RENOVATIONS & HOME REPAIRS – WHICH ONES YIELD THE MOST VALUE? – August 2020

KitchenWe have all been spending A LOT of time at home recently during this pandemic. Many people are utilizing this time to tackle home updates or repairs with the idea of future resale in mind. However, many homeowners make a common mistake when it comes to remodeling or renovating. They incur costs through a home equity loan or overspend, expecting to recoup the costs when they sell the home!
Unfortunately, most of the time only some renovation investments are partially recouped at the time of the sale. So, which improvement projects offer the highest return on your investment? Check out the latest. If ever in doubt, please call or message me before investing your valuable time and money in extensive home improvements. We can talk about your timetable for resale and how your projects will impact the value of your home.

1. THE KITCHEN (That’s right, you guessed it!)
A minor kitchen remodel is one of the best investments you can make in your home. Keep it simple! Don’t spend too much on high-end products, stick with the standard granite or quartz countertops. Consider painting your cabinets, changing out hardware, and updating those outdated fixtures. Change out those old window coverings and go for ones that allow for an abundance of natural light.
According to Remodeling Magazine’s annual Cost vs. Value Report, the kitchen remodel has an average 80.5% return on investment.

2. MINOR BATHROOM REMODEL
Re-caulking around your tub and the floor is a simple repair to the dingy outline you may stare at every day taking a shower. If your tub is old but overall, in good condition, try deep cleaning and re-glazing. Add a fresh coat of paint and replace your dated light fixtures/fans, towel racks and shower doors with a more modern style.

3. LANDSCAPE & CURB APPEAL
First impressions matter! When someone drives past your home, this is what they see. Get rid of the overgrown shrubs, flowers, and weeds. Many local garden centers offer free services or have friendly, knowledgeable employees who are willing to answer your questions about plants and design. You may ask about choosing a focal point such as specific trees/plants, walkways, or fountains.

4. WINDOW/SIDING REPLACEMENT
You could recoup around 70% of the cost of installing replacement windows. Not only will this update the appearance of your home, but you will increase energy efficiency reducing the heating and cooling costs.

5. EXTERIOR REPAIRS (MINOR)
Give your exterior a boost! These are the items that many individuals don’t think about but make your home pop and some fresh curb appeal! Paint your front door and/or purchase a new storm door (one of my favorites). Select new garage doors that match your trim and/or siding. Remove old awnings and replace them with a fresh, new selection. Paint railings or change out wood with fiberglass composite railings that are low-maintenance and longer-lasting.

Resources:
https://www.bankrate.com
https://www.hgtv.com

This blog post has been brought to you by:

Leigh Anne Parks, REALTOR®Leigh Anne Parks, REALTOR®

HRRA Board of Directors, 2020-2021

Chorey & Associates Realty, Ltd.

330 W. Constance Rd. Suffolk, VA 23434

Contact her today to have your real estate questions answered!

 (757) 676- 9790 cell

 (757) 539-7451 office

 leighanne@choreyrealty.net