Do you want to increase the value of your home and/or sell it faster?
Updates can help you do that, but if you don’t invest in the right improvements you can spend money on things that have a high cost and low resale value.
So here’s a quick list of the best updates to make in 2016 according to Remodeling Magazine:
Buyers love kitchens, but not as much as they used to. Remodeling advises you to make modest kitchen improvements. This means spending about $20,000 for updates, like new cabinet doors and hardware, fresh paint, new flooring, and an energy efficient oven/stove. This type of update recoups 83% of its cost at resale.
Insulating your attic is the single best improvement you can make in terms of cost vs. value. Remodeling found that this update earns you about $1482 on an average investment of $1268, so you recoup 116% of your investment.
Replacing vinyl siding for a manufactured stone veneer returns about 93% on your investment. You’ll spend about $7,500 on average. If you stay with vinyl siding, but replace the worn siding with new, you will still get back a healthy 77% of the cost.
A garage door may not seem like a big deal, but it is. It adds to your home’s curb appeal. Before updating your garage door consider how you use your garage. If you’re just storing cars, you may not need insulated doors, which cost more. But if you use your garage as a workshop or laundry room, you probably need to spend the extra for insulated doors. The average cost for this project is about $1,650 and its resale value is about $1,510.
Updating to a new steel front door can increase the security and energy efficiency of your home. A steel door brings a 91% return on cost ($1335 value vs. $1217 cost), while a new fiberglass door returns about 82% ($3126 vs. $2574) of its cost
Wooden decks are more popular than composite decks, but both can increase the value of your home. Wooden decks raise the value of your home by $7,850 and cost $10,470. Composite decks return 64% or $10,819 on a $16,798 investment.
Replacing a roof costs about$20,000 and should to bring about $14,500 in added resale value. So you recoup about 75% of your investment.
Buyers also like fully finished basements that have a full bathroom and wet bar. You’ll spend about $68,500 and it will add about $48,200 to the value of your home.
Go here to view Remodeling’s entire Cost vs Value List.
If you’d like personalized advice about the best updates to make on your home, please call me 912-844-9000. I spent years rehabbing homes before I became a real estate agent, so I can tell you how to get the most bang for your buck.