4 Home Renovations that Return the Most at Resale
After months of working from home, you may have noticed some areas of your house that need refreshing. Well, before you spend thousands of dollars remodeling your bathroom, it might be helpful to know some of the renovations that return the most at resale. Below we have listed the West Coast’s average recoup values of four renovations that yield a high return on your investment.
Manufactured Stone Veneer: 119.5% Cost Recouped
Also known as faux stone, manufactured stone veneer is a human-made material designed to replicate the look of natural stone. This remodeling project tops our list at an average of 119.5% recouped value at resale. Manufactured Stone Veneer is incredibly versatile. If you are looking to give your house a modern look while retaining a rustic vibe, this remodeling project is perfect. Cultured Stone has more information on Manufactured Stone Veneer projects.
Garage Door Replacement: 117.1% Cost Recouped
We use our garage doors daily, and over the years, they are bound to have some wear and tear. Whether it’s the wood rotting, the track hardware malfunctioning, or just out of date technology, a garage door replacement is a safe investment with an average of 117.1% recouped value at resale. Most homes can benefit from a garage door replacement, but the Spruce can help you decide if you have more questions.
Entry Door Replacement: 87.9% Cost Recouped
Coming in third on our list are steel entry door replacements. Wood doors are beautiful. Unfortunately, they don’t withstand the test of time very well. Installing a new entry door made from steel will guarantee long-lasting beauty for years to come. Along with an 87.9% recoup value at resale, steel doors are a solid investment. Pella is an excellent resource if you are looking into more options on entry door replacements.
Minor Kitchen Remodel: 77.6% Cost Recouped
Everyone loves a kitchen that looks brand new with sparkling appliances and space to cook. A minor kitchen remodel can go a long way. Simply leave cabinets where they are and replace their fronts with new shaker-style wood panels. Then add new, modern hardware. Go a step further by replacing the oven range and the refrigerator with more energy-efficient models. Replace laminate countertops and upgrade your sink and faucet to really make your kitchen shine. Finish with a fresh coat of paint and you’ll be wishing you would’ve done this years ago.
Hopefully, this list gives you the inspiration to get started. And, these suggestions are just the beginning. If a renovation you want isn’t on this list, but it’s something you’ve always dreamt of, then don’t let us stop you from making it come true. For more information, check out Remodel Magazine’s Cost vs. Value Report. If you’re thinking of selling your home, check out our home seller’s checklist.
Why You Should Stage Your Home in a Seller’s Market
We have a strong seller’s market, which means it’s an excellent time to sell your home. Inventory remains low and there are many anxious buyers wanting to move out of crowded cities to a beautiful place like Bainbridge Island. In our third quarter, our closed sales were up by 46% year-over-year. But just because our market (or any market) is doing well doesn’t mean you should casually list your home and expect to experience an incredible multiple offer situation. Some sellers are asking our agents this question: “Why do I need to stage my house if the market is so hot?” Our answer: It may be the best way to yield the outcome you want. Here are some key facts and figures for you to consider.
Proper Preparation Still Matters
If you have a good agent, you’ll know how important it is to take the time to make sure your home is ready to put on the market. Even though our market is strong with many success stories, there are still some houses that are sitting on the market for longer than others. Sometimes it’s because they were priced too high or they didn’t take the time to prepare. Most buyers right now don’t want a fixer-upper, in part because of the pandemic. They don’t want to have to deal with workers in their house. So, carefully prepare your home and utilize your agent’s local knowledge, resources, and expertise.
Think Like a Buyer
First impressions are everything and photos are usually buyers’ first glimpse of your property. In fact, 95% of people search for homes online. So, you want to grab their attention with beautiful visuals. In a recent report by the NAR (National Association of Realtors), buyers rated photos as the most important element in their home search process. They rated it higher than the description of the home and higher than the location.
Now, you may think a photographer can simply take photos of your home as it is. However, if your home is cluttered or filled with various personal touches (as most of our homes are), it can be difficult for buyers to imagine themselves living there. Expert stagers can draw people in and provide just the right amount of detail. The research supports this as well. According to the NAR, 83% of buyers’ agents said staging made it easier for buyers to see themselves living in the home they were viewing.
The Potential Return on Your Investment
According to last year’s NAR report, sellers’ agents stated that when staging a home, 39% saw an increase in the dollar value of the home, anywhere from one to ten percent. Additionally, 28% of sellers’ agents saw a decrease in time on the market for staged homes. So if you stage your home using local experts, it could greatly benefit you, especially when you think of how this information applies to our current, local market. Serious buyers are out there but you want to make sure you’re putting your best foot forward in order to achieve success.