How to raise the property value?
When it’s time to sell, it’s normal to consider that you have to make those makeovers you’ve been putting off aside to build your home’s estimation before listing.
That is most likely why the amount of money mortgage holders spend on redesigning is on the rise. Truth be told, the Joint Center for Housing Studies of Harvard University predicts that renovating spending will increase by 7.5% in 2018.
But investing large amounts in fixing everything isn’t the savvy move if you want to see the best yield on your investment. You have to consider remodeling important parts of your property.
Purchasers looking for a current home does not anticipate that it should be in brand-new condition. So when you’re choosing where to spend money on refurbishing, you need to stop thinking like a homeowner and start having the mindset of a salesperson hoping to establish a positive connection with potential buyers.
Best home renovations
Whether you plan to stay in your house for a long time or just a few years, it’s smart to know which home renovations add the most value. Here are the six home remodeling projects that delivered the highest return, according to the Cost vs. Value report.
1. Garage door replacement
Average cost: $3,600
Average resale value: $3,500
Cost recouped: 97.5 percent
A good-looking garage door tops the list when it comes to getting cash back on your investment when you decide to sell your house. The quote for this job is based on the cost of removing and disposing of an existing 16-by-7-foot garage door and replacing it with a new four-section garage door with heavy-duty galvanized steel tracks, assuming the motorized garage door opener is compatible. This curb-appeal enhancer will get you back almost every dollar you spent on it when you sell your house.
2. Manufactured stone veneer
Average cost: $8,900
Average resale value: $8,500
Cost recouped: 95 percent
Replacing vinyl siding with stone veneer on part of your home, such as an entryway, is a big curb-appeal upgrade for your home. For this venture, existing vinyl siding is replaced with an adhered manufactured stone veneer. This average cost estimate is based on installing 36 linear feet (LF) of sills, 40 LF of corners and one address block, with materials including two layers of a water-resistant barrier, corrosion-resistant lath and fasteners and more. This cosmetic improvement and accent design element is likely to catch the eye of a potential buyer and can allow you to recoup nearly 95 percent of your renovation costs.
3. Basic kitchen remodel
Average cost: $22,500
Average resale value: $18,200
Cost recouped: 81 Percent.
Making a cutting edge looking and functional kitchen can increase the value of your home: it can support your happiness regarding ordinary exercises like cooking, engaging companions and offering dinners to your family. In any case, potential buyers see the natural estimation of this sort of update. All things considered, you’ll recover somewhat more than 80 percent of the expense of a minor kitchen rebuild. In a rebuilding venture of this kind, you may supplant machines with new, more productive models, reface cupboards with new shaker-style wood boards, put in new ledges, replace hardware, introduce another sink and fixture, include new flooring and repaint.
4. Deck addition (wood)
Average cost: $13,333
Average resale value: $10,083
Cost recouped: 75.6 percent
In case you’re fortunate to possess a house with a major yard, having a wooden deck can be an additional upgrade to enjoy the exteriors around your home. The average expense of including a wooden deck without any preparation is around $13,333. But fortunately, this component, which additionally incorporates an inherent seat and grower, can hold in excess of 75 percent of its worth come deal time.
5. Siding replacement
Average cost: $16,036
Average resale value: $12,119
Cost recouped: 75.6 percent
Old, dilapidated siding can make even the nicest house look worn-out. For the average home, replacing 1,250 square feet of old siding will cost you just over $16,000 and you’ll get back roughly three-quarters of that investment upon resale. This upgrade includes the factory trim at the openings and corners.
6. Entry door replacement
Average cost: $1,826
Average resale value: $1,368
Cost recouped: 74.9 percent
You will recoup nearly 75 percent of your cost by replacing your main entry door with a 20-gauge steel door, complete with a clear dual-pane half-glass panel, jambs and an aluminum threshold with composite stop. These doors come factory finished with the same color on the front and back sides.
Looking to increase the value of your property in Houston? Contact Larocque group today, we are dedicated to serving you better!
