Updated: Oct 8, 2022
What Home Upgrades Pay Off in Resale
When you decide to sell your home, there are a few things you can do beforehand to strengthen your potential for higher profits.
While many people invest in staging the home with the help of a professional, others may look to make improvements. Whether minor or major, an investment in the home’s appearance or functionality can result in a big return. But what renovations will bring you the highest in resale value? Many involve the curb appeal of the home, while a few involve the interior. Here are five improvements to get you the best bang for your buck.
1. Finished Bonus Space
If you have an attic or basement that is not yet finished, you might consider making it a usable space for the future homeowners. You can make this renovation simple with high-quality flooring, drywall, and some paint and leave the layout open for more possibilities. Or you could create more bedrooms and bathrooms where building codes permit. You can achieve the simple version of this renovation for a few thousand dollars or spend a lot more depending on the options you select. Either way, you could see a
return on investment as high as 69%.
2. Change Up Your Layout
Creating an open floorplan will bring your home up to date. This kind of home makes spaces appear larger and allows for multi-use areas. Natural light can flow throughout the home. Sight lines are created for the adults in the kitchen to keep an eye on kids in the family room. An open concept home lets people use their home in new ways with a range of different functions.
3. Adding Veneer
Putting stone veneer on the front of any home gives it instant curb appeal. It’s like a facelift for your house. There’s just something elegant about the faux masonry that screams luxury. While putting some veneer on the bottom third of the front of your house can cost up to $10,000, you’ll see an average return of 97%.
4. Swap Out Your Entryway
If your door has seen better days, it’s probably time for a replacement or a new paintjob. If your budget allows, you should consider getting a door made of steel. They provide better energy efficiency and less future maintenance problems. If you can’t replace the door, consider painting or staining it. Steel doors bring in a bigger ROI with a national average of 101.8%.
5. Get a New Garage Door
If there are any signs of wear and tear on your garage door, now is the time to get a new setup. You can replace a standard builder-basic grade one with a classy option that features decorative windows or even new features, like a pulldown screen. National average recoups 93.8 percent of costs.
Whatever you decide to remodel for the resale purposes of your home, you should consult with a real estate agent. They can tell you what areas of a home locals are looking at the most, so you know your investment will go far. You never know, a small detail that you’ve recently added into the house could be the reason you sell with higher offers!