As rising home prices level out in the market, you may be looking for ways to get the most bang for your buck out of home improvements. Certain remodeling or replacement projects may make the difference you’re looking for.
Kitchen remodeling, a recipe for returns.
Feeling the need for a full-on remodeling project? Go for the kitchen. According to an article in REALTOR® Magazine, this tried and true remodel typically offers top-dollar returns.
Stacey Moncrieff of REALTOR® writes, “The only remodeling job breaking into the top 10 in terms of payback is the minor kitchen remodel with a national average cost of $19,226 and a national average payback of 79.3 percent.”
As a general rule, lower-cost renovations tend to return more of their value, but larger projects can give the property a boost in the marketplace. Think online pics—a set of beautiful kitchen photos can make a serious first impression when home shoppers start their search on the web. Plus, don’t forget about yourself. While they may be pricey, larger projects can give homeowners lots of enjoyment in the years before they sell.
Door, window and siding replacements—no value facades here.
Cheaper and offering greater paybacks than remodels and additions, simple replacement jobs are arguably the best way to add value to your home—especially replacements with curb appeal.
Moncrieff explains, “The replacements that offer the greatest payback are the ones that are most obvious to buyers when they first view a house in person or online, such as new door or garage door. Siding replacement also provides great value at resale—particularly this year’s one new project, manufactured stone veneer, which is expected to recoup 92.2 percent of its cost nationally on average.”
Keep up with your neighbors, but don’t beat ‘em.
As always, location is key. Before choosing to replace or remodel, consider which updates are typical for your neighborhood and how important you think the improvement would be to someone looking to live there. Go overboard and you risk pushing your home out of the price range for your area.
Your home. Your money. Do more with it.
Wondering how to pay for your next home improvement project? You can do more using the money in your home with a Home Equity Loan from Verve. Find out how here.