Home renovations can bring joy to our homes, and hopefully, add value for resale. However, it is important to remember that renovations can also get pretty costly, and you might not necessarily recoup all of your money when you go to sell your home. That’s why you should consider which renovations have the highest return on investment (ROI). Not to mention, which renovations are the most popular among buyers! You can also check out this Cost Vs. Value Report for the Colorado Springs, Mountain Region & National Average which goes into detail about the potential costs and value of major renovation projects.
Below are the top major renovations with the highest return on investment.
Exterior
- Garage Door Replacement
- Manufactured Stone Veneer
- Deck Addition
- Window Replacement (Vinyl)
- Roof Replacement
Interior
- Minor Kitchen Remodel (Midrange)
- Wood Floors
- Bath Remodel/Addition
The chart below shows the average cost and ROI for major projects in the Colorado Springs area.
Less Costly “Updates”
You may not even need to do major renovations at all to give your home a more updated look. Simply doing a few of these minor updates can really transform a space in your home.
- New paint
- A fresh new coat of “neutral” paint can brighten up a room.
- Curb Appeal
- Add some flowers, shrubs, or plants. Repaint your front door. Trim any overgrown bushes. Cut the grass or put down grass seed. Pull weeds and weed eat where necessary. First impressions are lasting.
- Declutter
- Decluttering and depersonalizing helps buyers envision themselves living in the space and also see the potential of the space.
- New fixtures
- Old fixtures can date a home, especially if they’re dented, faded, or scratched. Updating bathroom wall sconces, dining room pendants, and entryway lighting with inexpensive neutral choices can easily modernize your home, planting the idea that the home is newer and well-cared for.
- Re-grout
- Crumbling, dirty, or moldy grout can be a huge turn off for buyers. It only takes a few dollars and a little bit of time to make your bathroom look much cleaner with fresh grout.
- Have carpets professionally cleaned
- If your carpets have stains or pet odor, having them professionally cleaned before showings can make your home that much more appealing. Try to focus on stains and high traffic areas.
- Insulate the attic
- Buyers want to know whether a home is well-insulated—and may even ask for utility bills to check on heating costs. According to Remodeling Magazine’s 2018 Cost vs. Value report, insulating the attic can pay, typically allowing homeowners to recoup 116% of the cost upon sale.
Should I remodel before I sell?
According to the latest data from NAR, homes are receiving an average of 3.7 offers and 86% of homes are on the market for less than a month. Therefore, remodeling could take up extra time and money that may not even be necessary to sell your home. That’s why it’s critical to talk to a realtor who knows your real estate market and can provide you expert guidance. Your home may only need some staging, or it could need a major overhaul. However, to avoid wasting time and money, consult a professional (give us a call!).
Not so fast
The single most important piece of advice when remodeling is to use your best judgement. For example, taking an outdated kitchen from the 1960s and doing a remodel will almost certainly provide more value (and ROI) than remodeling a kitchen that’s only a few years old.
Renovations that may not add value
- Swimming pool
- Quirky wallpaper
- Garage conversion
- Adding a wine cellar
- Extending a room but losing a bedroom
- Anything “too custom”
Questions?
Give the experts on The Van Wieren Team a call!
- If you’re deciding whether you should make updates before you sell your house, lean on your agent to be your guide.
- If the market is flooded with houses for sale, updates may be necessary for your house to stand out. In our current sellers’ market, the added expenses might not be worth it.
Let’s connect so you have expert advice on which updates are important in today’s market.