If you’re thinking of remodeling your home, what is the best project to undertake that offers the best return on investment when you resell your home?
According to Realtor’s 2008 Cost vs Value Report, exterior projects such as siding, windows and decks give you your biggest return. On the interior, kitchen remodels provide the highest return when trying to sell.
- Upscale fiber cement siding (86.7%)
- Midrange wood deck (81.8%)
- Midrange vinyl siding (80.7%)
- Upscale foam-backed vinyl (80.4%)
- Midrange minor kitchen remodel (79.5%)
- Upscale vinyl window replacement (79.2%)
- Midrange wood window replacement (77.7%)
- Midrange vinyl window replacement (77.2%)
- Upscale wood window replacement (76.5%
- Mid-range major kitchen remodel (76.0%)
Start by researching homes in your area. How does your home compete with others up for sale or recently sold? What type of condition was the home in at the time of sale? While it is important to enjoy your home and install what’s right for you, don’t improve way beyond the budget of your neighborhood. For example, if everyone else has Formica laminate countertops, you may enjoy your slab granite countertop while you’re in your home, but probably won’t realize a significant return on your investment when it comes time to sell.
Always focus on what matters most to a potential buyer, and what is going to give your home mare visual appeal. New flooring in the entryway, a modern up to date kitchen, and strong curb appeal will always make your home shine.
Once you have your ideas, work with a seasoned remodeling contractor to put the finishing touches to your plans. Talk with them about past jobs, ways to curb expenses in certain areas, and alternatives to add to make sure you are getting what you want.