The best use of your remodeling budget
The outside of a home speaks volumes about the owner(s). From the yard to the roof, the exterior is the first impression your home provides for visitors. For those trying to sell, it is also where you’ll find the best value for your remodeling budget.
The urge to remodel is particularly high with those wishing to sell a home. However, when selling a house, you would like to see the cost of the remodeling reflected in the asking price. For the last several years, exterior renovations have proven to be the safest route to adding resale value to a house. The key is curb appeal.
Remodeling Magazine has announced the release of its annual cost vs. value report. The report compares construction costs for remodeling projects to the percentage of those costs recovered at resale. Some of the best projects to pursue are:
- Entry Door Replacement (steel) (128% return)
- Wood Deck Addition (83.1%)
- Minor Kitchen Remodel (78.3%)
- Basement Remodel (75.4%)
- Composite Deck Addition (70.9%)
With the exception of “Minor Kitchen Remodel” all these projects enhance the exterior of the house. If you are looking for the most cost effective project, “Entry Door Replacement” is the definite leader in this category. Door replacement is also one of the less labor intensive projects one can embark upon. With a little time and elbow grease, you can drastically improve the outer aesthetics of your house.
The housing market is improving, but the competition to sell a house is as stiff as ever. We all know the expression “You only get once chance to make a first impression”; this statement is especially true when trying to sell your house to a complete stranger. With a little external touch-up work, you can greatly improve how potential buyers perceive your house.