If you’re thinking of ever selling your home, chances are you’ve considered some remodeling projects. Whether it’s updating, demolishing, or reconfiguring, you hope the work and money will pay off when you sell your home someday. However, the National Association of Realtors Remodeling Impact Study revealed that thirty-five percent of U.S. homeowners would rather move to another home than remodel their current home.
How do you know for sure a remodel is worth it?
We’ve done some digging to determine just how valuable these projects really are. If you’re considering any of these renovations, take a look at what they might actually be worth in the long run.
Judge a Book by its Cover
Curb appeal projects are overall one of the greatest ways to recoup your remodel dollars this year. Whether you replace a tired garage door, landscape your front yard, or add some decorative veneer stonework, the year-over-year value increase on these projects is trending upward. Replacing a garage door ranked the highest return project this year, with a 98.3% cost recuperation. A focal point for most homes, garage door upgrades are proving a project worth investing in according to the Key Trend in the 2018 Cost vs. Value Report.
Think Minor, Not Major
It might seem smart to think big in terms of a kitchen renovation, but think again. Before you fancy yourself as one of the HGTV demolition goddesses, take this into consideration. This year, minor kitchen renovations (updating appliances, cabinet fronts, hardware, etc.) showed that they recuperate on average more money than major renovations (appliances, brand new cabinets, adding an island, etc.). A minor remodel recoups 81.1% while a major one only recoups 59%. Save yourself the cost and headaches and stick with a minimally invasive remodel instead.
Don’t Add, Just Update
Master bathroom additions might seem like a great way to make more money when you sell your home. But they only recoup about 59% of their value. Spend your renovation budget on a much higher yielding bathroom remodel. Update tile floors, fixtures, and the toilet to recoup an average of 70% of your dollar.
Know the Value of Materials
Adding a deck was ranked one of the highest returns. But it also ranked as one of the lowest. What’s the difference? A wood deck has a recuperation value of around 82%, while a composite deck recoups only about 63%. Consider your material choices before starting a project to ensure the best return when you sell your home.
By doing some research and making smart moves, your remodeling dollar can be recuperated wisely. Consider these trends before you start your next home improvement project and see just how much of a difference it makes when you decide to sell.
The Silva Group is comprised of the Philadelphia area and southern New Jersey Shore’s best and brightest in the real estate industry and we are here to help you with all your real estate needs. We are experts in our field and are here for you. Contact us today to see how we can help.