Thinking of selling your home this year? You may have a few home remodeling projects to check off your list before you start considering selling. Many homeowners choose to remodel prior to selling in order to increase the value of their home and get more from the sale, however, in many cases, the resale value of the remodeling project is simply not worth the cost and trouble of doing the renovation before selling.
Before calling a contractor and starting a new renovation, take a look at the following cost vs. resale information so you can get the best value for your buck. You may be surprised to find your planned remodeling project isn’t the best way to spend your money:
Installing Attic Insulation
This minor project costs about $1,268 according to the national average and provides a resale value of $1,482. This means that taking the time to insulate your attic with fiberglass insulation will help you recoup almost 117% of your costs on average, making attic insulation one of the most valuable home improvement projects to take on.
Garage Door Replacement
If your garage door is starting to look old and dingy, it may be worth replacing it before selling. The average cost to replace a garage door is about $1,652, while the resale value comes in a little less at $1,512, helping homeowners recoup about 92% of their costs.
Additions to your home will always be more expensive because they are considered major construction projects. Adding space to your bathroom is a huge undertaking, costing about $42,233 on average. However, that money could be better spent, because the average resale value of a bathroom addition is only $23,727, meaning homeowners are only recouping about 56% of that cost. A better option to get more value would be a bathroom remodel, which typically costs about $17,908 and allows homeowners to recoup over 65% of the cost with a resale value of $11,769.
Pick and Choose in the Kitchen
Kitchen renovations are another great way to add value to your home. However, it pays to be picky when it comes to your kitchen-remodeling job. Major kitchen renovations can accumulate up to about $60,000 in costs, while the resale only adds about $38,938. When you compare the 65% cost recoup of a major kitchen project to the 83% recoup from minor kitchen upgrades, it seems like a no-brainer for those looking to sell their home.
Minor kitchen upgrades such as replacing old appliances, installing new cabinets, painting or upgrading fixtures, usually cost around $20,000 and the resale value is estimated at about $16,716, which means you get to recoup more of the cost.
A new roof is a major selling point in many homes. The national average estimates this project costing about $20,000 with a resale value of $14,446. Homeowners can expect to recoup about 72% of the costs associated with this project. However, if you make some frugal choices and shop around, you can help lower costs and maximize your costs recouped.
For expert advice and help with your Ridgewood, NJ real estate questions, contact the experts at Tarvin Realtors. Call us today at (201) 444-0690.