If you're planning on putting your home on the market, you may be considering what you could remodel or replace to help give you the best return on your investment (ROI). Despite what you may see over and over again on HGTV, a $50,000 complete kitchen overhaul may NOT be the best way for you to get the most bang-for-your-buck when choosing remodeling projects!
Research shows that subtle improvements (think "greige" paint!) and replacements can result in a higher percentage return than a more costly renovation. Similarly, updating the curb appeal of your home will immediately capture buyer's attentions and improve the overall perception of your home.
It's important to consider that location plays a huge role in determining which projects are truly best for your home. Local trends are different in each market, and the national trends may not benefit your home in central Missouri the way they would in southern California. Ask a real estate professional (contact Bev & Co.!) before you invest your time and money.
- Subtle improvements result in the best pay off
- Exterior improvements yield a better return than interior ones, and replacements are superior to remodels
- Location, location, location! What will work best for your particular area and home?
Check out this list, "Top 10 US Remodeling Projects For Home Value", for some insight into where to put your dollar!
|1.||Attic insulation (fiberglass)||$1,343||$1,446||107.7%||116.9%|
|2.||Entry door replacement (steel)||$1,413||$1,282||90.7%||91.1%|
|3.||Manufactured stone veneer||$7,851||$7,019||89.4%||92.9%|
|4.||Garage door replacement (upper price range)||$3,304||$2,810||85.0%||90.1%|
|5.||Minor kitchen remodel||$20,830||$16,699||80.2%||83.1%|
|6.||Entry door replacement (fiberglass)||$3,276||$2,550||77.8%||-|
|7.||Garage door replacement (mid price range)||$1,749||$1,345||76.9%||91.5%|
|9.||Window replacement (10 vinyl)||$15,282||$11,286||73.9%||73.3%|
|10.||Window replacement (10 wood)||$18.759||$13,691||73.0%||72.1%|
How do different projects stack up? One study breaks it all down...