Tanisha A. Sykes
For Todd and Lisa Miller, it makes sense to significantly improve the 3,100-square-meter traveling farm built in the 1970s.
“We have refinanced twice and made many improvements over the years,” said Isaiah Industries Inc, a manufacturer of permanent roofing solutions. Said Todd, President and Co-Owner of.
Millers bought an “Eternal House” in Sidney, Ohio in the 1990s and undertook several renovations, including adding a $ 125,000 master ensuit, adding to the family room, adding new stucco to the exterior of the house, and adding new windows . Did. A couple who lived on a street full of custom homes also added a $ 95,000 underground pool and landscaping. The office, bathroom and utility room were also remodeled for $ 45,000.
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Earlier this year, Zonda Media released the 2021 Cost Value Report, which identifies trends in outdoor improvement projects that offer the highest return on investment (ROI). With the exception of minor kitchen modifications, off-home modifications make up 11 of the 12 major investments. In particular, siding, stone veneer and garage door replacement are high on the list.
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Whether you’ve recently closed your home, planning a sale, or want to stay longer, here are some improvements that will bring you a great return on investment.
1. Increase the attractiveness of curbs
The fate of many salespeople is determined by a walk from the car to the front door. Take the time and money to create an attractive look.
“Enhance your landscaping with bright flowers, various shrubs, and clean sidewalks,” says Fiona Dogan, real estate agent at Julia B. Fisa Theby’s International Realty in New York. Otherwise, the buyer drives past the property.
According to a HomeLight study, a combination of lush greenery, healthy lawns, and the right flower beds will cover an estimated 267% of maintenance costs at the time of sale.
2. Replace the garage door
If homeowners are looking for a successful project, experts say the new garage door is at the top of their list.
“The new $ 500 door could add $ 5,000 to sales in the right region,” said Michele Harriston, chief operating officer of First Team Real Estate in California.
Corcoran Baer & McIntosh’s Barragán agrees: “I saw a customer struggle with a ramshackle garage door in a house,” he says. According to the Cost-Value-Report, the garage door exchange brings back 93.8% of the value.
3. Upgrade the kitchen
This is the home center where families cook, eat, get together and socialize. Look at professional, efficient appliances, multiple seating options, and marble or quartz countertops, Dogan says. “A remodeled kitchen can add up to $ 100,000 in value to a home,” she says. According to the cost-benefit report, minor kitchen modifications mean that owners can expect to get 72.2% of their investment back.
4. Replace the siding
One way to keep your home warm in winter and cool in summer is to add new siding.
“The appearance of the home is important in keeping out the heat in summer and the cold and rain in winter,” said John Bodrozic, co-founder of Home Zada, California’s personal finance platform. Helps owners improve. Manage the financial details of your home.
“Replacing exterior siding also lowers energy costs, which can have a significant impact on the value of a home if you decide to sell it.” The report reports on fiber cement (69.4%) and vinyl siding (68.3%). Both show that they hold a lot of their worth.
5. Remodel the bathroom
Any type of renovation can be daunting, especially when it comes to the sanctuary of the home, which should include the bathroom, shapes, functions, and a touch of luxury.
“Think white tiles, chrome or nickel fixtures, white porcelain showers and tubs, efficient low-flow toilets, and new plumbing,” says Dogan. “The renovated bathroom can add up to US $ 50,000 to the value of your home” for a dream renovation with the finest additions. Luxury bus conversions could deduct 54.8% of the project price when sold to homeowners, the report said.
The necessary improvements to your home will ultimately pay off.
“Consider upgrading your home to a savings account,” says Barragán. “The more we improve, the more likely it is that we will keep our investment and hopefully benefit from it.”