Whether you’re dying to update your home, or you’re just trying to look at it from a buyer’s perspective, it really pays off to know which home improvements will deliver the best return on investment. Home renovations typically pay back approximately 65 percent of their cost (on average) if you sell quickly after the completion of a remodel. But, ROI values tend to vary from year to year, as homeowners’ and homebuyers’ priorities change, and the amount of payback varies from project to project. Before you dive into those renovations, take a moment to learn which ones are worthy investments.
In 2017, these 5 home improvements really seem to pay off when the time comes to sell.
1. Add attic insulation
While not the most exciting renovation, adding fiberglass insulation in your attic is the only project that actually pays back more than you invest. According to the annual cost vs. value report, the national average investment for attic insulation is just over $1,300, with a recoup around $1,480. In other words, the return is over 100%. If you decide to completely remodel the attic into a bedroom, the return is pretty high too, at about 84.3%.
2. Update the front entrance
The second highest return, coming in at around 91%, is a front door upgrade. Whether you just slap on a new coat of paint or decide to install a brand new one, refreshing your home’s front entrance can definitely add curb appeal, and bring in one of the highest returns of nearly any project. Overall, replacing your door with an attractive, yet tough steel substitute brings in the best value for your investment.
3. Make minor kitchen upgrades
Since the kitchen is one of the most important rooms in the house, they’re high up on the list of worthy investments. A minor kitchen remodel—think cabinet, hardware, or appliance replacements—could recoup a little over 80% of your costs. The thing is, you don’t want to overinvest in your kitchen. Stick to quick updates like swapping out anything dated and painting your cabinets.
4. Install a new garage door and siding
Next on the list is an upgrade to your home’s facade—specifically, the garage door and the siding, coming in at an average of about a 76% return for each. Replacing your siding will not only give your home a much-needed facelift, but will also help to prevent water or weather-related damage. Old garage doors, even if they aren’t visible from the curb, can really detract from your home’s aesthetic appeal. It’s a bit more of an investment than a front door upgrade, but the return is much higher than you would think, and definitely easy on the eyes. If you’d rather not replace, a fresh coat of paint or stain can still do wonders. Remember, you can’t put a price on curb appeal.
5. Incorporate universal design
Slowly climbing the list this year is a new category: the full-home incorporation of universal design. In other words, updating your home’s features so it can be used just as easily by the elderly and disabled as anyone else. Some of these features include grip bars in showers, handrails on stairs, lever-style doorknobs, wider doorways that are accessible by wheelchair, and plenty of adequate lighting, to name a few. As a new category, universal design has already climbed its way up and reaps a respectable return at nearly 70%.
Knowing which home improvements are worthy investments can really help to prioritize your remodel and prepare you for selling. Check out the cost vs. value report for 2017 to see which other home improvements really pay off, and of course, which ones do not. If you’d like to talk to a professional about a potential home remodel, contact Sandy Spring Builders today.