Home renovations can be a great way to add value to your home if and when you sell, especially in a tight market where something like a modern kitchen, a new roof, or a great-looking exterior can make the difference between selling quickly or staying on the market for months. Though each potential buyer will value different parts of the home, there are a few remodeling projects that can allow you to recoup most of your investment while making your home more marketable for almost all buyers, and, most importantly, more comfortable for your family until you decide to sell.
Home Improvements with the Highest Returns
When choosing a remodeling project, it is important to consider the cost, the utility to your family, and the potential value added to your home. Often, minor projects can be a better value than major ones, such as adding a new front door or doing a small kitchen renovation. According to data gathered by Remodeling Magazine, the projects with the best return on your investment include:
- Kitchen renovations – A stylish, modern kitchen can make it far easier to sell your home when the time comes, but minor renovations often add more value and recoup more of your investment than major ones. A small kitchen renovation can add thousands in value and can earn back 81 percent of each dollar spent, while major renovations typically offer returns of about 59 percent.
- Bathroom remodels and additions – Remodeling an existing bathroom (even just upgrading tile) can be an effective way to add value to your home, with up to 70 percent return on your investment. Adding an extra bathroom can be a great selling point and can add significant value, but you may only recoup 54 percent of the cost.
- Exterior renovations – Curb appeal is important when selling a home, and even minor changes can make it easier to attract potential buyers and increase the chances of a sale. Replacing a garage door, for example, can add thousands to the value of your home, while recouping nearly 98 percent of the investment. Adding manufactured stone veneer offers a 97 percent return on your investment while creating a new entranceway with an attractive front door can earn back 67 percent of every dollar spent.
- Upgrades and repairs – Replacing old, drafty windows with vinyl windows can earn back 74 percent of the initial cost while replacing them with wood can earn back 69 percent of the cost. A new roof is always a good selling point and you can easily earn back 68 percent of the cost, while new siding offers an even higher return of 76 percent. Adding a wooden deck can create a great place to entertain family and friends while earning back 82 percent of each dollar spent.
Also consider the potential benefit of adding an in-law suite.
Home Remodeling Services in Morris, Union & Essex County, NJ
Whether you need minor renovations or a major remodel in the North Jersey region, our team at JMC Home Improvement Specialists can help. We have over 40 years of remodeling experience, and we offer everything from kitchen, bathroom, interior, and exterior renovations to home additions, basement remodeling, and more.