Consider Your Best Home Improvements for Resale ROI

Even small updates can make your home more comfortable and more appealing to buyers

If you’d like to do some home improvements to make your home more attractive to the average buyer, it’s important to know where you’ll get the best return on your financial investment.

Consider these six updates that Remodeling’s 2021 Cost vs Value Report identified as the five best investments in recovering costs (figures are national averages):

·        Garage door replacement costs $3,907.  Resale value is $3,663 (93.8% return)

·        Manufactured stone veneer costs $10,386.  Resale value is $9,571 (92.1% return)

·        Minor mid-range kitchen remodel costs $26,214.  Resale value is $18,927 (69.4% return)

·        Siding replacement (fiber-cement) costs $19,626.  Resale value is $13,618 (69.4% return)

·        Window replacement (vinyl) costs $19,385.  Resale value is $13,297 (68.6% return).

“If you’re looking to sell or just want to make your home more comfortable, there are several updates you can do, big and small,” says Family Handyman.  In addition to some of the updates above, this source suggests making these improvements:

·        Fresh paint will range from $30-$60 per gallon, but is “totally worth it”

·        Bathroom updates need not require a complete remodel.  Makeover the vanity, and replace shower heads, faucets, and toilets—don’t forget to clean up the caulk around the tub

·        Examine the flooring and replace worn carpet.  Think about hardwood flooring that might cost $3-$8 per square foot—save dollars with your own installation

·        Touch up the landscape by adding planters and shrubbery

·        Modernize the look of your home with updated curtains, crown moldings, or new light fixtures

·        Provide outdoor lighting—solar lights illuminating a path are easy adds.

It’s also good to know what home improvements potentially waste your time and money when it comes to resale.  Another Family Handyman article suggests homeowners reconsider these projects:

·        Backup generators can be helpful but don’t “add a lot of everyday resale value to homes”

·        Backyard patios are common, but “a full upgrade will be more impressive than…a layer of stone”

·        Adding on another bathroom is expensive; redoing an existing bathroom will yield a better return.

Finally, consider these "enhancements" that may deter buyers:

·        High end kitchen appliances will net only a 59.7% return on investment

·        Hanging wallpaper makes a personal design statement others may not like

·        Building a backyard swimming pool might actually decrease a home’s value as it is high maintenance and not everybody would use a pool

·        Solar panel installation nets lower energy expenditures but will not be a selling point for most. 

Think about your budget and what you—and others--might value most when you update your home.  It may be that if hope to recover your costs and plan to sell soon, investing in your own personal design and décor preferences might not be your best choice.

Post authored by Lora Bray.

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