Wednesday, August 17, 2016 / by Cody Ford
If you have tucked away money for a rainy day or started a stash to finally add those sparkling granite countertops, it’s possible, you may be wasting your money.
If selling your home is in your site in the next couple of years, research shows that there are some projects the will protect those home investments more than others. According to data compliled by houselogic and the National Association of Realtors, “Remodeling Impact Report,” some home improvement projects increase the value of your home much more than others, especially when selling is on the horizon.
Here are the top five projects that offer the best long-term investment for homeowners who might be considering selling:
Replacing Your Front Door
Whether you have an “open door” policy or backdoor friends, the front door to your home sees a lot of action, day in and day out. Due to activity and weather exposure, your front door takes a beating and replacing it yearly yields tremendous curb appeal and provides the best return on your investment.
A 2013 report from Remodeling Magazine’s Cost vs. Value Report says homeowners who install a steel replacement entry door, on average, will recoup 86% of the installation cost.
Vinyl siding has a tendency to crack, fade or wear out over time. When it comes time to sell your house, one of the first things potential buyers will notice is the condition of your home’s exterior. If the siding looks dated or in disrepair, buyers will assume the interior of your house is in similar condition. Since you never get another chance to make a first impression, replacing your siding is a smart move. It’s also one that will provide a solid 83% return, should you decide to sell your home.
Remodeling your kitchen doesn’t mean it has to look like the cover of Good Housekeeping magazine. Minor remodels and simple updates go a long way in improving buyer response. If you are looking for a cost effective and show stopping remedy to a dull kitchen, consider cabinet refacing, new flooring, new countertos and sparkly new appliances.
Since the kitchen is the hub of the home, homeowners can generally expect a 67% return on the cost of a kitchen upgrade.
Outdoor Living Space
A 2014 Home Trends Survey from the American Institute of Architects reported that the love of outdoor living spaces is on the rise, especially decks and patios. Adding a deck or patio is one key way to expand living space at a low cost, somewhere between $8-$35 per square foot, compared to a whopping $150 per square foot to add additional indoor living space.
New Garage Door
Whether that magical door houses an ideal “man cave” or simply a haven for yard tools and vehicles, your garage door is the gateway to a done deal for many home buyers. Enticing buyers into that space begins with excellent curb appeal. A freshly painted garage door, or a complete garage door replacement can boost home value and first impressions by leaps and bounds.
Older 2-car garage doors can be replaced for approximately $2,300, according to the Remodeling Impact Report, with a vigorous 87% return on your investment. Painting a fading or peeling garage door can be done with minimal costs of under $100. Create bankable personality on your garage door with a few simple upgrades.
No matter whether you choose to tackle one project or all of the above, a massive facelift or a simple touchup on the above areas will yield results for your wallet and will help your house score top rankings when you plan on selling.
If you plan on selling your home in the next few months or are looking for a home with these quality upgrades, let the Trish Ford Real Estate Team help with your real estate needs. We help sellers prepare their home for the marketplace by providing remodeling and staging tips, along with on-target listing prices. We also match prospective home buyers with homes that meet their exact criteria. Our team is your full service real estate team, serving with integrity and experience. Call us today for a free price estimate on your home.