WHAT’S THE RETURN ON YOUR HOME IMPROVEMENT DOLLARS?

Before selling your home, it’s hard to know what improvements you can do 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 2022 report, here are the top four home improvement projects with the highest return at resale.

Garage Door Replacement: Traditionally ranked as one of the highest returns on your investment, the average cost is $4,041 and you’ll recover 93.3% of the cost.

Stone Veneer: Replacing the bottom third of your home with manufactured stone veneer costs an average of $11,066, and you’ll see a 91.4% return on your investment.

Minor Kitchen Remodel: Adding new cabinet doors and hardware, installing energy-efficient appliances and replacing countertops, your sink and faucet—all part of what’s considered a minor remodel—costs an average of $28,279 and returns 71.2% of its cost.

Siding Replacement: New fiber-cement siding that’s been factory primed and painted will cost $22, 093 for 1,250 square feet and will recoup 68.3% of the cost.

Keep in mind, this is a national report, but if you click the link, 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, The Scott Team will be able to recommend any repairs or improvements you’ll need to make to make the most of your investment.