If you’re putting your home on the market in the next 12-18 months and are considering a number of improvement projects to increase the resale value.
The truth is, there are only a handful of home improvement projects that are worth considering if you want to maximize your short-term return on investment. Make sure you choose wisely.
Remodeling Magazine recently released its 2015 Cost vs. Value Report. This annual survey compares annual changes in job costs with realtor’s perceptions.
If you’re thinking that a major overhaul of your kitchen or bathroom will yield a nice return, you’d be wrong. Interestingly, it’s smaller, less obvious and less costly projects that pack the biggest return on investment. In fact, the two runaway winners are: of what those jobs bring to a home’s price at retail.
- Mid-range garage door replacement: +5.7% improvement of price at retail
- Steel entry door replacement: 5.4% improvement of price at retail
Garage and entry door replacements are perennial winners in this survey for a simple, but not always obvious reason: they are the first things that prospective home buyers see when they make that initial “scope out the neighborhood” drive by. Garage doors, in particular, can make a dramatic statement about your home. Some call it curb appeal, the notion that prospective buyers have an initial gut feel about the value of your home simply by what they see from their car.
To that end, the garage door industry continues to push the limits on selection, style, design and technological improvements, while at the same time, keeping costs in line. The result: a below average home improvement investment that often delivers above average dividends for the homeowner.
If you’re thinking (dreaming?) about some major home improvements, you might want to check out the 2015 Cost vs. Value Report.