It’s the winter and we tend to turn our attention to the interior of our homes for projects and maintenance. It might be time for that kitchen we’ve always dreamed of having or the perfect recreation area to entertain our family and friends. As you contemplate the cost of these ventures, it might be wise to consider which ones will likely give you the most cost recoupment. Or, to put it another way, which projects will give you the most bang for your buck when you go to sell your home.
Every year, research is conducted by Remodeling that shows how much return on investment you will get for different projects around the home. They publish the results in the Cost vs. Value Report (www.costvsvalue.com). They conveniently compile the data by region so you can see the results that are relative to your area. The results below are for the greater Denver area for midrange homes published in the 2017 report. Remodel also gathers data for mountain properties as well as they are uniquely different in cost and other variables. If you would like information for other parts of the country take a look at their website.
So if you’re planning on a project to complete over the long winter months, here are the top three most cost-effective updates you can make to your home.
- Minor Kitchen Remodel. This consists of refacing cabinets, putting on new hardware, replacing appliances with more energy efficient models, replacing countertops and flooring.
Estimated Cost: $20,576 Estimated Resale Value: $18,076 % Recouped: 87.8%
- Manufactured Stone Veneer. Replace the bottom third of the siding on the front of your home with stone veneer to give your home exceptional curb appeal.
Estimated Cost: $7811 Estimated Resale Value: $6475 % Recouped: 82.9%
- Attic Insulation (fiberglass). This project involves air-sealing the attic floor, then applying loosefill insulation over the top of existing insulation. The end result should be an insulation value of R-30. This is a nice feature to help reduce the cost of air conditioning your home.
Estimated Cost: $1354 Estimated Resale Value: $1088 % Recouped: 80.4%
While not specified in the report, simply painting the walls and/or replacing countertops can accomplish much in the way of giving your home a new look. Of course, if you’re selling, make sure you let prospective buyers know all of the hard work you put into your home. A little TLC can go a long way in making your home more attractive to buyers.
If you have any questions or would like information on the other projects on the list (i.e. adding a deck, refinishing a bathroom, etc.), let me know and I’d be glad to share that information with you.
About the author: Sean Gilliam is a Realtor® with RE/MAX Alliance in Northern Colorado and is a Certified New Home Specialist™. Sean can be reached at firstname.lastname@example.org or by phone at 970-313-6706. For additional articles see Sean’s blog or to search for properties see his web page.
Interested in buying a home or selling your current home? I am committed to your success. Give me a call at 970-313-6706 to get started.