Monday, March 13, 2017

Remodeling Projects That Give the Greatest ROI When Selling Your Home

Remodeling before selling your home has the potential to increase your home’s value or to break your bank account.  Homeowners need to know which projects are most likely to give the greatest return on investment (ROI) before putting a home on the market. Surprisingly, small projects reap the greatest ROI. 

According to Remodeling Magazine, below are the projects that provide a homeowner the greatest ROI.  So consider these projects before selling your home.

Attic Insulation

This project requires a professional to air-seal the attic and then add fiberglass loosefill insulation.  Even though it’s not a DIY project, the ROI can be up to 107% of the initial cost.  Not bad for a small project.

Entry Door Replacement

Replacing your entry door with a new 20 gauge steel door, including a clear, dual-paned half-glass panel, can provide up to a 90% ROI.  The project includes replacing the jambs and threshold; and replacing the existing lock with a new brass or antique brass finish lock. 

However, if you replace your door with a simulated wood grain fiberglass door with a half-glass panel, your ROI would be around 77%. So if you want the greatest ROI, opt for the steel door.

Manufactured Stone Veneer

This project involves removing the bottom third of siding on the front façade of your home and replacing it with manufactured stone veneer.  Just changing the appearance of the front of your home can provide up to a 89% ROI.

Other Small Projects to Improve Your Home’s Value
According to the National Association of Realtors (NAR), refinishing wood floors can pay back up to 100% in recouped costs.  Putting in new wood flooring can give you up to 91% of the initial costs.

NAR also states that replacing your roof could reap up to 105% of your costs when you sell your home.

The Most Important Project for Selling Your Home

Even more important than remodeling is decluttering and cleaning your home for resale.  Most buyers will make assumptions about a home before they even go through the front door. Having a clean and well kept looking front yard is probably the most important project and costs very little.

Buyers will continue to make assumptions about your home as they walk through the front door.  Decluttering and cleaning the interior of a home gives the impression of openness and provides the buyers with a vision of seeing themselves in the home. Buyers will overlook flaws, such as old appliances and furniture, if the space is clean and orderly looking.

Don’t spend a lot of money on major remodeling projects if you’re planning on selling your home soon.  Instead consider small projects that will reap the greatest return on investment for you. 

Feel free to contact me if you have any questions about how to sell your home!

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