Whether you’re thinking about selling your home soon or just planning for the future you want to get the most value from the sale as possible. Sales can already take a lot of time and energy as you work through realtors, open houses, and negotiations, but taking just a bit more time to have some renovations done can return thousands of dollars when it comes time to sell.
With your time and attention being occupied elsewhere and budgets not being unlimited how do you know what renovations are going to be worth the hassle? As real estate experts we’ve handled hundreds of sales and seen which renovations do and don’t improve the sales figures. We’ll walk you through some of the common renovations that are going to be the best return for your investment and effort when looking to sell your property.
Upgrade to Stone Veneer
Making the switch from vinyl siding to stone veneer will greatly improve the visual appeal of your home. This project usually entails removing the vinyl siding common to many homes and replacing it with a manufactured stone faces in certain, usually front-facing, parts of the home. Costs will include water-proofing, corrosion-resistant lath, other raw materials, and labor. If the cost to do one section comes to around $8,900, then the project usually returns at least a total of around $8,500.
Upgrade the Kitchen
Upgrading the kitchen can add a lot of perceived value to the home. On top of the new and modern look that improves the style of the home, it can also increase the overall enjoyment of the space, with people more likely to want to cook in it or have company over.
This kind of upgrade usually involves replacing appliances with newer models that come with new technologies like improved energy efficiency, as well as putting in new floors, counter tops, cabinets, sinks, and paint. Given the numerous different appliances that may need to be replaced as well as labor costs, the nationwide average for a kitchen remodel is $22,500. The average value added to the home from a kitchen upgrade was around $18,000.
Replace the Siding
New siding on a home can do a lot to make even an old house look like new. This kind of project is fairly straightforward, with old siding being taken out and new siding being put on. On top of the siding, costs include insulation and labor. Replacing 1,000 square feet of siding will cost around $13,000 and return around $10,000.
Install a Wooden Deck
This upgrade will only mostly only apply to homes with a large backyard, but a wooden deck helps people enjoy the yard space around the home in a way that feels stylish while adding character to the home. Putting in a new 320 square foot deck, with costs including railing systems, treated wood, balusters, and labor, costs an average of $13,000, and provided a resale value of $10,000.
While the 4 potential projects above are going to provide the best return compared to the project costs, they aren’t the only renovations that can add value to a home. It’s important to keep in mind that even when the return for a renovation doesn’t always cover the costs of the project, it improves the overall valuation of the home and that valuation can appreciate.
