If you have any intention of selling your home, chances are good you’ve considered what could be done to improve its value. The answer will often be unique to your specific home. That being said, there are general home improvement projects that you should avoid if your goal is strictly to add value to your home.
But these tiles are imported from Italy!
Sure, that new office remodeling and the new flooring in the kitchen add beauty to your home, but you might recoup as little as 50% on what you spent for purely cosmetic upgrades or additions such as a sunroom, backup power generator, or pool.
Potential buyers are often more interested in that the roof, the windows, the siding, and the front door, and how recently these essential pieces of the home have been repaired/replaced and who did the work. To quote one Montgomery County resident, “Before we have sold any home we’ve lived in, we’ve had repairs done to its roof.” Though I’ll grant you that a pool does sound lovely now that the weather has warmed up a bit.
So, is any improvement worth your hard-earned money?
With many projects, you’ll at best recoup about 80% of what you spent on a home improvement project. Clearly then, something in great condition need not be replaced. However, repairs often add money-saving benefits such as energy savings immediately and grant a future potential buyer peace of mind.
Front Door Replacement
A new steel door is the outlier in the field of home improvement projects because the average owner stands to regain 127 percent of the cost, which is considerably lower than most home improvement projects. Your front door is one of the first things to greet potential buyers; therefore, a beautiful door increases your home’s curb appeal. These doors often have a magnetic weather stripping that seals so well it often translates into energy bill savings.
Homeowners who replace their vinyl or fiber cement siding recoup on average nearly 80 percent of the project’s cost when they sell the home, according to the report. The project’s low relatively low cost is a factor, but curb appeal plays a significant role too. New Siding can make the entire home look brand new from the street. In addition, vinyl and fiber cement siding offer low-maintenance.
Homeowners who replace their windows recoup on average about 77 percent of the project’s cost when they sell the home, according to the report. Window Replacement projects can be appealing because they can make the home more attractive while increasing its energy efficiency. At the same time, homeowners who make certain window replacements can qualify for federal tax credits. Homeowners should replace windows if they are beaten up or broken and consider the project’s energy efficiency benefits the icing on the cake.
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