Whether you’re settling in or planning to sell, it’s never a bad time to consider some upgrades and projects to your home. However, not all projects are created equal. If you want to get the most bang for your buck when it comes to home improvement consider doing high Return-On-Investment (ROI) projects! Sure, some projects can be quite work-intensive, but the ease of some just might surprise you!
Consult the Experts
Before we get into specific home projects, let’s review some valuable resources for homeowners to reference when researching cost versus value. The Remodeling 2021 Cost vs. Value Report compares average costs for 22 remodeling projects with the value that those projects saw at resale in over 100 major U.S. markets. The report allows you to drill into data for your specific area to understand your city’s job costs, resale value, and cost recouped for popular projects and compare those numbers to national and regional data. For our purpose, we looked at The Remodeling 2021 Cost vs. Value Report for the Charlotte, NC market.
Another helpful resource is SoFi’s home improvement ROI estimator. This calculator compares your project type to regional resale data so you can estimate a likely project return. Simply select your project, enter in some specifics, and see what type of value you could get in return. While these online resources might not be 100 percent accurate for your home and your neighborhood, they provide a good idea of what homeowners can expect for specific projects.
The surest way to know what a project’s ROI could be is to consult your trusted real estate agent. The agents at Helen Adams Realty know the local market conditions and buyer expectations, as well as have relationships with vendors around town for every job. They can provide helpful advice on what to tackle first, what will pay off at the closing table, and what to focus on for the best return. We also offer a ‘Market Ready’ solution that involves zero up-front costs and zero interest on pre-sale home improvements. For more information on that program, please consult your agent.
First Impressions are Lasting
You know what they say about first impressions? Well, that goes for your home too! Year after year, outdoor projects on your home tend to have some of the best returns on investment. According to the Remodeling 2021 Cost vs. Value Report, replacing your garage door offers one of the highest returns, at 97% cost recouped. The average cost of replacement comes in at $3,859 with a resale value of $3,743.
Replacing your home's entry door with a steel one offers a return of 65.5%, with an average cost of $2,048. Alternatively, if that price point is a little higher than what you’re looking for, consider simply repainting your existing door for a small boost to curb appeal!
Moving around to the back of a house, one of the largest ROI projects to consider would be installing a wood deck on the back of your house. A 16x20-foot deck using pressure-treated joists supported by 4x4-inch posts anchored to concrete piers costs, on average, $14,363, but has an average return of $11,240, bringing that return on investment up to 78.3%. This is a great way to increase value while also increasing the overall enjoyment of your home!
It's What's on the Inside
If you’d rather your upgrades stay inside your home, we’ve got you covered! One of the projects with the largest return on investment would be a minor midrange kitchen remodel. While this task will take a good bit of effort and financing, coming in at an average of $25,113 to complete, this project will typically yield a return of about $19,230, making the ROI a whopping 76.6%. This project assumes you have a 200 sqft functioning kitchen, and includes upgrades such as replacing the fronts of your cabinets and hardware, installing a new energy-efficient slide-in refrigerator, replacing laminate countertops as well as the sink and faucet, updating the flooring and adding a fresh coat of paint on the walls.
If the kitchen isn’t something you want to touch, consider a midrange bathroom remodel. It will run you about $22,100 to update an existing 5x7 foot bathroom with new fixtures to include 30x60-inch porcelain-on-steel tub with 4x4-inch ceramic tile surround, standard white toilet, solid-surface vanity counter with integral sink, lighted medicine cabinet, ceramic tile flooring, and vinyl wallpaper. This, however, generally produces a return of $15,360, making the ROI a hefty 69.5%!
For more insight on the value of home improvement projects, call your preferred Helen Adams Realty agent. Looking for a real estate agent that will fit your needs? Give us a call or fill out this form! Our Relocation Director, Jordan Bass, will find the right Helen Adams Realty agent that can best help you and your family. While considering your preferred area of town and your current wants or needs, Jordan can help match you with the perfect agent for the job.