Many homeowners are surprised to find out that home remodeling doesn’t increase the home’s value by the amount that it costs. It would seem that a $15,000 kitchen remodel would make the home worth $15,000 more, wouldn’t it? Unfortunately, it doesn’t generally work that way. Depending on the location, kitchen upgrades may actually be the one thing that does produce a positive return on investment (ROI), but it’s important to understand that most home remodeling won’t have a positive ROI.
There are some things you can do that will yield a better return than others, though, so if getting the best bang for your buck when it comes to selling the house is important to you, ask your general contractor about doing these upgrades when you are putting together your home remodeling plan.
Simple Kitchen Remodeling
The way to make the most money back on a kitchen remodel is to stick to the basics. You won’t recoup as much of your investment if you rearrange the plumbing, install an island with a sink and wine chiller, or even add patio doors to connect to the outdoor space, but you will get a good return on the basics—replace the cabinets, countertops, flooring, and appliances in approximately the same layout you have now. Again, it’s important to investigate the market in your area because in certain locations, a luxury kitchen will raise the selling price of the house by more than it costs. One of the benefits of working with an experienced general contractor is that they will able to tell you what’s going on in the market in your local area.
Make the Outside of the House more Appealing
The remainder of the best home remodeling tasks when it comes to ROI all make the home look better from the outside.
Replace the Front Door and Garage Doors
The front door is the first contact your potential buyers make with the house, and the way it looks and feels have a big impact on how they perceive the house. If it’s dirty, that gives the whole house the feeling of being something they don’t want to touch. Instead, a beautiful front door says “Come in!” Buyers will want to see what’s inside.
As long as they open and close, homeowners tend to ignore the garage doors, but if you think about it from the perspective of a potential buyer, when they arrive and take a look at the property, the garage doors are a big part of what they see. Outdated garage doors give the whole house an old look, and replacing them is relatively inexpensive.
New front and garage doors also make the home more secure, and feeling like the house is a safe place to live is very important to buyers. When you live in a house, you may not think about either one much, but if you want to sell for a good price, both are good investments.
Replace Siding and Add a Stone Veneer
Surprisingly, new siding is one of the highest ROI items. It’s usually something homeowners think of as expensive and unnecessary, but in reality the siding protects the structure of the house from weather and tiny invaders, as well as making the whole house look either modern or dated. Home buyers want stability and new siding makes the house look well maintained.
Stone veneers are very popular in Peoria now. They give a house a more solid look, while creating a more upscale appearance at the same time. Don’t worry about covering the whole house, you can create a dramatic effect with just a few hundred square feet.
The added benefit of these remodels that increase curb appeal is that they not only have a good effect on the selling price, but also help the house sell faster. The simple fact that a house has been on the market for a while lowers the amount real estate agents will suggest offering, so a fast sale benefits the price in addition to letting you get on with your move to your new home.
We been in the home remodeling business in Peoria for 20 years and know what works in this community. If you would like to know what’s trending now, and what will get the best ROI on your home, give us a call at 623-544-1211.