All home owners at some point ask how do I increase home value? Yesterday, we wrote about home renovation that do not add value. Today, we start a multipart series covering home improvements that will increase home value and provide the highest ROI.
When investing in a new home project you initially may think that any renovation should add home value. Before you start saving money to put in a pool, ask your agent or do some research.
Remodeling Magazine listed 35 remodeling projects done among 101 cities in the US. They compared the impact each of the project made on the resale value. They then compared the increase in home value to the remodeling cost. The top cost effective improvements are shown above.
The Midrange Project
Three of the most popular home improvement that increase home value this year with my Austin clients are:
Have you ever noticed that birthdays parties everyone gathers at the kitchen? During at least half of my daily showings, clients enter the doorway and pivot straight into the kitchen. The smallest kitchen renovations can make a huge impact on the value of your home. Small renovations can be anything from resurfacing counter tops to repainting cabinets. Midrange projects could mean upgrading to granite countertops, replacing cabinets or adding a kitchen island.
Entry Door Replacement
This goes back to helping your home make a great first impression, and adding curb appeal. An inexpensive way to upgrade your door would be to repaint it. But you should also consider a midrange project to make a better impression on your buyers.
For example, steel doors make the best return on investment based on Remodeling Magazine’s list. While fiberglass doors don’t fall too far behind in popularity. Your entry door way is the first part of your home that your buyer sees. A well kept door announces there is more great things to see within.
Home Office Remodel
110 new Austinites move daily to enjoy the new Silicon Hills tech savvy job market. Many companies are going green by moving positions into virtual or remote environments to reduce cost and become energy efficient . This makes home office space a priority to many buyers. Think about converting an unused den or sunroom into office space. This may help raise your home into the favorites of potential buyers.
What are some of your experiences with these kinds of midrange home improvements?