According to Remodeling magazine and the National Association of Realtors, NOT ALL renovations and home upgrades are created equal when it comes to selling a home. Some renovations are worth a lot more than others in terms of gaining the most profit when selling the house. Here’s a few that will bring the most resale value out of a renovation:
- Bathroom remodel. Update an average bathroom that’s at least 25 years old with moderately priced fixtures, a double-sink vanity, a ceramic-tile floor and vinyl wallpaper. An up-to-date bathroom makes your home look like it’s been kept in good repair, and that’s what buyers look for.
- Minor kitchen remodel. Give a functional, but dated, kitchen a makeover. It includes new cabinet doors and drawers, a moderately priced wall oven, cooktop, counter top, sink and faucet and resilient flooring. Along with bathrooms, kitchen updates are almost always among the smartest remodeling projects for resale value.
- Siding replacement. Siding makes a huge difference in a house’s resale value, because it’s one of the first things you see. You’re not only making your house more attractive, you’re also improving insulation value.
- Wood Deck. This relatively low-cost (less than $13,000, according to Remodeling magazine) renovation increases resale value by more than $10,000, which signifies an 80.6 percent return on investment.
- Vinyl Windows. The average cost of enhancing your home’s curb appeal and increasing its energy efficiency by replacing old windows with vinyl is less than $13,000, but this remodel increases your home’s resale value by nearly $11,000. That’s a 76.6 percent return.
Here’s a great chart below that will give you more insight in to which home renovation projects are right for you.
(Click to enlarge)
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