5 Home Upgrades That Pay Off at Resale—and a Few That Don’t
When it comes to remodeling your home or getting it ready to sell, it’s hard to know what will pay off and what will drain your wallet. Luckily, research from trusted industry sources, such as the 2018 Cost vs. Value Report from Remodeling Magazine, can help you set priorities based on current market trends. Here are the top home remodeling projects that pay off, as well as a few projects that may not be worth the investment.
1. Garage Door Replacement
Believe it or not, this simple project came in at the top of the 2018 Cost vs. Value Report with 98.3 percent of all costs being recouped, according to national averages. Often an afterthought, replacing an outdated, inefficient, or worn out garage door can drastically improve the look of your home’s exterior. Be sure to match the style of your home and choose a low maintenance material like fiberglass.
2. Minor Bathroom Remodel
A few minor updates to your bathroom can make your home resale-ready in no time. HGTV recommends re-caulking the tub, adding a fresh coat of paint, and replacing old shower doors with glass to make the space feel bigger. You should also consider changing out the fixtures to create a standard, minimalist look and adding ceramic tile to the bathtub surround.
3. Deck Addition
Here in Central Florida, every home should have a great outdoor space for gathering! The Cost vs. Value Report proves this, with a deck addition coming in near the top of the 2018 list. To add a solid wood deck, the average cost is around $10k, with approximately 83 percent of those costs being recouped in the resale value of the home. The report recommends pressure-treated wood with elements like a built-in bench or planter using the same wood material for a uniform aesthetic that buyers will love.
4. Minor Kitchen Remodel
If your kitchen is just in need of cosmetic upgrades and not an entire overhaul of the layout, this can be a smart renovation project that will pay off at closing. A $15k kitchen remodel should cover essentials like refacing the cabinets, replacement of laminate flooring, a new sink and fixtures, and a new oven with range. Then, just brighten up the space with a new coat of paint and updated window treatments.
5. Siding Replacement
If your siding is cracked, loose, or showing signs of dry rot, then it is obviously time to replace. However, less obvious changes like rising energy bills or interior moisture problems could also be attributed to inefficient siding. The Cost vs. Value Report estimates that a $15k siding replacement will recoup around 77 percent of the costs at resale according to national averages and around 82 percent according to the South Atlantic regional averages.
Avoid: Patio Addition
The backyard patio addition came in at the tail end of the Cost vs. Value Report this year, with only 47 percent of costs recouped on this project. Instead, homeowners should opt for the more enticing natural wood deck addition or focus on enhancing the landscaping elements.
Avoid: Upscale Master Suite
Typically, you’ll want to avoid anything overly customized or design upgrades that price your house above the market range for your neighborhood. An upscale master suite may be nice for you, but it won’t necessarily pay off when it comes time to sell. Additions like a gas fireplace or custom built-in bookcases can add up quick, and the 2018 report only saw an average payoff of 48 percent of the costs incurred. These projects are better suited for a home you plan to stay in for many years to come.
At Stanley Martin Homes, it is our goal to help you create your ideal home to build lasting memories. Our communities across Orlando and Tampa feature a diverse array of floor plans and price points, and we’ll work with you to customize every detail of your home without hindering the market value. Browse our floor plans online or give us a call at 407-590-3501 to speak with an associate about your needs.