Before renovating your home, you should understand that not all renovations increase value. It is possible to over-remodel, and you don’t want it to exceed the value of your neighbors’ homes. Here are some ways to get the highest return on investment possible when the time comes to sell your home.
Always factor in your location. Buyers tend to first select neighborhoods, based on their expectations of price and home features. If improvement your home beyond those around you, you will have difficulty getting the higher price. Alternatively, if your home is lacking features typical in homes around you, it is important to add those improvements.
With that in mind, here are the findings of the 2015 Remodeling Cost Vs. Value report, stating the projects that deliver the highest return on investment:
• Entry door replacement (steel): 101.8%
• Garage door replacement: 88.4%
• Siding replacement (fiber-cement): 84.3%
• Siding replacement (vinyl): 80.7%
• Deck addition (wood): 80.5%
Renovations that deliver the lowest percentage of return on investment are:
• Sunroom addition: 48.5%
• Home office remodel: 48.7%
• Master suite addition: 53.7%
• Garage addition: 54.7%
• Bathroom addition: 57.8%
To better understand the best return on investment for your specific home, please contact Kyle at The Alfriend Group.