When homeowners start to plan home improvement projects, their first question should be, "What is my return on investment?" This is not always the case but it should be. Starting a remodel or upgrading your home, your investment should start with a plan. Asking the right questions is the key to a good plan.
What is my return on investment?
So how do you find out the answer to this question. You can research home improvement websites online, follow your neighbor's actions (keeping up with the Jones'), see what new construction is implementing or seek advice from a professional. A realtor can perform a comparative market analysis based on the homes that have sold and are currently listed on the market. They will compare your home on square footage, lot size, year built, and other structures on the property and create a value range for your home. A professional stager can also offer advice based on comparable homes in your area. They compare photos of homes sold based on what your house offers. Knowing the demographic area and the appearance of the sold home allows stagers to offer advice on needed updates to match the market trends.
So what are the projects that get the highest return? Here are the top three projects with the highest return on investment based on a cost vs value report in 2018 by fixr.com. They are all from one area of the house, and it may not be what you think. Any guesses?
All three projects are based on curb appeal! Research states a buyer has a feeling towards your home in the first ten seconds of walking up your driveway. They are judging the home by outside appearance only! Of course they have room for more judgement once inside. So the top three projects are garage door replacement, manufactured stone veneer, and entry door replacement. (The picture at the top of this blog has all three of these items.) These three projects cost the least of all the projects in this study and they had a rate of over 90% return on investment, which proves first impressions are everything!
When you are looking at upgrading the appearance of your home, start with the outside then move inside. Pressure washing the exterior of your home can be a great way to refresh your appearance with minimal cost. A fresh coat of paint on the front door and new mulch in all flower beds can easily be an affordable upgrade to your curb appeal. Making a great first impression is a great return on your investment!
What about the inside projects? What is the best return on investment for interior updates? Stay tuned for the next blog post, where we talk about kitchens and bathrooms!
What curb appeal updates have you done to your home?
gina t graham
Home Staging and Redesign for Jacksonville, FL.
"Sometimes excellent is not a good enough word. I recommend Gina to everyone who is selling their home and for setting up the next home they buy." -Kit, staging client.