Thinking about remodeling before listing your home? Remodeling your home can add a tremendous amount of market value. But don’t fall into the trap of biting off more than you can chew. Some renovation projects are not worth the damage to your wallet. Keep reading for my top six home renovation projects that’ll give you the biggest return on your investment!
Average cost: $17,747
Average resale value: $18,366
Average recouped costs (potential ROI): 103%
No, I’m not talking about completely replacing your HVAC system. HVAC electrification involves the transition from a conventional fossil fuel-based HVAC system to an electric-powered alternative. Traditional HVAC systems use natural gas, oil, and fossil fuels to perform heating and cooling. Unfortunately, these systems contribute to greenhouse gas emissions as well as a greater bill for your wallet each month. With electrification, HVAC systems rely on electricity for their power. The conversion to an electric system involves replacing gas or oil furnaces with electric heat pumps used to both cool and heat the home. These heat pumps function by moving heat between the outdoor and indoor environment. Only a small amount of electricity is used instead of powering needed through combustion.
Average cost: $4,302
Average resale value: $4,418
Average recouped costs (potential ROI): 103%
A rickety garage door is not only an annoyance, but a major eyesore as well. You can easily elevate the curb appeal of your entire home by replacing your garage door. There are many different types of garage doors to choose from. A sleek garage door with a wooden finish and thin windows can give you home a clean and modern look that will be sure to pleasantly invite the eye! If your garage door is fully functional but just needs a little facelift, consider repainting or adding nicely detailed hardware for elevated look.
Average cost: $10,500
Average resale value: $10,700
Average recouped costs (potential ROI): 102%
The keyword here is “minor.” If you start gutting the entire room, you’re going to rack up the cost fast. But with today’s DIY videos, you can easily replace the vanity, add some backsplash, paint, and replace the hardware to create a whole new look. Statistics have shown us that buyers love bathrooms! And a minor bathroom remodel can add value to your home without causing destruction to your home or your wallet.
Average cost: $2,214
Average resale value: $2,235
Average recouped costs (potential ROI): 101%
Why not give an upgrade to the first thing buyers are going to come face to face with in your home? Your front door gives a little preview to what’s to be found inside the home. Especially if you’ve renovated the inside, don’t leave the front door out of that renovation. A good exterior door can cost anywhere from $1,000 – $3,000 depending on the details you’re looking for. For this purchase, I would recommend looking at Facebook Marketplace and other similar markets before purchasing new from the hardware store. Often contractors work with clients who change their minds at the last minute on a brand new door and want something different. Because of this, front doors are often posted brand new at a discounted price!
5. Landscaping
Average cost: $4,900
Average resale value: $4,900
Average recouped costs (potential ROI): 100%
Give that patch of grass or dirt in your front yard some flare! Maybe your driveway and sidewalk just need a quick power washing, or maybe you want to go all out with a flower garden, masonry, and a new layout. Landscaping can take a lot of work, but thankfully you can save a lot on the cost by doing it yourself. And it doesn’t take much to add to the curb appeal of your home!
Average cost: $15,000
Average resale value: $14,600
Average recouped costs (potential ROI): 98.5%
The kitchen has been said to be the “heart” of the home. The kitchen can also make or break a buyer’s decision on moving forward with a property. A minor kitchen remodel can add significant value to the home without demolishing the entire room. An easy place to begin is replacing existing appliances with higher functioning, newer ones. Next, instead of replacing the cabinets, choose to paint or refinish the existing ones. A fresh coat of paint or gloss paired with new hardware can completely transform the look of your kitchen.
Which of these home renovations do you think would benefit your property the most? I’ve been in the real estate business for over ten years and love helping homeowners add value to their property. Check out one of my favorite YouTube videos here for more tips on how to get top dollar for your home sale!
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Thinking about remodeling before listing your home? Remodeling your home can add a tremendous amount of market value. But don’t fall into the trap of biting off more than you can chew. Some renovation projects are not worth the damage to your wallet. Keep reading for my top six home renovation
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