Tanisha A Sykes
It’s natural for Todd and Lisa Miller to make major improvements to their 3,100-square-foot sprawling ranch, which was built in the 1970’s.
“Over the years we’ve refinanced twice and made a number of improvements,” said Todd, president and co-owner of Isaiah Industries Inc., a manufacturer of permanent roofing solutions.
The Millers bought their “eternal home” in Sidney, Ohio in the 1990s and have completed several renovations, including a $125,000 addition to the master bathroom, an expansion to the family room, new plastering on the outside of the home, and new windows . The couple, who live on a street full of custom houses, also added a $95,000 pool and landscaping. They also remodeled an office, bathroom, and utility room for $45,000.
Tips for buying an apartment:It’s a tough market. That’s what buyers do.
Projects that don’t break your budget:Small, manageable projects to make the home more welcoming
Earlier this year, Zonda Media released its 2021 Cost-Value Report, citing the trend towards exterior improvement projects that offer the greatest return on investment (ROI). With the exception of a small kitchen remodel, repairs to the outside of a home account for 11 of the top 12 investments. In particular, replacing siding, stone veneers and garage doors tops the list.
Prepare purchase:How much money should you have to buy your first home?
Whether you recently closed your home, are planning a sale, or are planning to stay for the long term, here are some improvements that will provide a great return on your investment.
1. Make containment more attractive
The fate of many homes for sale is decided on the journey from the car to the front door. Spend the time and money making the outside look inviting.
“Enhance your landscaping with bright flowers, a variety of shrubs, and clean sidewalks,” says Fiona Dogan, a real estate agent at Julia B. Fee Sotheby’s International Realty in New York. If you don’t, buyers will drive past the property.
Lush greenery, a healthy lawn, and the right mix of flower beds cover an estimated 267% of upkeep costs at the time of sale, according to a HomeLight survey.
2. Replace garage doors
When homeowners are looking for projects that will pay off, experts say new garage doors are high on their list.
“A $500 new door could add $5,000 to your selling price in the right neighborhood,” says Michele Harrington, chief operating officer of First Team Real Estate in California.
Omar A. Barragán, a New York real estate salesman at Corcoran Baer & McIntosh, agrees: “I’ve seen clients shy away from a home with a dilapidated garage door,” he says. According to the Cost vs. Value report, a garage door replacement will return 93.8% of its value.
3. Upgrade the kitchen
This is the hub of the home where families cook, eat, gather and socialize. Consider professional, efficient appliances, multiple seating options, and marble or quartz countertops, says Dogan. “A renovated kitchen can add up to $100,000 to the value of a home,” she says on higher-end projects. According to the Cost vs. Value report, homeowners can expect to recover 72.2% of their investment on a small kitchen remodel.
4. Replace siding
One way to keep your home warmer in the winter and cooler in the summer is to add new siding.
“The exterior of your home is important to keep hot air from getting inside in the summer and cold and rain in the winter,” says John Bodrozic, co-founder of HomeZada, a personal finance platform in California that helps homeowners better manage their finances details of their houses.
“Replacing the siding also reduces energy costs, which has a huge impact on the home’s value if you decide to sell it.” The report shows that both fiber cement (69.4%) and vinyl siding (68.3 %) retain much of their value.
5. Renovate the bathroom
Renovations of any kind are daunting, especially when it comes to bathrooms, a sanctuary of the home that should incorporate form, function and a touch of luxury.
“Consider white tile, chrome or nickel fixtures, a white porcelain shower and tub, and efficient, low-flow toilets and new plumbing,” says Dogan. “A remodeled bathroom can add up to $50,000 in value to your home,” for a dream makeover with top-notch additions. An upscale bathroom remodel can fetch homeowners 54.8% of the project price when it sells, the report said.
Necessary improvements to a house pay off in the end.
“Imagine elevating your home into a savings account,” says Barragán. “The more you improve something, the more likely you are to keep your investment and hopefully even benefit from it.”