Anyone who has ever thought about a home renovation has likely asked themselves:
Is it going to be worth it in the long run?
Will I make my investment back when I sell my house?
Better yet, will I make a profit from the renovations?
Unless you plan on living in your home for the several more decades, it's important to know which renovation projects in your area are the most cost effective and the most appealing to buyers.
In Austin, the latest statistics from Hanley Wood Media on renovation projects that provide the best return on investment might surprise you. The stats weigh project costs versus their resale value and only three projects listed by Hanley Wood will actually get you a profit once you put your Austin home on the market.
Of course, we're not trying to deter you from investing in a major renovation project that you already have your heart set on even if it won't provide great resale value. We're just saying that your sparkling new kitchen or bathroom might give you plenty of enjoyment while you're living in the home, but if you're thinking about selling you should also consider a few other projects.
Get a Brand New Garage Door
You might not think of a garage door as something that can add curb appeal to your home, but if your garage is visible from the front of your home, the right door can catch the eye of a potential buyer. Perhaps more importantly, it can also significantly improve the insulation of your home if you have an attached garage.
According to Hanley Wood, you'll only make a profit on this project if you spend upwards of $3,000 on a high tensile steel strength door with several additions to provide top quality insulation. This upscale garage door replacement project has a resale value of over $3,300, meaning you should make a $300 profit.
Insulate Your Attic Using Fiberglass
Superior insulation throughout the home appears to be a big factor for buyers, as two of the three projects that are estimated to give a positive return on investment in Austin involve adding insulation.
Adding fiberglass loose fill insulation to your attic, either on its own or on top of existing attic insulation if it already exists, should cost a little over $1,200 and give you a resale value of about $2,000. A well- insulated attic can impact your entire home and decrease your heating bills, meaning you can save plenty of money before you put the home on the market as well.
Add Stone Veneer to Spruce up Your Walls
Specifically, we're talking about manufactured stone veneer, which has an estimated cost of about $7,500, making it a cheaper alternative to natural stone veneer. However, the estimated resale value of this project is almost $12,500, making it the best project for a positive return on investment.
The main purpose of this project is clearly to make the exterior of your home stand out from others. Yes, insulation and other maintenance projects are important, but curb appeal is always a huge factor in selling your home and in Austin a lovely stone veneer is proven to attract buyers.
The main reason manufactured stone veneer is less expensive than natural stone veneer is because it weighs less. This reduces shipping and installation costs, not to mention installation time. Manufactured stone veneer also allows you to customize your design and color, giving you several options to make your exterior walls really shine and attract buyers.
Whichever renovation project you choose to improve your resale value, the real estate experts at Berkshire Hathaway HomeServices Texas Realty can help with all your selling needs. Contact us today!