In early 2021, Zonda Media released a 2021 Cost vs. Value Report, citing the trend of exterior improvement projects providing the greatest return on investment (ROI ). The top twelve investments for fixing up your home are:
Minor kitchen remodel
Stone veneer replacement
Garage door replacement
When it comes to selling your home, there are a few key things you can do to increase its value. While some of these improvements may be more costly than others, they can all make a noticeable impact on potential buyers. Here are five home improvements that can increase your home’s value for resale:
1. Improve the appearance of your home exterior to make it more appealing to buyers.
The fate of many homes for sale is decided on the walk from the car to the front door. Take the time, and money, to make the exterior inviting. This can be done by making simple repairs, such as fixing broken windows or painting the exterior, or by adding landscaping or decorative touches.
Fiona Dogan, a realtor with Julia B. Fee Sotheby’s International Realty states improving the landscaping with bright flowers, increasing the shrub variety, and clean walkways,” Potential buyers just pass by uninteresting home front.
According to a HomeLight poll, the cost of maintaining a lush lawn, as well as the right amount of flower beds, maybe recovered by 267 percent at the time of sale.
2. Consider replacing your garage doors if they are old and/or damaged.
A garage door replacement returns 93.8% of its value, according to the Cost vs. Value report.
Homeowners looking to make some improvements that will give them a good return on investment should consider new garage doors. New, high-quality garage doors can not only improve the appearance of your home but also increase its value.
Real estate property managers estimate that a $500 new door could add $5,000 value to your resale price in the right neighborhood. Most prospective homeowners are hesitant to buy a house with dilapidated garage doors.
3. One way to make your home more appealing to potential buyers is to upgrade the kitchen.
Installing new cabinets, counters, or appliances should be one of your top priorities. You can help ensure that your home sells quickly and for a good price.
This is the heart of the house, where families cook, dine, socialize, and relax. Consider high-efficiency appliances (such as boilers), multiple seating choices, and marble or quartz countertops.
According to the Cost vs. Value study, homeowners may expect to recover 72.2% of their investment for a modest kitchen remodel. For higher-end jobs, a modernized kitchen may increase the value of a property by $100,000.
4. Check sidings if replacement is needed
You can keep your home warmer in the winter and cooler in the summers by adding new siding.
Replacing siding typically reduces energy bills, which has a significant influence on the home's value if you choose to sell. The report shows that both fiber cement and vinyl sidings retain much of their value.
5. Bathroom renovations are gold.
Renovations of any kind are stressful, especially when it comes to bathrooms, which are usually a haven for people.
For a dream remodel with top-of-the-line improvements, a renovated bathroom may add up to $50,000 to the value of your house. When it comes to selling, an upscale bathroom renovation may return homeowners 54.8% of the project cost, according to the study.
Making essential upgrades to your property will pay off in the end.
Real estate sales agents compare making home improvements with putting in savings to a bank account. The more you improve something, the more likely it is that you will keep your investment and maybe even make money from it.
Reference: Tanisha Sykes, Oct 2021, USA Today