re living in a high-end, luxury home, you shouldn’t have high-end, luxury appliances (like a top-of-the-line Sub-Zero fridge, for example) or personalized gadgets — they won’t matter to your targeted buyer or add value to your home.
Garage Door Replacement
A garage door replacement is a bit more of an investment for sellers. But the return is high and you can’t put a price on curb appeal. With an average cost of $1,652 nationwide, the return was 91.5 percent, or $1,512. If replacing feels overwhelming, a fresh coat of paint or stain to cover all those nicks can do wonders.
Deck Addition
Outdoor living spaces are becoming more popular, and that means buyers are willing to dish out more money for homes that have these outdoor entertainment spaces. While wood decks add more value and cost less, they typically come with more maintenance costs (like staining) over time to maintain the wood.
Decks provide an attractive transition between inside and outside. Especially for smaller houses, well-designed patios and decks can provide much-needed extra space for dining, entertaining and relaxing. A wood deck addition averages $10,048 and has an 80.5% return.
Replacing Windows
Besides keeping you warmer (the energy-efficiency of modern windows has soared compared to the windows of 20 years ago), new windows can be a major selling point. You can expect to recoup around 78% of an investment in window replacement. The average cost for replacement on a typical home: $10,000-$18,000.
New windows let potential buyers check off a major to-do from their home improvement list and can be a big selling point.
Sellers should pay attention to the details when choosing replacement windows and honor the architecture, period and style of their home. Inside, vinyl replacement window finishes should complement existing wood colors.
Add More Space
Adding a room or two can be a good investment, particularly if you live in a hot housing market. Everything from adding a sunroom to doubling the size of the house, much of the demand is driven by homeowners who want more space, but then realize they can't afford larger homes. Every 1,000 square feet added to a home boosts the sale price by more than 30 percent, according to a study for the National Association of Realtors.
Stay focused on what can be done within your budget to complement your own lifestyle while still enhancing your home’s resale value. Projects that typically don’t increase resale value are those that are unique to you and your tastes. Not everyone may want a swimming pool or music studio, for example, but if you get use and enjoyment from these, then there is intrinsic value in those improvements because they add to the comfort you get from your home. If you do decide to sell your home after making improvements that are specific to your tastes, you can market them in a way that can be of interest to others. If you have any questions on any home improvements you want to make, contact Fortin Construction today!