Thinking of making updates to your home? Here is a list of projects that add value to your home from the National Association of Realtors Remodeling Impact Report:
1. Wood Floors
If you have existing hardwood floors covered by carpet, it might be a good idea to refinish them. Costs may be around $3,000 but you should recover 100% of that cost when selling.
If you are installing new hardwood flooring, the cost could be around $5,500 and you should be able to net $5,000 back.
When you insulate your home, you not only benefit from lower utility bills, but you should be able to recover $1,600 of a $2,100 investment.
Replacing your HVAC system is expensive ($7,500+). You should expect to recover 67% of that money back as well as enjoy the savings from a new, energy-efficient system.
4. Garage Door
A new garage door not only makes your home’s appearance look better, but you should be able to recover 87% of its cost. (The average cost is $2,300.)
Siding is another expensive item. It can cost $18,000 or more. When completed, your home will not only have a long-lasting exterior, but you should be able to recover 83% of its cost when you sell.
6. Deck, Porch or Patio Addition
A 16×20 wood deck costs around $11,000. You should be able to recoup $10,000 or 90%. Outdoors rooms are very popular and make living more enjoyable.
7. Replacement Windows
Ten 3×5 windows cost around $9,700. You should be able to get back 90% when selling!
Other Improvements to Consider
Although the return is not as high on these items, you may still want to consider updating a bath, the kitchen or your basement:
A full remodel on a bathroom is about $30,000. Your recovery on this item when selling is only 50%. However, a new bath is an important room to buyers. A minor bathroom remodel might be better for you. This cost will come in around $11,000 and the recoup rate is 102%.
For a $35,000 investment expect to recover $20,000 or 57% of your cost. Again, the recoup is not as high as other projects, but home buyers do desire up-to-date kitchens.
Basement Conversion to Living Space
This project is a big one and can cost $40,000+. Expect to recover 63% when selling.
Need help with your home-improvement project? Contact Sibcy Cline Home Services for recommendations of vetted vendors.