House with manufactured stone veneer

Are you thinking about selling your home this year and wonder how to best to recoup your investments toward higher curb appeal?

It’s no secret that homeowners looking to sell their homes sometimes have trouble. Their houses sit on the market for weeks and it seems inexplicable. When you are ready to sell, you want to sell fast. It puts you in a much better position to bargain from in finding that next home and, of course, puts that down payment in your pocket.

How do you get from here to there, so to speak? Any good realtor will make sure you have great pictures and provide guidance about how best to de-clutter and freshen your space for prospective buyers.

However, you might be thinking beyond cleaning and packing those family pictures away. Does your kitchen need an update? How about your HVAC? It might surprise you which projects will bring the highest return on investment, and which won’t.

Top 5 Highest Return Remodeling Projects

According to 2017 Remodeling’s Cost vs Value report for Michigan, most home remodeling projects are going to get you less of a return on your investment than last year. That means you need to be strategic about which things you choose if you are simply remodeling in order to sell faster.

Of course, every good homeowner thinks about what will add value when doing any project, but choosing something for your own sake is a very different decision process. Make sure you know why you are remodeling before you start.

According to the national data, here are the top 5 in order of percentage of return:

1. Fiberglass Attic Insulation

This is not a very visual or sexy addition to your home, but it’s understandable for this region - and especially if you are trying to sell in the winter months.

Although the return is down from 2016, adding fiberglass attic insulation is still at the top of the list. In this region, the return on investment is about 79.3% - significantly lower than the national average of 107.7%. However, it is still something to consider as it will lower your energy bills right away and give you some concrete data to show a prospective buyer.

2. Manufactured Stone Veneer

This is the one remodel which is actually up, in terms of returns, from 2016. It’s not hard to see why. According to Remodeling, stone adds to a home’s perceived value - whether it’s adding curb appeal to the front of your home or wrapping a dated fireplace.

In terms of design trend, stone lends that contemporary timeless feel that excites many buyers. If you are wary of this large or seemingly unnecessary expense, be reassured it’s very likely to get you a large return. 78.5%, according to the data.

3. Steel Entry Door Replacement

New entry doors are a great return on investment across the board. Although this one is down from last year, at 77.4%, it’s still at the top of the list. Even a new coat of paint can help with resale, but if you make one small investment to pack the most punch, this is it.

4. Fiberglass Entry Door Replacement

Only slightly less of a return for a lower price, a new fiberglass entry door - at a 74.2% return - might be the perfect thing to snag that perfect buyer.

5. Minor Kitchen Remodel

Is your dated kitchen making you nervous? You might be suffering from the same misconception as many buyers who walk into a home with a dated kitchen. According to U.S. News and World Report, when buyers walk into a dated kitchen, they think they’re going to have to spend $40-50,000.

For a savvy homeowner willing to do some work him or herself, the average cost according to the 2017 Remodeling’s Cost vs Value’s report is actually much lower at $21,303. Even a few minor improvements could recoup what you need - 72% of your investment - at a fraction of that cost.

Take Away

If you’re thinking about selling your home in the future and you want the best return on investment - consider one of these small projects this year. If you are ready, please give our office a call. We would be honored to help!