Top 10 Renovations to Increase the Resale Value of your Home
A couple of months ago, we published a list of the top five renovations to avoid if you’re looking to increase the resale value of your home in the Austin area. Now we’re back with a companion piece that lets you know the top ten renovations that give you the most bang for your buck when it comes time to sell your home (according to data provided by Remodeling magazine). Without further ado, let’s dive right in.
10. Kitchen Remodel (major)
Coming in at number ten on our list are major kitchen remodels. Investments in the kitchen have proven to be safe over the years and 2017 is no different. The average cost for a kitchen remodel in Austin is around $60,000. Expect to recoup 70% percent at the time of sale.
9. Replacement Siding
It’s difficult to think of anything that will increase the curb appeal of your home more than new siding. First impressions are crucial in real estate. If you want to impress a buyer when they pull up for the first time, replacing your old siding can have a dramatic impact for a relatively small investment. The average homeowner in our region will pay $13,000 for new siding and recovers approximately 70% at sale.
8. Wood Deck
Adding a wooden deck to the backside of your house can be the final piece of the puzzle for potential buyers who love to entertain. Deck additions can be a great way to add value to your house very quickly. Between materials and labor, a typical wooden deck will set you back about $9,500. The average return at sale is 75%.
7. Entry Door Replacement
Home buyers, especially those with young families, value homes that are safe and secure. Sturdy new doors give peace of mind while also improving curb appeal, and potential buyers will reward you for them. You should make 75% back on an investment in doors of $1,300.
6. Two Story Addition
It goes without saying that adding a second floor to your home will massively increase its value. However, it’s unlikely you’ll want to undertake such a large remodel if you just intend to turn around and sell. An average Austin homeowner will spend $170,000 on the addition and make back 76% of that at sale.
5. Family Room Addition
Again, anything that adds square footage to your home will increase it’s value. According to the data, home buyers really appreciate family room additions to your current home. An addition may not be in your near future, but keep this in the back of your mind is you’re planning on expanding. Expect to spend around $81,000 and receive 78% at the time of sale.
4. Finished Basement
An unfinished basement that has been transformed into livable space is a highly sought after feature for buyers. Basement remodels can be costly, but they add an incredible amount of value to your home when done properly. Finishing your basement may set you back about $65,000, but you can expect to see an 81% average return on your investment.
3. Kitchen Remodel (minor)
The third best way to increase the value of your home is a minor kitchen remodel. (Think new cabinets and counter-tops rather than a complete redo). As mentioned above, kitchen remodels are a safe investment. A small kitchen remodel costs around $20,000, and you can expect to make 82% of your money back.
2. Stone Veneer
Coming in at number two is replacing your old vinyl siding with stone veneer. It’s affordable and it massively increases your curb appeal with a stately stone facade. Buyers love it and so will your pocket book. Expect to spend $7,800 and to recover an incredible 96% of your investment at sale. Highly recommended!
1. Attic Insulation
The number one best way to increase the value of your home is to have insulation blown into your attic. It’s inexpensive, buyers love it and it will start reducing your utilities bill today. It only costs an average of $1,300 to have done and you can expect to make 108% back when you sell your home. It reduces your utility bill immediately and it will make you money in the future. Get this done today!
Are you trying to sell your home? Have you made renovations to your home that have increased its value? Let us know about it! Visit www.amne.co today and tell us about your home renovations so we can make you our best offer today!