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Smart Home Improvements With the Best ROI
Manage episode 164232602 series 1293147
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Did you know that it's actually the smaller changes to your home that will earn you the most money in resale value? Things like a new front door can actually provide a return of more than 100%.
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There are many small improvements you can make to your home that will improve its resale value.
Large-scale fixes and upgrades are unlikely to return their full cost to you when you sell your home. If you're anticipating selling your home, these small changes can provide up to a 100% return on investment. Not all will give you a 100% return, but they will help improve the market position of the property in relation to the competition.
For example, the national average cost to replace a steel front door is $1,230, which is the least-expensive project on the list and ranks highest on the payback scale with a 108% return on investment on average. In 43 of the 102 markets surveyed, Realtors say that a new front door will recoup more than 100% of its cost.
Small changes can provide more than 100% return on your investment.
Mid-range and high-end garage door replacement is another improvement expected to top 100% payback in multiple markets. The same goes for replacing windows and minor kitchen remodels.
Notice a pattern? With the exception of the kitchen remodel, these are all replacement jobs. Replacement jobs provide a much better payback than remodels or new additions to a home. First impressions are important, so the improvements that offer the greatest payback are the ones that are obvious to buyers when they see your house online or in person. This includes your front door and garage door, and possibly siding, too. This year, manufactured stone veneers are expected to recoup 92% of their cost on average across the nation.
Inside the home, kitchen remodeling still offers the most bang for your buck. The only remodeling job that breaks the top 10 in payback is a minor kitchen remodel, with a national average cost of about $19,000 and a national average return of 79.3%.
If you’d like any more information about home improvements or how to improve the value of your home, give us a call or send us an email today.
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