Which Home Renovations Have the Best ROI?
People often ask us if they should renovate their homes before selling them, and if they do invest money to update their home, if they will receive a return on that investment when they sell.
According to the 2021 Cost vs. Value Report (www.costvsvalue.com), here are the ten home renovations with the best ROI in the Boulder Colorado area:
Garage Door Replacement: A new garage door can make a huge difference in the curb appeal of your home, and you should be able to recoup approximately 94% of the cost of the replacement.
Manufactured Stone Veneer: Stone veneer looks like real stone but is much less expensive and easier to maintain, and it is one of the top improvements you can make for the best return on investment. It can make a huge difference in the curb appeal of your home.
Vinyl Siding Replacement: Also a great way to increase the curb appeal of your home, vinyl siding is a cost-effective option that is low-maintenance.
Minor Kitchen Remodel: The kitchen is of course one of the most used rooms in the home, and an area that You don’t have to do a complete kitchen overhaul to reap the rewards. Refacing or panting cabinets, swapping out countertops and fixtures, and updating appliances can go a long way to increasing the value of your home.
Wood Window Replacement: Wood windows cost more than vinyl but some buyers prefer the look of the wood and they typically have a slightly higher return on investment than vinyl windows.
Vinyl Window Replacement: Vinyl windows are less expensive than wood and are typically easier to maintain. They can increase the energy efficiency of your home, keeping you cooler in the summer and warmer in the winter.
Wood Deck Addition: Adding a wood deck to your home increases the value by increasing outdoor space. This is especially important to buyers today who are looking for outdoor areas to entertain and spend time with family and friends. Wood decks are less expensive than composite ones, but they require yearly maintenance to keep it fresh and in good condition.
Composite Deck Addition: Composite decking costs more than wood, but it does not require maintenance, so it is usually preferred by buyers.
Bath Remodel: A mid-range bath remodel can include replacing fixtures , lighting and tile, as well as updating the shower, tub and vanity.
Roofing Replacement (Asphalt Shingles): A new roof is a huge plus for home buyers in Colorado with our sunshine, snow, wind and hail (once in a while), our roofs take a beating.
If you are thinking about selling your home in Boulder County and want to know which updates would be the best for your property, or if you are simply wanting to update your home and make sure you are choosing projects that will still bring value down the road when you sell your home, we would love to help! We can connect you with professional designers and contractors, and even offer programs to update your home before you sell and pay nothing until the closing. Reach out to us to find out more!