As we close out a summer marked by rising home prices and limited supply, we’re conditioned to expect the inevitable end-of-season slowdown. But the change of season doesn’t
Cost Effective Remodeling Tips
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If you've been thinking about selling your home, it might be time to start considering a little polish and new paint in order to get top dollar and a quicker sale. Here are some thing you can do and how much it could help your home while it's on the market:
10. Replacing Windows
The cost to replace 10 3x5 foot windows runs about $9700, with a return at resale of $8700 - or about 90%. New, energy efficient windows are a great selling point and can help speed a home towards a contract.
9. Basement Remodel
Depending on exactly how you finish your basement, you can recoup about 90% of the costs. The more personalized you make your basement, the less you can expect to get. If you want to paint your man cave in your school colors, feel free! Just be prepared to paint over that Carolina Blue or Wolfpack Red when you list your home.
8. Deck/Patio Addition
Adding a 16x20 foot deck will run you about $11,000 - with about a 90% return on investment. If you already have a deck, it might be time to replace it and buyer's will have added peace of mind if the deck on their new home has been recently installed.
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7. Major Kitchen Remodel
A HUGE selling point in today's real estate market, this investment will give you a 91% return if done right. Expect to spend around $50,000 for new granite counters, floors, cabinets, and appliances - or more if you chose to go high-end. Having a new(er) kitchen is the #1 selling point for many of today's buyers
6. Major Bathroom Remodel
If your bathroom could need an update, it pays in both time and money if you do the work before you sell remodel and will give you about a 93% return on investment.
5. Finishing Attic/Extra Space
The more bedrooms or office space, the better these days and a $39,000 attic conversion will get you $36,600 at resale on average, and possibly more if you convert the attic into a space that's in short supply in the neighborhood.
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4. Exterior Improvements
Maybe it's time for a new coat of paint? This will give you about a 96% return.
3. Minor Kitchen Remodel
Sometimes just a little touch here and there can make all the difference. A cabinet refacing here. An appliance update there...it can add up to a 98.5% return.
One of the most effective tools is a one of the simplest and most affordable. Mulch, flowers, sod, and even a landscape designer can run you about $5000, but expect to get 100% of that back at resale.
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1. Minor Bathroom Remodel
If gutting your bathroom is too much of a project, consider replacing the comments for a fresh, clean look and this one actually MAKES you money, with the average return being 102%. Consider "de-brassing" your fixtures and finishes for a clean look that today's buyer's are demanding.
Michael Cunningham is a Real Estate Broker as well as the go-to tech and marketing wiz at Domicile Realty. A native of Tennessee, Michael arrived in Chapel Hill by way of Washington, DC where he help....
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