Kitchen? Paint? New Shower? What should be remodeled first to give you the most return on your investment? Below we will analyze where to best spend your valuable remodel dollars, to stretch them further, boost the value of your home, to sell your home faster and for more money.
It's important to remember that there is not always a direct relation between exactly how much you put into a specific renovation project and exactly how much you get out of it. When you view remodels as a whole, you create an overall house improvement and potentially a significant return on your investment. In fact, according to Realtor.com, “On average, in 2017, you can expect to get back 64% on every dollar you plow into home improvements”
Important Warning! As with all projects, make sure you don't over spend for your neighborhood. Know your market before you open your pocketbook and bring out your hammer.
For a $10,000 remodel, let's take a look at Top 5 Target Projects to get the most bang for your buck!
1. Kitchen. This is one of the most expensive rooms to remodel in your home. To be fair, it is also one of the rooms that receive the most attention from potential buyers. Sadly, $10,000 is not going to get you a full kitchen makeover and still leave you enough to make many other upgrades. As an alternative, consider upgrading the appliances, resurfacing the cabinets, or possibly upgrading the countertops.
2. Master Bath. Yet, another expensive room to do a full remodel. With some creativity it is still possible to create a ‘Wow’ effect. Frameless glass shower enclosure, updating the fixtures, and installing a new vanity and countertops are all valuable items to consider. Each will provide a valuable return on your investment.
3. Paint. Fresh paint speaks volumes. On the interior, repaint and keep it neural with soft earth tones. Finish the project by selecting some fantastic pillows and accessories to add punches of color.
4. Replace The Carpet. Tired, old, stained, dirty, worn-out carpet sends a loud message to potential buyers. Replace the existing carpet. It is best to stick with a neutral shade.
5. Curb Appeal. This is a low cost bonus. Trim up the hedges, green up the grass, plant some flowers, give the front door a fresh coat of paint in a wonderful accent color, add shiny new house numbers, and maybe even a new mail box. New outdoor lighting is an easy cost effective improvement that is a minimal investment. According to Realtor.com “the 2017 data suggest that "curb appeal" projects (such as new doors and exterior siding) generate higher returns than improvements done on a home's interior… If you're trying to sell, pretty up the outside and it'll pay off in spades.”
Bonus Tip . . . if there is an existing room that looks out to the backyard, push it out! Replace the existing windows with some French doors and build a small deck. This little addition has just increased the "size" of that room, adding value to the house, while using very little of your budget. Win, win!
According to Bankrate.com, the top three remodeling projects to receive the highest Return on your investment (ROI) are: Fiberglass Attic Insulation (108% Cost recouped), Steel entry door replacement (90% cost recouped), and Minor kitchen remodels (80% cost recouped).
All in all, keep an eye on your budget and the market condition in your neighborhood. A little remodel can go a long way. For more information on ways to increase the value of your home and to help sell it faster, give Colleen McElmell with CLA Realty a call at (480)688-4443.
Source: Trulia.com, Realtor.com, Bankrate.com