Longboat Key, Florida | March 23rd, 2018 – If your house is the homeliest one on the block, you might consider a few improvement projects that will boost its curb appeal and increase its resale value down the road.
Projects That Pay
Indeed, according to Remodeling Magazine, some of the home improvements that come closest to paying for themselves at resale are visible before a prospective buyer even sets foot in a home. Replacing an entry door with a steel front door costs just over $1,400, but home-sellers recouped 90.7 percent of the costs. Adding manufactured stone veneer—mainly around the base of the house—netted home-sellers 89.4 percent of the $7,851 project costs, and homeowners who had replaced their garage door recouped 76.9 percent of the $1,749 job costs at resale.
Still, there were some indoor projects that fared well in the survey. For instance, homeowners who undertook a minor kitchen remodel spent an average of $20,830 and recovered an average 80.2 percent of that when they sold their homes.
Essential Repairs and Replacements
Beautiful backsplashes, custom cabinets, and curb appeal might help sell houses. But the real-estate reality is that many home improvements are made out of necessity. For instance, if a storm severely damages your home’s roof or siding, you’re probably planning to repair or replace the damaged areas or even redo everything for your own safety and comfort. And homeowner’s insurance can also cover many such repairs. Even if you aren’t paying out of pocket, there are some things you should consider as a smart shopper.
Homeowners should be wary of savvy scammers, even when weather damage dictates a rapid repair job. In fact, many less-than-reputable people seek out situations where homeowners need to fix things fast, such as when a storm damages several properties in the same neighborhood.
Angie’s List highlights a handful of common roofing scams including the disappearing down payment, the mysterious door-to-door salesman, and the fluctuating bid. The names of these shady tactics give most a pretty clear picture of how each of them work. And, no matter what the scam, experts recommend doing your own research, requiring a detailed contract, and never making a down payment before materials arrive to protect yourself from dishonest contractors.
It’s also worth noting that a siding or roofing replacement doesn’t come close to paying for itself. According to Remodeling Magazine, siding replacement cost homeowners an average of $14,518 in 2017, but only brought back 76.4 percent of the project price at resale. A roof replacement offered an even worse return on investment, costing homeowners an average of $20,664 and recouping only 68.8 percent of the project price on closing day.
So, if you’re thinking about undertaking a repair or renovation simply to boost your home’s resale value, you might want to think twice. Unless you’re planning to sell in the very immediate future, it might make sense to focus on additions and renovations that you plan to stick around for and take advantage of yourself. Or maybe opt for a money-saving renovation that will also appeal to prospective buyers. Interestingly, adding attic insulation was the only renovation project that more than paid for itself, according to Remodeling Magazine research.
And if you have to schedule a repair, renovation, or replacement out of necessity, it’s still important to take the time to do your research and thoroughly review the contract well before handing over any down payment.
There are several things you can do to increase the value of your home. These can include both indoor and outdoor improvements. Careful consideration and a little common sense will go a long way toward ensuring you make the most valuable repairs and work with a reputable contractor.