Wednesday, October 21, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
Are you spending too much time and money making the wrong renovations to your home? If you are like most homeowners, it can be hard to know which projects ultimately add the most value. We’ve found a very informative page from Remodeling.com offers regionally adjusted estimates on projects you may be considering to do before you put your house on the market. You can use to see how much the average project costs in the Mid-Hudson Valley, and how close it comes to paying for itself. Although only one will make you a profit over the cost , having these projects done will speed up selling time, and perhaps even inspire a bidding war. Before you start tearing down walls and ripping up floors, take a look at this year’s top 5 renovations that will likely boost your home’s salability this fall! To see Remodeling.com's entire list of the home improvement projects you may be considering, CLICK HERE.
#1: Garage Door Replacement: Cost $3,695 Resale $4,031
Of the top five value-adding renovations listed by the cost-value ratio report, a new garage door led the way in value to cost comparison and is the only one making a profit. This renovation falls right in line with all of other improvements that made the top five – fixing the necessities. Replacing a dated, worn old automatic door with a new and smarter door offering more modern capabilities is well worth the cost.
#2: Manufactured Stone Veneer: Cost $9,589 Resale $8,607
Manufactured stone veneer is often as striking and beautiful as the natural stone it emulates. Also known as faux stone, manufactured stone veneer is a manmade material designed to replicate the look of natural stone in a variety of architectural applications ranging from exterior façades to unique statement walls.
#3: Minor Kitchen Remodel/Mid-Range Cost $24,049 Resale $19,178
Based on a functional but dated 200-square-foot kitchen with 30 linear feet of cabinetry and countertops, this remodel replaces outdated cabinet fronts with new wood panels and drawer fronts including hardware. Replace the oven and range, slide-in refrigerator with new energy-efficient models. Replace laminate countertops; install mid-priced sink and faucet. Add new resilient flooring. Finish with painted walls, trim, and ceiling.
#4: Siding Replacement / Fiber-Cement Cost $17,497 Resale $14,966
Though it is easy to clean with a good power washer, vinyl siding is often considered of lower quality compared to some of the other materials available today. Instead, stone veneers are taking the place of vinyl siding.
#5: Deck Addition / Wood $14,491 Resale $11,222
A new or expanded outdoor deck adds more living space and recreational area. Include some built-in benches, a few planters for color and lighting for evening ambiance and you have a whole new place to entertain or spend time with friends.
Are You Making the Wrong Improvements?
The cost-value report also points out that location plays a large role in return on investment for the more than 100 improvements surveyed. Some parts of the country that see less rainfall and fewer storms saw the greatest returns on outdoor improvements like patios and landscaping.
Other parts of the country saw a much better return for minor kitchen remodels and basement renovations. Depending on where you live, you could be focusing on the wrong things. Our Local Area Specialists are a great source of information when it comes to what improvements are seeing the biggest excitement from potential buyers. And, as with most things, it’s best to do your research before you get started!