If you’re thinking about selling your home, you may be wondering which improvements will get you the best return on investment.
A couple of weeks ago, we sent out an email asking all of you to send us your questions about real estate and, overwhelmingly, the most asked question was, “Which additions or enhancements to my home will get me the best return on investment?” Here are my top three picks:
Garage door replacement. If your garage door needs to be replaced, a new one will net you a great return on your investment. The average cost of a new garage door is $2,000, but the average resale cost for that replacement is $2,600. This cost recouped is 131%!
Entry door replacement. Since this, like the garage, is going to be one of the first things that potential buyers see when looking at your home, it’s important that it makes a good first impression. A new front door will net you a great ROI as well, since the average cost to replace a door is about $1,400 and the resale value is almost $1,900—or a 128% cost recouped. Curb appeal goes a long way.
A minor kitchen remodel. In our area, the average cost of a minor kitchen remodel is about $24,000 and the resale value of this enhancement is about $28,000, which is a 116% return on the investment.
Bonus tip: attic insulation. This improvement often goes overlooked by many sellers who are getting their home ready for the market because they don’t think that buyers will necessarily inspect the attic. Rest assured, a fully-insulated attic will make a world of difference when it comes time for the home inspection. The average cost to insulate your attic is about $1,381 and the average resale value is $2,000 with a cost recouped of 150%!
One renovation that many people think about making is a bathroom remodel. Obviously, this can be a very important thing to consider, but according to the numbers, the job cost is about $22,000 and the resale value is just a bit less than that, so the cost recouped is about 95%.
I hope this helps you better determine where you should put your money in order to maximize your investment in your home. If you have any other questions about selling your home or anything else related to real estate, give me a call or send me an email. I’d be happy to help you!