Whether you just bought a fixer upper or you have lived in your home for awhile, the fastest way to increase your home’s value is renovation. When considering a home remodeling project, know your intentions and how long you plan to live in your home. If you want to maximize your remodel for resale, you will have to keep in mind what your potential buyers might want. Smart home buyers will appreciate moves you make to reduce utility usage, such as energy-efficiency. Most renovation values depend on geography — a pool in Wisconsin might not be a selling point, because there’s a lot of care that goes into it, and summer is very limited.
According to the National Association of Home Builders’ Remodeling Marketing Index, the four best home renovations for maximum return-on-investment are:
1. Windows. Homeowners will recoup about 70% of the cost of new windows on resale. Replacing windows has more advantages than just monetary. Besides saving money on heating and air condition, new windows look bright adding to your home’s curb appeal.
2. Kitchen. According to the Joint Center For Housing Studies at Harvard University, the first area of a home that potential buyers look at include the kitchen and the bathroom. To update your kitchen, refinish all surfaces, replace appliances with energy-efficiency ones and paint the walls. These jobs are less expensive than a full remodel, but can provide a larger return on investment.
3. Bathroom. According to the National Association of Home Builder’s Remodeling Marketing Index, bathroom remodels typically return 72-77% of the initial investment. Smaller investments like a new toilet, paint, shower faucets and head can make a big difference in getting your home sold.
4. Entry Door. The National Burglar and Fire Alarm Association estimate that 33% of burglaries are initiated through the front door. Steel entry doors are nearly a 100% return on investment. Fiber glass and wood doors can also work, but don’t react to the weather elements the same.
If you’re thinking of tackling a home remodeling project, contact your Shorewest, REALTOR today!
Categories: Home Improvement