With the spring buying season right around the corner, many homeowners looking to sell should consider taking some time over the next several weeks to make their home the best it can be before it hits the market. Rather than spending an arm and a leg to remodel a kitchen or finish a basement, however, it may be wise to for them to focus their attention on those home improvement remodels that offer the best return on investment.
So which remodels offer the most bang for your buck? Recently, Andrea Davis of HomeAdvisor.com wrote a piece for Investopedia on the top five remodels that increase resale price as identified in a 2015 Cost vs. Value Report by Remodeling Magazine. Below, we’ve summarized her Top 5 list.
Ways To Improve Resale Value on Home
- Front door replacement: Homeowners who swapped out their existing wood entry doors with a steel model saw a 101.8% return on their investment during resale. Available in a range of colors, steel doors can be made hollow or solid, as well as fireproof and soundproof.
- Installing manufactured stone veneer: New to the Cost vs. Value list was manufactured stone veneer which yielded a 92.2% return for homeowners. Stone veneer, which “mimics the look of natural stone or brick for the fraction of the cost,” can be used to “treat siding, fireplace mantels, and bathtub enclosures.”
- Replacing the garage door: Homeowners yielded a whopping 88.4% return by replacing their garage door. A new, automatic garage door, which can be made of wood, metal, glass or plastic and comes in several different colors and designs, boosts curb appeal, according to Davis.
- Replacing the siding: Changing out old siding with new yielded nearly an 81% return on an investment, according to this year’s report. Davis points out that while the cost of installing siding varies, “it can make or break a sale.” Current siding that is in poor condition (e.g. dilapidated, peeling off, etc.), significantly decreases offers made by buyers.
- Adding a deck: Despite the high sticker price – the average deck costs $7,800 to build – this addition yielded an 80.5% return. Wood decks, according to Davis, not only give homeowners an area to relax and entertain guests, but also blend in well with the “natural landscape of the backyard.”