Your home is in the perfect location, came at the perfect price, with the perfect lot. But the home itself? Perfect isn’t the adjective you’d use. But you knew that moving in, and now you’re ready to start making it just right.
But where to begin? How about with data? Data is that friend who tells you like it really is. Because while any home improvement that brings you joy is priceless, not all add as much home equity as you might expect. The “Remodeling Impact Report” from the National Association of REALTORS® has tons of data on how much improvements cost — and how much of those costs you can recoup.
Here are the best seven home remodeling projects with equity-building power:
#1 Upgraded Landscaping
This one might be a bit of a surprise. (Maybe you expected a major kitchen renovation to top the list.)
But if your yard is one of your home’s imperfect parts, a little color and a touch of hardscaping can make a huge difference to your curb appeal, which is a great immediate equity-booster.
What does a basic landscaping upgrade include?
- Flowering shrubs
- A 15-foot-tall deciduous tree
- A flagstone walkway
- Two 6-by-2 stone planters
- Fresh mulch
The average cost: $4,750
The average return: 105% at $5,000
#2 New Roof
If you find yourself sprinting for the buckets when it starts to sprinkle, getting a new roof should be your number one to-do. Measuring rainfall from the indoors isn’t cool. Considering it’s what’s between you and the elements, it’s a no-brainer.
Not sure if you need a new roof? Signs you might include:
- Shingles are missing, curling up, or covered in moss.
- Gritty bits from the asphalt shingles are coming out the downspout.
- The sun’s shining through your attic.
- You notice stains on ceilings and walls.
- Your energy bill is sky high.
The average cost: $7,500
The average return: 109% at $8,150
#3 Hardwood Floors
You flip on the TV to see that your favorite home renovating duo is it at again, flipping a ranch that’s stuck in the ‘80s.
They make it to the living room, pull back the dingy carpet to reveal hardwood floors in great condition. They’re psyched — and for good reason. Hardwood floors are a timeless classic. Refinishing is a no-brainer. Neither will you regret adding new hardwood floors if you have none.
The average cost to refinish: $2,500
The average return: 100% at $2,500
The cost to buy new: $5,500
The average return: 91% at $5,000
#4 Patio or Deck
If your home is your castle, your yard is your kingdom. After giving your yard a much-needed overhaul, you need a place to watch over you handiwork. How about that deck or patio you’ve been dreaming of?
The average cost of a patio: $6,400
The average return: 102% at $6525
The cost of a deck: $9,450
The average return: 106% at $10,000
#5 New Garage Door
No surprise that a garage door replacement project made it onto this list — a new garage door provides a big boost for your home’s curb appeal at a relatively modest cost. There are options galore, too. A host of factory-finish colors, wood-look embossed steel, and glass window insets are just some of the possibilities that’ll give your doors bankable personality.
The average cost: $2,300 (for a two-door)
The average return: 87% at $2,000
Insulation is tucked out of sight, so it’s often out of mind — that is, until you’re forced to wear your parka indoors because it’s so darn cold!
The average cost: $2,100
The average return: 76% at $1,600 (plus the added savings on heating and cooling costs!)
#7 New Siding
In any color! And never paint again. Those are two of the three benefits of vinyl siding. The third, of course, is your home’s value.
But if long-time homeowners look at you funny when you mention vinyl siding, just tell them that today’s vinyl is way better than what they remember because of fade-resistant finishes and transferable lifetime warranties.
The average cost: $13,350
The average return: 75% at $10,000
Want fiber-cement siding instead? It also shows a strong payback of 83%. Although it’s the pricier option — you’ll spend about $18,000 with a payback of about $15,000 — it has one thing vinyl still lacks — the perception of quality.
And quality matters. In a survey from the National Association of Home Builders (NAHB), “quality” was the one of the most important traits that home buyers focused on when house hunting.
If you are considering improvements to get your home ready to sell, we can discuss your options about your home value, and your next steps.
Click here to Contact me to start the conversation!