We know home improvement projects can be pretty costly. While that is true, there are some renovation projects that offer a significant return on investment. If you are considering completing a renovation project on your home, here are five of top renovation projects that will increase your home’s value:
Replace Your Front Door
First impressions do matter. Consider replacing your front door with a brand-new one that increases your home’s curb appeal.
National Median Cost: $2,000
Return on Investment: 75%
Upgrade Your Kitchen
Renovating the kitchen, one of the most popular renovation projects, can get out of hand. However, it doesn’t have to. You don’t have to go all out on a kitchen remodel to increase your home’s value. A minor kitchen remodel – re-facing instead of replacing cabinets, and adding new flooring, countertops, and appliances – can drastically increase the value of your home, while keeping the renovation cost to the minimum (for a kitchen).
National Median Cost: $30,000
Return on Investment: 67%
Deck and/or Patio Addition
According to a 2014 Home Trends Survey, having an outdoor patio and/or deck is becoming increasingly more popular. Why is this? Because adding a deck and/or patio adds living space at an extremely low cost! Plus, who doesn’t like a little fresh air?
National Median Cost: $8 to $35 per square foot
Turning an Attic into a Bedroom
Do you want to add a new bedroom to your home, but worried a bedroom addition would cost too much? Turning your attic into a bedroom is the solution! Converting your attic space keeps your remodeling costs under control because you don’t have to add on to your home’s footprint – all you have to do is remodel the current space into a livable space. However, be sure to follow the code restrictions for converting an attic into a bedroom.
National Median Cost: $65,000
Return on Investment: 94%
New Garage Door
Replacing your home’s garage door adds value to your home while also increasing your home’s curb appeal. Completing this renovation is genius if you are thinking about selling your home soon.
National Median Cost (2-Car Garage): $2,300
Return on Investment: 87%
Now, keep in mind these numbers are the AVERAGE cost and ROI, they are not the exact value you will spend on the project. Some projects may cost more and others may cost less. It all depends on the materials and the contractor you choose for the job.
Are you looking for a contractor to help with your renovation project? We have an extensive database of contractors and home maintenance experts we trust in the Georgetown and Williamson County area. Give us a call; we would be happy to send you our recommendations.
Resources:
Are you considering selling your home this year? Well then, chances are you have already done a little bit of research. And, you’ve probably used an online tool that instantly gives you an estimate of what you home is worth. Don’t fall for these estimates! These online estimates are typically very inaccurate when determining the value of your home. In fact, many individuals who have used these online home estimate tools find that these online sites, like Zillow, Trulia, Homes.com, Chase.com, etc., overprice their home, leaving them disappointed when they are unable to sell their home for that price. Why are online home estimates so inaccurate? Well, these sites don’t take into account several factors that can dramatically increase or decrease the value of your home. Take a look at the factors here:
Current Condition – While the online estimator tool can determine how old your home is, it cannot determine the current condition of your home. The condition can significantly affect the value of your property. Homes that have been taken care of over the years are worth more than those that have been neglected.
Comparative Market Analysis – The best way to determine your home’s value is to complete a comparative market analysis. In most cases, a REALTOR® will take the time to compare your home to others of the same size and age in your neighborhood that have sold within the last couple of years. This data, found on MLS, is only available to REALTORS® and those within the local real estate industry.
Home Features – Your home’s features can significantly increase or decrease its value. Features like upgraded appliances, light fixtures, type of flooring, and pool or deck all go into determining the value of your home. A REALTOR® will take these features into account, while an online estimator does not have the ability to do so.
Local Developments –What new developments are coming to the area that can affect your home’s value? Your REALTOR®, who specializes in the area you live in, will know this information and use it to evaluate your home. An online estimator has no way of knowing this information and therefore does not have the ability to use it as a factor when determining your home’s value.
In the end, there are only two professionals you should trust to determine the value of your home – an appraiser or an experienced REALTOR® who knows the local market. These professionals will take into account all the factors listed above and more to give you an accurate estimate of your home’s value.
Are you looking for a REALTOR® in the greater Austin area? Give us a call. We would be happy to complete a complimentary comparative market analysis on your home.
Resources:
http://sanantoniotoprealtor.net/8074-2/
https://www.texasrealestate.com/uploads/files/general-files/AVM_consumer_handout.pdf