What Home Remodel Gives the Best Return on Investment?
Upgrading your home is the best way to increase its value and ensure a quick sale when you put it on the market, but not all home remodeling has the same effect on the value of your property. There isn’t a consistent ratio of price increase per dollar invested in remodeling, and some jobs will have more of an impact than others. Here are five of the best investments when it comes to making your money back by raising the property value, and they are also some of the less expensive things to have your remodeling contractor do.
Replace the Front Door
“Curb appeal” is a huge factor in how quickly a prospective buyer will decide they like your house, and their first impression of its value. Even if the inside of the house is fully remodeled, if the outside is not appealing, it will immediately go in the “fixer-upper” mental file. Making sure the lawn is mowed and hedges are trimmed is important, but the front door is the first contact buyers have with the house itself, so a stylish new door will give the immediate impression of an updated home, and it is one of the upgrades that can entirely pay for itself by increasing the value of the house by the full amount you pay for it.
Install New Garage Doors
When garage doors face the street, as they do on most homes, they become a significant part of the front of the house. You may not think much about how they look, and buyers probably won’t either—as far as what they are aware of—but their impression of the house will be effected by the way the front of the house looks, so new garage doors will immediately give them a sense that this is a well-kept home. Additionally, any dents or damage to the garage door will tend to make the home feel vulnerable, whereas a good solid garage door makes the house look and feel secure.
Swap Out Siding
The siding on your home is vital for protecting the structure, and it has a big effect on the look of the house overall. Siding takes a beating from the weather, and especially from the sun in places like Phoenix. Cracked siding leads to expensive damage and buyers are aware of that, so if the siding is in poor condition, it raises the concern about what’s underneath. On the contrary, when the siding is new, the house looks new and well-maintained, so having your remodeling contractor replace the siding is one of the jobs with the best return on your investment. Same can be said if the exterior of your home is stucco.
Add a Stone Veneer
Siding and the doors discussed already have a high value when it comes to selling your house because they have such a strong effect on how the buyer perceives the property—not only in how “nice” it looks, but also how safe and solid it feels. A stone veneer on the front is another high-return way to increase your home’s appeal. This upgrade gets you back over 90% of the cost and adds a “wow” factor that will help the house sell more quickly. It doesn’t need to cover the whole front of the house, but just enough to add the stately appearance that stone provides.
Include Basic Kitchen Remodeling
Kitchen remodeling doesn’t usually return an especially high percentage of the cost, but in some markets, where upscale kitchens are in high demand, it can return more than 100%, so it’s worth finding out what the hot selling points are in your market. In any market, though, installing new cabinets and upgrading countertops and floors are small jobs that do add a lot of value.
Buyers may not have “new siding” or “steel front door” on their wish list, but these are the kind of things that make them appreciate your home, whether they realize it or not. Not all home remodeling is about selling, and when you remodel a home that you intend to stay in for many years, your priorities will be different, but these five remodeling jobs should always be considered for their high return value.
If you would like to find out what’s hot in the home market in Phoenix right now, give us a call at 623-544-1211. Our certified design professionals would be happy to help with your remodeling plans.