Let’s face it, we all have remodeling ideas we would like to do to our homes. But it only makes sense if those ideas will turn into money in your pocket when it’s time to sell you home.
Remodeling Magazine produces a cost vs. value report for national and regional home remodeling ideas and trends.
These are some of the projects we think are worth your dollars and effort and will help bring buyers to your home when it’s time to sell.
Manufactured Brick/Stone Veneer. Installing manufactured stone veneer is second on the list of home improvement projects that practically pay for themselves. For example, removing a 300-square-foot band of existing vinyl siding from the bottom third of the front of your house and replacing it with manufactured stone veneer will cost around $8,211. You’ll see a resale value of $7,986, recouping approximately 97.1 percent.
Garage Door Replacement. Replacing your garage door is at the top of the list on a national average, with a 98.3 percent recoup of your investment. The average cost of this job ran $3,470 nationally and the resale came in at $3,411.
Wood Deck Addition. This is the 4th best remodeling project for it’s value. The typical cost is around $10,950, which will see a potential resale value of around $9,065. That’s almost an 83% recoupment of costs. Buyers love the “outdoor: room value that a wood deck adds in creating more space in a home.
Small/Minor Kitchen Remodel. This is one of the most sought after rooms in the home for buyers. So even minor updates can make a big difference when its time to sell your house. You will generally see an 80% return on your investment here. Small changes can include replacing the fronts of cabinets and drawers, new counter-tops and hardware.
Window Replacement. Replace your existing double-hung windows with Low-E insulated sliding windows. Depending on the size of your home, this may coast you around $16,000, but you will see a resale value of about $11,000. That’s about a 74% recoupment of cost.
Universal Design Bathroom. In the Dunnellon and Ocala, Florida areas, we have a lot of at, or near retirement age residents. The ability to “age in place” is very important. The more spacious the bathroom, the better the resale value. Add features like the ability to accommodate a wheelchair, grab bars, etc. A full update will coast you about $17,000, but you will see around a $12,000 resale value. That nets out to a recoupment of about 70%.
Roof Replacement. Everyone knows this is on the top of the list for most home buyers. A new roof is a big deal, so it’s a worthwhile investment. Average costs will be around $20,000, but you should see a resale value of about $14,000. Thereby recouping approximately 68% of your investment and and costs.
There are a few more remodeling ideas that would be of benefit to consider as well. Those would include a bathroom addition, major kitchen remodel and siding replacement.
Be sure to take a really honest inventory of your home, or call your local realtor to find out what remodeling ideas would be best for your area. You want to be sure that your money is well spent.
And the good thing is you get to enjoy the remodeling and renovations until it’s time to sell!