8 House Upgrades That Raise Resale Value
By Bill Esler | Posted: 09/23/2013 9:40PM
CINCINNATI, OH- Being able to list the eight top remodeling improvements that will deliver the best return on investment can help win custom woodworkers and cabinet makers business. That's because hardwood flooring and kitchen cabinet remodeling are among them.
So are replacements of exterior doors - including garage doors.
Prospects working on a limited budget that need to choose between interior and exterior enhancements should start outside, say experts.
Exterior home improvements give buyers a favorable impression of the home - "curb appeal" - before they enter. Here are some home improvement ideas, and their approximate return:
Replace Exterior Doors - Entryways, front doors, and garage doors are a focal point for visitors entering your home, so the sharper they look, the more excited buyers will be to see the interior. Plus, replacing a garage door, on average about $1,200, can generate an average resale value of $2,064!
Renovate Landscaping - Cleaning up and landscaping your yard is a fairly inexpensive update that improves the overall appearance of your house's exterior environment.
Replace the Roof - Though replacing a roof is generally an expensive endeavor, it also leads to big monetary returns. The average reroofing cost ($20,000) can lead to over $30,000 in resale value!
Repaint the Exterior - This home improvement project is also one of the most recommended updates by realtors as it greatly improves a buyer's first impression of the residence. Home owners who can't make any other home improvements, the best option is to invest in some paint.
Interior Investments That Increase Your Asking Price
These upgrades are known for impressing home buyers at reasonable costs to the seller.
Install Wood Flooring - Wood flooring is currently one of the most popular flooring options for homeowners. But it isn't necessary to go for a custom hardwood option. Laminate flooring for a 1,200 square foot home, which costs about $4,000, has an average resale value of $8,400.
Repaint the Interior - In addition to giving a home a cleaner, sleeker appearance, interior painting in light, classic colors makes every room in your home feel larger and more open.
Invest in Kitchen Remodeling - Though a kitchen remodel is a costly home improvement project, it also has the potential to significantly increase your resale value. Kitchens and bathrooms are the most important rooms for potential buyers and therefore deserve attention when it comes to upgrades.3
By individual project:
New Kitchen Cabinets - Cost = $870; Resale Value = $1,496
New Appliances (stove, dishwasher and refrigerator) - Cost = $4,000; Resale Value $6,640
Bathroom Remodeling - Even if your bathroom fixtures and cabinets are a bit older, updating the tile will give the entire space a bright, clean finish. If you would like to do a more complete bathroom remodel, consider upgrading your guest bathroom. Guest bathrooms are usually smaller than master baths, and so require a smaller investment. Replacing a guest bathroom's counter and vanity gives an average resale value of $1,620.
About the Author
Bill EslerBill Esler, Editorial Director, Woodworking Network Bill is responsible for overall content at WoodworkingNetwork.com Woodworking Network magazine, and related newsletters. Bill also manages event programs for Woodworking Network Live conferences at the Woodworking Machinery & Supplies Expo in Toronto and Cabinets & Closets Expo. He developing audience engagement programs using custom digital printing, live lead-generating events, custom websites, and custom digital and print content. Read Bill Esler's woodworking blogs. He can be reached at firstname.lastname@example.org or follow him on Google+.