When preparing to sell your Fresno or Clovis home, you want to maximize its value and make it enticing to buyers. Most home buyers prefer move-in ready homes. In addition to being immediately livable, buyers often expect a move-in ready home to have some modern updates. Keep this in mind when deciding which home renovations to complete. Then, evaluate the ROI (return on investment) for each renovation before you begin.
The ROI for home renovations vary by region due to climate, material costs and real estate trends. These renovations offer the best ROI for resale according to national averages.
Garage Door
The most prominent architectural feature of your home is the garage door. It is the first thing people see when they drive up, and many home buyers judge a house from the outside in. Replacing a garage door improves curb appeal and increases a home’s value. Newer garage doors are more robust, providing added security and often updated technology.
With a national average ROI of 94%, garage door replacement is one of the most cost-efficient ways to increase the value of a home.
Manufactured Stone Veneer
Manufactured stone is a mix of aggregates, pigments, and cement designed to look like natural stone. This product is used when making manufactured stone veneer, a decorative layer of manufactured stone installed over an existing structure. It has all the beauty of stone but is lightweight and easier to install. In addition to adding this upgrade to the exterior of your home, you can use it inside. It is often used for interior accent walls, kitchen backsplashes, entryways, and around fireplaces.
In all regions of the US, manufactured stone veneer boasts a 90% ROI. By making this upgrade, you add the ultimate curb appeal and a significant return for your investment.
Kitchen
Updating your kitchen is always appealing to homebuyers. Families gather in the kitchen and spend most of their time there. Kitchens may need a minor or major remodel. Deciding which is best for your space will depend on budget and time. A minor remodel updates the existing layout of the kitchen. A major remodel includes gutting the kitchen entirely and possibly rearranging the space completely. Minor kitchen renovations may take several weeks instead of major remodels that can take three to five months.
A minor kitchen remodel provides a higher ROI with a national average of 72% and a major remodel has an ROI of 57.4%.
Window Replacement
Next to aesthetics, the main reason to replace windows is to increase energy efficiency. For example, replacing single-pane windows with double-pane can produce an annual average savings of $125-$340 per year. Window replacement is a good investment if you sell your home or stay!
The average ROI for replacing windows is 68.6 % for vinyl frames and 67.4% for wood frames.
Outdoor Living Spaces
Homeowners and homebuyers prioritize outdoor living spaces now more than ever! Currently, the number one feature homebuyers desire is private outdoor spaces.
Deck
Design and building material will slightly increase or decrease the ROI for a deck addition. For example, nationally, a wood deck averages a 67.4% ROI, while a composite deck averages 63.2%.
Adding or replacing a deck offers an average of 65% ROI.
Fire Pit
Anyone can purchase a firepit at the local hardware store. Those won’t yield a return on your investment; however, installing a stone firepit into the landscape of your backyard may lead to healthy returns.
Realtor surveys suggest natural stone gas fire pits with a diameter of at least 10 inches potentially yield 67% ROI.
Entry Door Replacement
Although much smaller than your garage door, the front door still stands out as a prominent architectural element of your home. Your front door is what family, friends, guests, and potential home buyers look at and walk through to enter your home. Driving by your front door can entice future home buyers with style, color, windows, and hardware. Upgrading your front door also increases your home’s energy efficiency and security.
Replacing an outdated or unattractive front door is an affordable way to perk up your home’s curb appeal and has an average ROI of 65.8%.
Roofing
Your home’s exterior is the first thing potential buyers see. If your roof is very old or faded, requires repair, is damaged or sagging, it will stand out negatively. A roof in disrepair may attract lower and possibly fewer offers, resulting in a longer selling process.
Replacing your roof or shingles gives you an average ROI of 60.7%.
Bathroom Remodel
When completing a bathroom remodel, it is necessary to decide between a minor (midrange) upgrade or a major (upscale) upgrade. As with the kitchen, your decision will likely depend on budgeting and time. For example, a minor bathroom upgrade involves improving what is already in the room. It focuses on lower-cost changes such as the sink vanity and fixtures with midrange, attractive brands. A major upgrade involves gutting the room and replacing what is there from the toilet to the tub with upscale styles and brands.
The average ROI for a minor bathroom upgrade is 57.9%, slightly more than a major, upscale bathroom upgrade of 54.8%.
Basement or Attic Space
Everyone wants to maximize livable space in their home. Renovating unused attic space or an unfinished basement and making it livable will entice buyers and add value to your home. However, the cost of these projects can vary greatly depending on the current state of the space. Therefore, it is critical to consider the time and financial investment required to renovate these spaces.
The average ROI for a basement conversion is 64% and 56% for an attic conversion.
Landscaping
Preparing your home to sell should include a budget for landscaping. Most homebuyers look inside a home after they like what they see outside. With landscaping, maximizing your curb appeal means more than a fresh-cut lawn void of weeds. Landscaping includes plants, trees, and shrubs in front and back yards. Garden paths, ponds, terraces, pools, decks, flower beds, and lighting are all part of a home’s landscape. Low-maintenance, eco-friendly yards are in demand, as are comfortable outdoor living spaces.
Some experts suggest budgeting 10% of your home’s value for landscaping. More minor, less expensive improvements are always an option. Working within your budget to freshen up your landscape is a priority. The added curb appeal may help you sell your home faster and possibly attract higher offers.
Upgrading landscaping can increase a home’s value by 10-20%.
Conclusion
ROI for home renovations is affected by where you live. Before deciding which home renovations are the best choice for your home, you should research current trends in your area.
Currently, the Pacific region yields the highest ROI for:
- garage door replacements (95.2%)
- manufactured stone veneer (93.5%)
- minor kitchen remodels (78.8%)
An experienced real estate agent familiar with your area will be able to advise you about home renovations as you prepare your home for resale. FresYes is here to help!
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