I am consistently asked when someone is preparing to sell if they should (or shouldn’t) fix this, paint that, remove this or upgrade that. This is certainly not a case of “one size fits all” as every home is different and requires its own unique TLC to aid in maximizing value. That said, Bob Vila recently published this article and I thought it a really great guide. Enjoy!
Enjoy A New Deck
Choosing a renovation you're actually going to enjoy is as important as a good return on your investment. That's what makes a new wood deck such a great choice. It returns 87.4% of the investment on a mid-range project and, until the day that you sell, it will offer a place forrelaxation and fun.
All Around The House
No doubt about it—replacing exterior siding gives your home a major facelift, but it also generates a strong return on your investment. The most cost-effective option is fiber-cement, with a whopping 87% return on your project.Vinyl sidingisn't a bad option either; it returns about 78% of the investment.
The popularity of attic conversions is on the rise, and for good reason: Adding anextra bedroomupstairs gives you additional living space without increasing the overall footprint of a home. An attic bedroom remodel is an investment that returns 84.3%..
Update Your Kitchen
What tops the chart of popular remodeling projects? The kitchen of course. Now, there is no need to give yours a complete overhaul in order to add value to your home. In fact, smaller kitchen remodels (upgrading the counters, cabinets, and appliances) returns about 82.7% of the cost. Interestingly, a big-ticket, upscale kitchen remodel is nice, but at an average it returns only 63.6% of the cost.
There are plenty of reasons toreplace your old windows. Today's options are more energy-efficient, saving you money on your heating and cooling bills. They also come in an array of convenient options that make open, closing, and cleaning much easier. And good windows add value to your home. Mid-range wood windows return 79.3% on an average cost and mid-range vinyl replacements return 78.7%.
Remodeling the basement is another great way to add living space to the home without embarking upon a full-scale addition. Transforming yours into finished space (adding insulation, flooring, walls and ceiling, etc) earns a 77.6% cost-to-value ratio..
Having A Backup Plan
A rather unexpected (but welcome) addition is abackup power generator. The growing popularity of this relatively inexpensive home addition may be due to the unpredictable weather of the past few years. Adding a backup generator is a project with a 67.5% return on investment.
Article content by: Bob Vila