When you are preparing your home for the market, you may want to make some renovations in order to net more money on your home sale. Which renovations get better returns than others?
Keep in mind that less is more. Large scale jobs aren’t likely to return their full costs but there are investments worth doing in anticipation of an upcoming sale. Some renovations return 100% of their costs while others get less than half of the money back. Still, some renovations can improve your market position and the probability that your home will sell.
Lower costs projects tend to return greater value. For example, the national average cost for a steel front door replacement is $1,200. That is the least expensive project on the list and it also gets the highest return. In fact, you can expect a 101% return on investment. In 43 of 102 markets surveyed, new doors recoup more than 100% of their costs.
Other projects that get a good return on investment are mid-range garage door replacements or upscale garage door replacements, mid-range wood windows replacements, and minor kitchen remodels. Notice a pattern here? With the exception of a kitchen remodel, these are all replacement projects.
In general, replacements cost less and provide a bigger payback than remodeling or adding square footage to a home. First impressions are very important to buyers so replacing things that they will see right away, like the front door, garage door, or siding, will help you net more money on your home sale. Manufactured veneer gets a 92% return on investment.
When it comes to remodels, though, kitchens will still get you the most bang for your buck. For example, a small, $20,000 remodel will get you a payback of 80%.
Just how much you recoup from home improvements depends on which updates you make and which region of the country you are in. Other factors to take into account include figuring out which updates are typical for your specific neighborhood and, of course, the quality of the work.
Check out this cost versus value reportbefore you get into any renovations or remodels. We even have a professional stager on our staff who can tell you exactly which repairs will help your home sell for the most money.
If you have any questions, please don’t hesitate to reach out to us. We would be happy to help you!
Author:Dave Friedman Voted Best Realtor in Charleston Phone: 843-480-9737 Dated: March 14th 2017 Views: 1,401 About Dave Friedman: Voted Best Realtor in Charleston in 2014, it is easy to say that Dave Friedman is committed to his w...
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Evan Dua is a Listing Specialist who works with our sellers to sell their homes in the shortest amount of time possible and for top dollar.
Evan knows that the most important thing in everything that he does is honest, consistent communication with his clients as this is what has allowed him to secure countless referral clients and raving fans throughout his entire career. He knows that when he is hired to sell his client's home, he is not being hired to simply get them to the closing table. Instead, he is being hired to provide them with an experience that makes them rave to their friends and family for generations to come.
Having run a highly successful business in the past, Evan has learned that hard work and the utmost level of dedication and focus on customer service is what will turn any transaction into a "Disney" experience.
As a result of his commitment to his clients, Evan has spent his life creating positive change in the lives of others through unparalleled service and and the intentional use of proven and repeatable systems.
Evan holds a Masters degree in Hospitality (or as he likes to say, "Business with a smile") from Fairleigh Dickinson University where he put his passion for people to work and learned that if you love what you do, you will never work a day in your life.
After earning his degree, Evan quickly realized that his true calling is in real estate. Since quickly coming to this conclusion, he has dedicated his life to creating world-class experiences for our clients by selling their homes in the shortest amount of time possible, while netting them more money than they ever expected.