Remodel projects that payoff when you sell

Have you watch HGTV’s show “Love it or List it?”  Are you debating between selling your home and remodeling it?

If you decide to sell, you may not get as much from your home as you have invested into it.  However you will be able to take advantage of historically low interest rates and great resale homes that are priced aggressively.  We are turning into a seller’s market based on inventory levels in Kansas City, which mean buyers do not have the ability to low ball sellers as they might have 2 years ago.  So if you find something you like, write an offer before someone else does!

As a REALTOR®, we are repeatedly telling a seller that just because you spent $1,000 or $10,000 on improvements to your home, does not mean you will get 100% of that value when you sell your home.  We strongly recommend contacting a REALTOR®, who is actively marketing and selling homes, along with their interior designer to tour your home and provide their professional recommendation before you start spending any money.   Some improvements you may do to your home are purely for your personal enjoyment (i.e. faux painting, light fixtures, blinds/shutters, etc.). And some will help you obtain the most amount of money when you sell in the future (i.e. kitchen and bathroom remodels).

Do you know what improvements bring the most bang for your buck and won’t break the bank?  Here are a few of the top ones:

  • Garage doors: installing doors with minimum R-12 ratings, foam insulation, thermal seals, and heavy duty steel tracks run around $2,000-$3,300. This is considered one of the top improvements you can do to your home. It is estimated that you can recoup over 80%.

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  • Entry landscape and front door: installing a steel door and having a professionally landscaped entry provides great curb appeal. Also, this is the location of a buyer’s “first impression.” Front doors average around $1,200 and will recoup 96% when reselling.

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  • Windows: replacing old, leaking windows are a great investment. They will help update the look and feel of your home, plus provide great insulation and are low-E. You will see over a 55% return on this investment  And remember, when considering doing a small or large improvement to your home; be sure to weigh the cost vs. value.

 

~The statistical data used in this article was provided by REALTOR® Magazine

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