See a big return on investment by choosing renovations that fit your market and budget
Are there certain features in a home that could sway buyers to select one home over the other? The short answer is “yes.” However, the specific features that will actually make an impact are dependent on the home’s price, size, and location.
For example, a prospective buyer looking at million dollar homes may be looking for a three- or four- car garage, while those looking for a more modest residence would be perfectly content with a two-car space. In order to determine which home improvements and renovations will generate the biggest return, consider who is buying your home, what your budget for these improvements are, and what currently exists in your area.
According to remodeling magazine’s annual Cost vs. Value Report for 2016, the following home improvements ranked highest for recouping your investment, specifically in the Southwest Florida area:
Minor kitchen remodel
The kitchen is one of the most important rooms homebuyers will evaluate. If you have a functional but relatively dated kitchen, you can economically replace the front of the cabinet doors and drawers, including the knobs and handles. You should also consider replacing some of your appliances, such as your oven, dishwasher or fridge, with new energy-efficient models.
Another minor kitchen remodels include laminate counters, a new sink, and faucet, removing or replacing flooring, and repainting trim. While these costs can easily rack up to almost $20,000, remodeling magazine estimates you should receive a 105.4% return on your investment.
In a warm-weather climate such as Southwest Florida, it can be difficult to stay comfortable in your home while also maintaining a low energy bill. Air-sealing your attic floor and adding fiberglass loosefill insulation will keep cool air from migrating outside. This will make a big difference in the summer months, while also providing value and a competitive feature for your home. Fiberglass insulation can cost approximately $1200 with installation and boasts an estimated ROI upon the sale of 130.9%.
Replacing the entry door
Replacing your existing entry door with a steel one adds an additional layer of security to your home –
and it’s a wise investment. Steel is durable and weather-resistant and this type of door makes it more difficult for someone to break into a home. Steel doors are relatively inexpensive when compared to wood or fiberglass options, costing under $500 before installation. They are also low maintenance, available in various textures and paint colors, and provide a great sound barrier to outside noise. Best of all, homebuyers will enjoy the feature and you can expect about a 108.8% return on your expenses.
These are a few of the renovations that provide the greatest return on investment. However, if your budget still isn’t right for all of them, there are plenty of small home improvements you can undertake to make your home more appealing to prospective buyers.
If you’re debating whether or not home improvement is worth the investment, the best person to ask is your Realtor. Dante Disabato’s years of experience in Southwest Florida means he knows exactly which features are desirable across the region. Contact us today and let him show you how he can help make the home selling process easier and more profitable.