When you take on home improvement, whether you do it yourself or hire professionals, you’re taking on costs for projects that, if done right, will add to the value of your home. But keep in mind that the payback is rarely 100%, and you won’t get to enjoy the financial benefit of the work until you sell or refinance the house.
If you’re getting the house ready to sell, be sure the colors and materials you choose are on trend, aligned with the style of your home and consistent with neighborhood character.
1. GARAGE DOOR: A new garage door updates the look of the home and adds to curb appeal. Estimated average $4,000 to replace, the rate of return remains high at 93% of costs. If a replacement is a steep investment, a fresh coat of paint can feel like new.
2. KITCHEN REMODEL: Remodeling suggests replacing the cabinet and drawer fronts with Shaker-style panels and new hardware, getting new energy efficient appliances, replacing laminate countertops, getting a mid-priced sink and faucet, new floors and adding a fresh coat of paint. The average return of investment is 70%.
3. LANDSCAPE: Clean up your yard. Having trimmed trees and shrubs, a well-maintained lawn, and flowers or flowerbeds can help improve the value. Depending on the art size, a $6,000 investment on your landscaping and fence can expect a cost recovery of 83%.
4. BATHROOM: You don’t need to budget for a full remodel to refresh your bathroom. However, if your bathroom needs a full remodel, expect to spend around $35,000. Your cost recovery will be around 57%, which means you’ll get about $20,000 back when you sell your home.
5. PAINT: The quickest and easiest way to get some bang for your buck is to give any room in your home a paint refresh. Stick to light, neutral colors and don’t forget to add a new coat to the trim and the ceilings for an all over clean look. Theres 107% return of investment refreshing the interior and 55% for exterior paint.
6. FLOORS: Breathe new life into your existing hardwood floors by resurfacing them or installing new hardwoods in your home to see an average ROI around 70% to 80%. There’s no denying that beautiful floors make a great first impression, and with a variety of stain colors, your hardwood floors can be timeless or trendy.
7. ENTRY DOOR: If your home’s shabby, worn entry door is a visual downer, pencil in a new steel entry door at the top of your remodeling list. Not only will a new entry door freshen up your home’s facade, but you’ll recoup a sizable 65% of your investment if you then sell your house.
8. SOLAR: According to the National Renewable Energy Laboratory, every dollar that a solar panel saves you on your electrical bills increases the value of your home by $20. This amounted to an average increase to the home’s selling price of $20,000 in California.
Contact me for assistance with the sale of your home or a thorough consultation to prepare your home. I can also connect you with a lender that can assist with a home equity loan.
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