10 improvements that are likely to generate a good return when you sell
December 3rd, 2015
| Home Renovation, Home Values, Home Selling Tips
Looking to get top dollar for your property? Most sellers stick to cleaning and staging. However, if you think your property needs more than a little TLC, certain remodeling projects can help.
Before you install a spa-like master bathroom and chef’s kitchen, take some advice from Remodeling magazine’s “2015 Cost vs Value Report.” This report provides estimated costs for 36 midrange or upscale home-improvement projects, along with the percentage of cost that owners can expect to recoup when they sell.
Large-scale projects typically return the worst value when you’re ready to sell your house. Stick with simpler, smaller improvements.
Focus on first impressions.
The most profitable remodeling projects were dominated by those that boosted a home’s curb appeal. A steel entry-door replacement topped the list, followed by adding stone veneer and replacing the garage door.
What about remodeling?
If you thought kitchen and bathroom remodels were the ones to tackle, you’re half right. Minor kitchen remodel came in as the sixth best in terms of cost recouped. Here are the top 10 projects and their returns:
- Entry door replacement (steel): 101.8%
- Manufacture stone veneer: 92.2%
- Garage door replacement: 88.4%
- Siding replacement (vinyl): 80.7%
- Deck addition (wood): 80.5%
- Minor kitchen remodel: 79.3%
- Window replacement (wood): 78.8%
- Attic bedroom: 77.2%
- Window replacement (vinyl): 72.9%
- Basement remodel: 72.8%
Don’t be afraid to go big … if you’re staying home.
Not every home improvement decision is based on what you’ll recoup when you sell. If you want to add a master suite and aren’t ready to sell, go ahead.
No matter which improvements you undertake, talk to your lender about your financing options.