The Top 10 Projects to Increase Your Home Value in Arizona:
Your house might be the ideal place for you to live in but adding value to it with the help of remodeling can be helpful if you need a grasping selling price. You might need to sell your house someday and you will need some attractive features in your house that will attract the buyers you want.
As a general rule, the more you direct yourself towards adding a personal style [keeping in mind a general lifestyle], the more likely you will be able to select the correct target market for whom the remodel will provide the greatest benefit. Moreover, keeping your eyes on the return on investment (ROI); trying to maximize it by selecting the areas of the home with the greatest value added benefits to the buyer, and baring in mind that the ROI may not always be positive, it is important to minimize your risk any time you make improvements to your home.
As a Real Estate Agent, I often get questions from sellers regarding which areas of the home to remodel which will provide the greatest value when selling. While this is not always as cut-and-dry as it might seem, there are a few options which historically provide the greatest likelihood of return. To start off, lets ponder a little over the 10 most feasible home improvement projects that can be done which give the best results and a better selling price.
Looking at this info graphic, you can see that the added value for these 10 upgrades can provide a significant return on your sale’s price. By adding a new front door [preferably one that has a half glass 20 gauge steel] it will cost you approximately $1137 with a resale [added] value of about $974. This means that you will realize a recouped cost of up to 85.06%. In the mean time you’ll have the added benefit of a lower maintenance steel door which would be much easier to maintain than a wooden one.
If you have a garage your focus should be on revamping the garage door rather than the whole space. To give the home a nice curb appeal, repaint the street facing garage door or add a new one instead. You can install a four or two section garage door with an automated door opener for a cost of about $1496. However, it will offer a resale value of $1132. The payback is an astounding 75.7%.
Another option for improving curb appeal may be to have the exterior of the home repainted, or re-stuccoed. But, one of the greatest return on home improvement costs is the addition of vinyl siding. According to NAR and Remodeling Magazine, depending on your local market the payback on installing vinyl siding is in the 72.9% range. With an the estimated cost of $11,192 that’s an investment return of $8154.
Outdoor ambiance can not be overstated. For homes located in warmer regions such as the Phoenix East Valley, Mesa AZ, Gilbert AZ and other warm climate markets, providing a gathering area for outside activities can be a huge selling point. One of the best ways to achieve this is by adding a brick or wood deck. Including amenities, such as a flowered planter and a few stairs leading to a transition from indoor to outdoor, creates a homey feel, and with a cost in the range of $9327 and an estimated resale value of $7213 [a 77.3% return] the value it adds increases the likelihood of a quicker sale at the price you are looking for.
One area of the home which invariably provides a great return on the investment is bar none the kitchen area. Providing ample space, eating nooks, and food preparation zones can increase a home’s value significantly. When considering this you will need to choose between a major or a minor kitchen remodel as one will cost you an estimated investment of $53,931 with a 68.9% -75.4% return on your cost and the other will run you in the $18,527 range on the kitchen with a similar rate of return. If you are tight on your budget, a small remodel can be effectively achieved by simply adding cabinets or refacing the counter and sink. Later, you can see if your budget allows you to polish the flooring but these changes can give back substantially (up to 75.4% of the cost) when it comes time to sell your home.
The windows of the home are said to be its soul. The amount of natural light that passes into the home can provide the necessary warmth needed to make your house feel like a home. Selecting the right windows is imperative, and you have to be careful with which type of window replacement is needed. Choosing the most appropriate style; between a vinyl or wood window can make the difference in both cost and aesthetics. Windows which are energy efficient have a greater payback in the long term. In addition to reducing energy costs, they provide a greater resale value of up to 73.3% of their cost. Likewise, each window type comes in various designs which should be selected to match the home’s stylistic feel.
Increasing living space in a home is a great way to add value to the home. Finishing a basement, a sun-room, extending the master bedroom, or adding an additional bedroom can be extremely lucrative. For instance, remodeling the attic to create a new bedroom can be done at a cost of $47,919 with an estimated resale value of up to $34,916. Renovating the basement also gives extra space and a new appeal to the house, but a cost of $61,303 can yield a payback of up to 70.3% of the cost; so spend very wisely.
Finally, as with any major renovation to your home it is most important that the work is done properly and within the guidelines of your local building codes. Too often homeowners fail to ensure this aspect and suffer a barrage of obstacles when it is time to sell. In the bigger picture, if you have planned to redo your home to achieve more resale value it is in your best interest to contact your local real estate agent as they can offer tips for you to accompany your idea. In many cases they may even be able to refer you to a trusted and qualified home re-modeler. As a buyer, your agent can help you to find some amazing deals with well furnished and renovated homes. If you have any questions regarding what changes will best benefit your home’s resale values Kenyon Realty is here to help.
Kenyon Realty Agents are experienced agents who are willing to work for you to ensure that you get the best possible outcome. If you’d like more information please contact us today: 480.832.1331