The real estate market is making a comeback and some homeowners are now considering selling their home. The majority of people who sell their home typically enhance it prior to doing so. Whether it’s fresh paint, new carpet or residing the exterior of the home. Why go through all of this trouble if you’re just going to sell it? By improving the home first, you increase the appeal of the home in addition to possibly increasing the value of the home. This way you can get more out of your investment.
When you take the time to reside the exterior, add fresh paint, or do any other home improvement projects for the sake of increasing your resale value, you may also feel it’s a great time to build a new room addition or maybe perform significant replacements that may be overdue; such as the kitchen cabinets. After all, this money is returned when you sell the home, right?
Unfortunately, this isn’t always true. While you can definitely increase the value of your home through home improvement techniques, some don’t necessarily offer a cash-back guarantee of any kind. Prior to starting these significant improvements we suggest you do some research first. Find out what you might expect to gain from your investment depending on your location the specific improvements you’re planning.
Unsure where to start your research? Consider the National Association of Realtors, Cost vs. Value report. Here you can find the most popular home projects, the average cost of each, and the average return you might expect when you sell your home. Yes, you can look based on the city/region to see which home improvement methods might offer you the biggest return.
Keep in mind, however, that the actual numbers on this report might vary slightly based on where you reside and sometimes your specific neighborhood. But nonetheless, this is a great place to start. Once you’ve looked at the report, meet with your realtor or even your contractor prior to making any solid commitment to home renovations. You might even get more helpful information from your local contractor or realtor because they are up-to-date on the market in your specific area.
Obviously, certain renovations will provide a more significant value than others. Some aren’t aware of just how beneficial re-siding your home can be when it comes to maximizing the return on your investment. Fiber-cement siding typically provides an 80% return and is a choice many homeowners are turning to. The next biggest investment you can make; replace the front entry door.
The following explains the projects, according to the National Association of Realtors Cost vs. Value report 2013, that provide the most return when you sell your home:
- Replacing the Entry Door – 85.6%
- Fiber-cement Siding Replacement – 79.8%
- Adding a Deck – 77.3%
- Remodeled Kitchen (minor) – 75.4%
- Replacing the Garage Door – 75.2%
So if you’re thinking of reselling your home, consider these renovations that could enhance your return and contact a reputable siding contractor, like Siding Pro, for a free consultation.