REMODELING FOR A HIGH RETURN ON YOUR INVESTMENT
Let's face it, remodeling is a taxing. While we want the latest and greatest in our home, the task of remodeling can be serious business. More importantly, where do we start? That built-in sauna is everything YOU want but will you really get the most for it when it is time to sell? Unless you plan to live in your home FOREVER, the return on your remodeling investment is something you really want to consider. There is a difference between projects that will add to your home's value and those that will HELP your home sell. There is a common misconception that a swimming pool adds value to your home. While the average buyer may like the idea of having a pool or it may even be in demand in your area. The truth is a pool likely will not make a buyer pay more for your home. Your pool will add entertainment value but not monetary. A kitchen, on the other hand, adds monetary value to your home and will help it sell faster! If you are uncertain about your renovation project, there are several cost to value resources that can help determine what projects will give you the best BANG FOR YOUR BUCK!
2020 Top Remodeling Items for the Best ROI
According to Remodeling Magazine’s 2020 numbers, trends for return on your investment dollars have been mostly holding steady. Thanks to their data, here are some projects to consider if you’re planning to remodel before selling:
1. KITCHEN REMODEL: A new kitchen can pay for itself depending on your design choices. Be mindful of trends and make choices that won't price you out of your market. This is the one project that can push buyers to choose your home over the competitors.
2. SIDING REPLACEMENT: Remodeling Magazine grouped all major siding types (excluding stone veneer) together, but this year it has separated them into two categories: fiber-cement and vinyl. Both are popular, durable choices for a home, and both return quite well.
3. VINYL REPLACEMENT WINDOWS: Replacing windows can be a major selling point for buyers. Windows are a high priced item and can lead to energy savings and tax breaks. Buyers loves to see new windows in a home they are considering purchasing. One less expense for them to worry about in the future.
4. GARAGE DOOR REPLACEMENT: I know...a garage door? Yes, garage doors appeared #1 on the list in 2018 and 2019. According to Remodeling Magazine, a garage door replacement can provide an average of 94.50 percent return on investment. It changes the face of your home, improving your curb appeal. Remember, we want to welcome buyers when they pull up to the home.