If your home is showing it’s age, it may be wise to perform a few upgrades. Which projects are going to get you the best bang for your buck? Everyone knows that a thorough cleaning and decluttering, a fresh coat of paint, and new carpets should be on every home seller’s to do list. But, if you’re thinking of a major overhaul, you might want to consider the latest research.
According to the Remodeling 2013 Cost vs. Value Report (www.costvsvalue.com) for the Minneapolis metro area, some projects will get you a better return on your investment than others.
Best ROI Projects for home sellers in the Twin Cities:
Siding Replacement (fiber cement) – Replacing your siding with a fiber cement product gives the best return on your investment, with 82.7% of costs recouped. Using vinyl siding recoups only 68.1% of your investment.
Entry Door Replacement – Replacing your front door with a steel door with a window recoups about 78.2% of the costs. Using an ENERGY STAR© rated door is an excellent idea as today’s buyers are keen on energy efficiency.
Minor Kitchen Remodel – According to the Remodeling 2013 Cost vs. Value Report, spending about $21,000 to reface cabinets, replace countertops, floors and appliances will get you about a 74% return on your investment. Use ENERGY STAR© rated applicances and you may qualify for rebates. One surprise in the study – a “major” kitchen remodel, replacing a kitchen with high end finishes – will only recoup about 60% of your investment. Buyers will love it, but may not want to pay for it.
Clearly home buyers are big on curb appeal, and seeing big projects like these looming in their future can mean they will look elsewhere to find the home of their dreams. Keep in mind you don’t have to spend a boat load of money to make your home show better to prospective buyers. Ask for opinions before you commit to a project to ensure the scope of work you have in mind is worth it. A realtor can help you decide if you will get the return you are hoping for.
John and Becky Durham are Eastern WI and Minnesota real estate agents with RE/MAX Results and Durham Executive Group.
John Durham – 651-231-2191 firstname.lastname@example.org
©Hanley Wood, LLC. Complete data from the Remodeling 2013 Cost vs. Value Report can be downloaded free at www.costvsvalue.com