TOP FIVE Home Improvements That STILL Add Value to Your Home
If you’re thinking about selling your home in the coming months, and you want to maximize your asking (and selling!) price you may want to make some enhancements to your home before putting it on the market. But don’t worry -- you needn’t make major renovations. In 2010 the most profitable returns on your enhancements are projects that are small in both scale and cost.
According to Remodeling Magazine’s 2010 Cost vs. Value Report, here are the top five small –scale renovations that recouped the most in value.
1. Replace your front door with a mid-range steel door. Cost: $1,200; Investment recouped: 102%
Again this year, the front door is tops on the list, and for good reason. Potential buyers follow their instincts when it comes to first impressions, and your front door is what welcomes them in. Remember to choose a door that complements your home—and your neighborhood—rather that what looks best in the home improvement store showroom.
2. Replace your garage door. Cost: $1,300; Investment recouped: 84%
Many buyers today intend to use the garage for more than just vehicle storage. Replacing your garage door with one that is insulated and has windows for natural light will instantly add value to your home.
3. Replace exterior siding with fiber-cement siding. Cost $13,000; Investment recouped: 80%
For the past five years, this project has ranked #1 in projects costing over $5,000. And with good reason! Buyers understand the value of new siding, especially if it has been pre-painted. Not only is it an upgrade that will last them for many years, the bother of painting their new home less often is a definite plus for them.
4. Upgrade your kitchen. Cost: $21,000; Investment recouped: 73%
A mid-range upgrade includes replacing counters, cabinet doors and hardware, adding a new sink and faucet, replacing older appliances with newer energy-efficient models and replacing the flooring. One caution —too often homeowners over-improve their kitchen. Unless you plan to stay in your home for another 3-5 years, stick with the basics to gain the most value.
5. Add a wood deck. Cost $11,000; Investment recouped: 73%
When adding a deck, consider creating a space that is small enough to keep the cost down, but large enough for an eating area and for small gatherings. If you live in a climate where outdoor living is very important, adding a deck will be an attractive bonus for potential buyers.
The first impressions of a home will draw potential buyers in, or send them on their way before they even take a look inside.
No comments:
Post a Comment