What Home Improvements Provide the Best ROI?
If you're looking to make home improvements before you sell, some projects provide a better return than others.
One thing many homeowners do when they decide to sell their properties — particularly if they are moving on from an older house — is invest significant time and money in upgrading various rooms or features.
The reason why is simple: A newly updated or high-tech, high-efficiency improvement provides a great way to boost the asking price and allows them to walk away with more money. But there are two questions owners should ask themselves before making any decisions on this front:
"Which projects will provide the best return on my investment?"
"Which rooms or features are most in need of an upgrade?"
Striking the balance between those two issues will allow you to maximize the "bang" for your home improvement buck, but the following projects will likely be the most beneficial, according to industry experts.
These home improvement projects provide some of the best returns on investment.
Replacing the garage door
If your garage door has seen better days, repainting it probably won't be enough to wow would-be buyers. Remodeling Magazine notes that such a project adds curb appeal , only costs about $3,700 and helps boost resale value to almost entirely cover the associated expense.
A relatively minor remodel in the kitchen
Injecting about $20,000 or more into upgrading the look and feel of your kitchen — the heart of most homes — is seen as highly advisable. This is perhaps the room where the "wow" factor of a remodel is easiest to obtain; upgrade the appliances, reface the cabinets, install new counters and so on, and you'll recoup nearly 80% of your costs.
Fix up the bathroom
Here, a minor upgrade in the neighborhood of $10,000 will go a long way. Replacing the shower head or redoing the vanity adds an instantly appealing look and feel. According to Fortune Builders, it's especially valuable if your bathroom fixtures and features date back to before the 1980s or '90s.
Improve the landscape
This is another change that's all about curb appeal, but the good news is that it's easy to achieve and typically provides a 100% return on investment. Planting a young tree, some rows of flowers or shrubs and making sure the lawn is in good shape is often all you'll need to do.
Add a porch or patio
People love a home that has plenty of comfortable living space, and you can add some without going overboard on a whole addition by simply building a porch or patio on the home's exterior. HGTV says that the price tag for a really nice setup here will be about $11,000, and could boost your home's value by nearly all of that amount.
The odds are that you will need some financing* to help fund home improvement costs that run into the tens of thousands of dollars, and Vectra Bank is here to help. Get in touch with a local representative today to learn what your options are, so that you can start your DIY improvement project and the home sales process off on the right foot.
*Loans subject to credit approval. Terms and conditions apply. See banker for details
The information contained herein may not represent the views and opinions of Vectra Bank a division of Zions Bancorporation, N.A. It is presented for general informational purposes only and does not constitute tax, legal or business advice.