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Best Return On Investment For Home Renovations
Numbers for 2018 remodeling cost vs. value, have just come out. This analysis explains which renovations are most likely to provide the best return if resale is done within a reasonable timeframe. I'm putting my money where my mouth is; next week I'm replacing all the windows and the entry door in my home. This is considered an upscale project. The return on this investment will be around 75%.
If I attempted to market my home without replacing the builder grade windows, it would reduce the amount of sales price regardless of comparable sale. You see, a good buyers agent would see the shape of the windows and recommend a lower than comparable sale price. While I have no immediate plans to sell, I realize change can happen quickly and the home would be more ready to command a higher than comparable price.
Here are 5 projects that will yield an equity return if you work with the right team. As your listing agent, I can establish for you how these projects can improve the marketability of the home. I'll list them in order of best return:
(Midrange) Manufactured Stone Veneer - 111% return. This exterior project would replace that tired vinyl or aluminum siding.
(Midrange) Steel Entry Dorr Replacement - 105% return. This simple project, if done right enhances curb appeal.
(Upscale) Garage Door Replacement - 90% return. This can make an ok home look fabulous.
(Midrange) Siding Replacement - 80% return. Are you seeing a trend yet?
(Upscale) Window Replacement - 75% return.
If you'd like to know more about how projects like these can help you market your home or just improve your quality of life while you remain, give me a call or email. That's what I do.
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