Retirement is coming, and you’re considering relocating to another city. However before you sell your current house, you may want to consider remodeling elements of your home to improve its value.
5 home improvements to complete prior to retiring
1. Garage door replacement
If your garage door is notably banged up or glaringly outdated, consider having a new one installed as part of your home improvement initiative. Doing so can seriously increase the curb appeal of your residence, which will draw more buyers in.
A garage door replacement is a very affordable home renovation, with the national average price at just $3,470. Expect it to increase your resale value by approximately $3,411, meaning you’ll recoup 98% of the cost.
2. Install manufactured stone veneer
If your home looks good from the outside, buyers should want to see the inside. Make the front exterior of your home the most luxurious on the block with manufactured stone veneer installed on top of your current siding.
Unlike many home improvement projects, you are likely to recoup around 97.1% of your costs. Budget the national average rate of $8,221 for this upgrade and expect it to improve your home’s resale value by approximately $7,986.
3. Deck addition
Buyers value a home with a nice outdoor area. Regardless of whether your local area only has a couple of warm months each year, it’s likely that whoever buys your home wants a deck to enjoy the pleasant weather while it lasts.
If your home doesn’t have one, consider adding a new deck to your home renovation list. The national average expense of a wooden deck addition is $10,950, however you should recover roughly $9,065, which is an 82.8% return on investment. If you choose a composite deck addition, plan to spend around $17,668 while increasing your resale value by roughly $11,239, providing a 63.6% return on your investment.
4. Minor kitchen remodel
The kitchen is the most essential room in the house in the mind of the majority of buyers, in accordance with real estate site Zillow. Consequently, if you can’t recall the last time yours was upgraded, it needs to be a top priority in your home renovations.
The national average cost of a mid-range minor kitchen remodel is $21,198. It may add around $17,193 to your resale value, so you’ll recoup approximately 82.8%.
Since a kitchen remodel is generally the most important but not the most lucrative home renovation, Zillow recommends concentrating on the most eye-catching areas, including countertops, cabinets, appliances, outlets, backsplash and flooring. In some instances, a coat of paint or a little sandpaper could make a world of difference, so attempt to salvage what you have before purchasing all new upgrades.
5. Siding replacement
The shape of the siding on your home is the very first impression most buyers is going to have. If it’s in bad shape or an outdated color, prospective buyers might assume the inside matches the outside and keep on driving without stopping for a tour.
The national average expense of a siding replacement is $15,072. This home improvement project should add around $11,554 worth of resale value, which is a 76.7% return on investment.
Selecting the best siding colors makes all the difference, so Better Homes and Gardens recommends taking a number of factors into account, including the color scheme of your neighborhood and the architecture of your home. The magazine also suggests applying swatches of your favorite paint choices on different sides of your home and evaluating them at different times of day, to help you make an educated decision.
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