If you’re looking to increase the value of your home, there are a number of ways this can happen. Obviously your home value changes with the market, but because this is somewhat unpredictable, you will want to make improvements on your home to ensure the value will continue to increase, even over what the market value might dictate. But let’s focus on the key elements of those improvements that will earn you the biggest bang for your buck.
Here are a few top level suggestions you can do that will help you gain value for your house:
1 – Replace your garage door: This should cost you around $3-4k, and the recoup is almost exactly what you might spend.
2 – Manufactured Stone Veneer Siding: This is specific to a certain type of home. But veneer stone is far less expensive than real stone for the product and the installation. So if you need to update the exterior of a home, look into materials that last and require a minimal fee for installation.
3 – Steel Entry Door: This job may cost $1500, but it adds around $1400 in resale value. It’s a much more secure entryway, they can come with half panel – double pane glass windows, and are easy to spruce up and increase your curb appeal.
Generally speaking, you want to do as minimal remodeling as you can, if you’re looking for ways to increase value without sacrificing profits. For example, remodeling a room, moving plumbing around and electrical can cost a lot, and if it’s not adding square footage to the house the cost may outweigh the benefit, because you might be overpricing your house for its location or style. Also these projects tend to have about a 60-70% immediate value recoup, whereas replacing countertops and flooring can be more directly profitable.
The main things to consider when choosing what improvements to do are a) how long you plan to live there, or at least how long before you intend to sell – because this can dictate how much you might want to spend on the work, and b) what type of comps (or comparable properties) are near you that will help maintain your value. The longer you live in the house, the greater chance it has to increase in value naturally. However, the more unique a house, the harder it is for an appraiser to find value.
Need a little more info? Give me a call. I’m around and I’m happy to help. I’ll see you next time.