What’s the Return on Your Home Improvement Dollars?
Before selling your home, it’s hard to know what improvements to make now that will add value to it – without spending a fortune. To help, each year Remodeling magazine releases their Cost vs. Value Report, which estimates the average cost of a project and the percentage of the investment that will be recouped if the home is sold within a year. Based on the 2023 report, here are the top four home improvement projects with the highest return at resale.
HVAC Conversion/Electrification: Converting from a fossil-fuel- burning furnace to an electric heat pump for heating and cooling costs an average of $17,747 and you’ll see a 103.5% return when you sell your home.
Garage Door Replacement: Traditionally ranked as one of the highest returns on your investment, the average cost is $4,302 and you’ll recover 102.7% of the cost.
Stone Veneer: Replacing the bottom third of your home with manufactured stone veneer costs an average of $10,925, and you’ll recapture 102.3% of your investment.
Entry Door Replacement: A new 20-guage steel unit including a clear, dual-pane half-glass panel with an aluminum threshold costs an average of $2,214 and returns 100.9% of its cost. Keep in mind, this is a national report, but if you click the link https://www.remodeling.hw.net/cost-vs-value/2023/ you can find local numbers to see home improvements that provide the best return on investment in your area.
If you’re planning to put your home on the market, I’ll be happy to recommend any repairs or improvements you’ll need to make to get the highest return on your investment.
Alternatively, if you’re planning to buy a home, I can help you prepare so you’ll be ready to make a winning offer.