Which projects to focus on for higher resale value
Part I: Think Refresh vs. Remodel
Getting ready to sell your home? This can be a stressful time for many. Especially when it comes to deciding which home improvements and upgrades you should make to get a higher resale value.
Big renovations usually don’t equate to resale ROI
You may be tempted to start shopping for new carpet, upgrading appliances, or adding an outdoor kitchen to help your home sell for a higher price. But, these projects (and many others) may cost you more money than you’ll recoup in in the sale.
In fact, the latest 2017 Cost vs. Value Report by Remodeling magazine, data shows that very few large renovation projects provide a positive ROI in resale value. Anytime you are making improvements to your home, you can’t normally expect to get 100% or more of your money back, but it is important to look at a return value and expectations for your market when considering selling your home.
Before you spend any money, talk to a professional realtor who specializes in your area to get advice on what, if anything, you should spend money on.
Home improvements - ROI chart for Frisco and Dallas, TX area
|Project||Job Cost||Resale Value||Cost Recouped (ROI)|
|Entry Door Replacement (steel)||$ 1,378||$ 1,691||122%|
|Garage Door Replacement||$ 1,681||$ 1,605||95.5%|
|Manufactured Stone Veneer||$ 7,616||$ 6,055||79.5%|
|Minor Kitchen Remodel||$ 19,526||$ 15,565||79.7%|
|Major Kitchen Remodel (Upscale)||$ 119,808||$ 73,783||61.6%|
|Bathroom remodel (Midrange)||$ 17,483||$ 10,475||59.9%|
|Deck Addition (Wood)||$ 9.963||$ 6,833||68.6%|
*Chart above is condensed from 2017 Cost vs. Value Report for Dallas Region. Full project report can be found here.
Home Improvements: think ‘refresh’ versus ‘remodel’ for higher pay off when selling your home
So, if large renovation or remodel projects typically don’t end up in a higher sales price, what can you do to increase your resale value?
The answer is a little elbow grease and a focus on smaller projects that will make your home more appealing to appropriate buyers. And, help you walk away with more cash in your pocket.
Want to know which projects to focus on for higher resale value? Check out these handy tips in Part II: Home Improvement Tips for Higher Resale Value.
About the Judi Wright Team
Judi Wright/The Judi Wright Team is a real estate group specializing in the suburbs of Frisco, Plano, and surrounding areas. Named the “Best Realtor in Dallas,” by D Magazine eleven times and a Five Star Realtor with Texas Monthly, Judi is also a Company-Wide Top performer with Ebby Halliday and the #1 Top Small Group for Ebby Halliday Frisco.