Is this hot real estate market tempting you to list your home? Anyone who has ever contemplated selling their home can identify with this quandry: What renovations (that I should have done years ago for my own comfort and enjoyment) should I do before I sell?? The Remodeling 2016 Cost vs. Value Report (www.costvsvalue.com) gives you the brass tacks on this information. While U.S. data, it gives a fairly good guide for us in Canada too as we share a great deal of media and social drivers.
You want to get the best selling price and also sell quickly. So much of a home’s value is decided in two crucial moments.
The first is that moment the potential buyer drives up to the property – that first impression is also known as “curb appeal”. In the last five years, curb appeal has been increasing in importance dramatically. In fact a fresh, dispassionate set of eyes to assess your home can point out some low cost projects that will make your curb appeal far more attractive… I suggest connecting with a Realtor® you can trust.
This is why simple projects like replacing the front door and garage door yield a significant ROI: 91% of the cost of replacement. Here is the thing though – that ROI is on increased sale price of the home and does not actually calculate the effect on curb appeal and resale speed.
The second is when the cook of the family walks into the kitchen and decides if this could be the center of his or her family. The ROI on kitchen freshening is over 80% but again, it not only raises the value of the home, but may influence whether an offer is given at all.
But according to the Cost vs. Value Report, insulating your attic gives the most bang for your buck in ROI at 117%!! I knew we were providing long term value 🙂
As people get serious about making an offer – the other high value projects come into play as they decide what your house is worth. From attic insulation to adding a family room, the value of your home is determined by a variety of factors… and these change from year to year.
The top 9 high value projects according to the Cost vs. Value Report are:
- Insulate the attic: 117%
- Replace the entry door: 91%
- Refresh the kitchen: 83%
- Get new siding: 75%
- Build a wood deck: 75%
- Replace the roof: 72%
- Remodel the basement:70%
- Add a family room: 68%
- Renovate the bathroom: 66%
So go get those renovations done before you list your home in this crazy Seller’s Market. But beware – after you are done, you are going to be so comfortable in your home you may not want to leave – especially this winter with your insulation topped up and keeping the heat in and reducing those drafts (make sure you have us do our air sealing package first… or go with our Fresh Start in your attic).
Photo Credit AARP Chris Philpot
Cost vs. Value Report © 2016 Hanley Wood, LLC. Complete data from the Remodeling 2016 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.