Do I Need to Remodel Before I Sell My Home?
The need for costly renovations is one of the most common reasons people give for holding off on selling their house. It’s easy to assume that any improvement you make on your home will directly affect the resale price and lower the days on market. Unfortunately, this isn’t always true. In fact, among home sold in California, Oregon, and Washington in 2017, there were only four renovations that saw at least 100% of costs recouped in the resale on average, according to Remodeling.com.
Take a look at the most profitable home renovations in Washington last year:
Attic Insulation – This upgrade calls for a professional remodeler to airseal the attic to prevent air-conditioned air from escaping into unconditioned areas. Fiberglass loose-fill insulation is added until the insulation reaches the industry standard thickness.
Average Return on Investment in 2017: 122% of cost
Garage Door Replacement – The cost involved with replacing a garage door includes removal and disposal of the old door.
Purchasing and installing the new door makes up the remaining portion of the expense. Replacing the door typically includes a new insulated 4-section door with ½” insulated windows in the top row, new heavy-duty tracks with a lifetime warranty. Generally, the motor from the old door will be reused.
Average Return on Investment in 2017: 110.8% of cost
Manufactured Stone Veneer – Adding a manufactured stone veneer to your house can dramatically change the way your house looks from the street. This renovation consists of removing the bottom ⅓ of vinyl from the street-facing side of your house and replacing it with manufactured stone. The trends on cost vs. value may be changing on this project in 2018, so price out your project and work with a well qualified realtor to decide if this project makes sense before listing your home in Spokane.
Average Return on Investment in 2017: 106.7% of cost
Replacing Entry Door (Steel) – Replacing a standard front door with a 20-gauge steel door can make a big difference on the resale price of your home. The entry door is the first part of your house that prospective buyers will actually interact with. It is important to make a good first impression! Steel entry doors are also safer and so increase the value and “sellability” of the home.
Average Return on Investment in 2017: 101.3% of cost
What it All Means
All of these renovations improve the “curb appeal” of the house, make it safer, and cheaper to
upkeep. When deciding whether or not to move forward with a remodel, ask yourself a couple of questions. Does this give my home more curb appeal? Will this project give me an edge over other available homes in the area?
There are a few renovations that might be necessary in order to generate interest in your home. Things like kitchens and bathrooms might need to be remodeled to get buyers interested in your home. This will depend on market trends and competition in your neighborhood.
Ready to Talk About Listing Your Home in Spokane?
Don’t make assumptions about what projects need to be done before you can list your house in Spokane. Contact me today to review the market trends in your corner of Spokane. Let’s make a plan to get you the most money – and quickest sell time – for your home or property.