Spring Renovations That Will Increase the Resale Value of Your Home
Thinking of selling your home in the future? Here are the renovations you can tackle this spring that will provide the greatest return on your investment.
Spring is an excellent time to spruce up your home for the coming season. Beyond decor, you may want to consider adding some renovations to your to-do list that can increase the retail value of your home.
According to Moving Labor, the summer months are peak for moving, so whether you're looking to sell your home in the near future or simply want upgrades for functionality sake, you should ensure that you're enhancing your home for the better.
Here are our top picks for spring renovations that are sure to increase the resale value of your home:
Garage door replacement
When you think of home renovations your mind probably doesn't immediately jump to a garage door replacement. But, according to Remodeling, homeowners can recoup 97.5% of it's cost at resale. The trick is to completely dispose of the garage door and tracks and replace them with a sectioned door on heavy-duty galvanized steel tracks.
The garage door may be the first thing potential buyers see as they pull into your driveway. Choose a style and color that complements your home to improve your curb appeal and functionality of your garage.
Upgrade your kitchen with stainless steel appliances.
Manufactured stone veneer
Since 2015, manufactured stone veneer has consistently made the top of the list for renovations with the most ROI, the National Concrete Masonry Association explained. In 2019, homeowners could recoup almost 95% of the total cost for this exterior upgrade.
This renovation is, again, all about boosting the curb appeal of your home. Choose a stone and color that matches your siding for an updated look.
Mid-size bathroom and kitchen remodels
Sprucing up these essential interior rooms can be tricky business. According to HGTV, a modest bathroom renovation (under $10,000) can have nearly 100% return in some cities. The same goes for minor kitchen remodels in the $15,000 range.
When you decide to undertake a kitchen or bathroom project, make sure to invest in upgrades that will appeal to the majority of buyers. This includes switching to stainless steel appliances, granite countertops and modern cabinets. While you might enjoy an extravagant bathroom or kitchen, sticking with modern, classic design elements is better if you're hoping to sell your home in the future.
Renovations to avoid
While the above renovations have the highest ROI for homeowners looking to improve the resale value of their home, it's also important to note the additions and upgrades that could actually hurt your selling potential.
While small upgrades to modernize the interior and exterior of your home typically improve its market value, anything too niche or customized can do the opposite. According to Forbes, high-end renovations or serious changes to your home's layout don't usually have the return homeowners expect.
Instead of adding a specialized craft room with custom built-in cabinetry, stick with having multi-purpose office space. Potential buyers want their new home to be a space that they can personalize after they move in with minimal renovations needed.
Reach out to a local Vectra Bank representative today to learn more about your loan* options for renovating or purchasing a home.
*Loan subject to credit approval. Terms and conditions apply.