Many industries have been devastated by the economic shutdown caused by the COVID-19 virus. Real estate is not one of them.Mark Fleming, Chief Economist for First American,
Investment Approved Home Improvements
Dated: February 6 2020
Thinking of a home improvement in 2020?
Maybe you would like a new kitchen, or bathroom, or you decided it's time to build that sunroom you've always wanted. Then you may want to know which projects will give you the best return on investment this year, when it comes to resale time a few years down the road.
It used to be that a kitchen upgrade was the best investment you could make. But a new kitchen is getting more and more expensive (an upscale kitchen with granite and high end appliances can now costs more than $50,000).
And thanks to Chip and Joanna, the Property Brothers, and other HGTV stars, other upgrades now top the investment list.
Projects with the best return
Remodeling Magazine says the projects with the best return on your dollar for 2020 are:
- Manufactured stone veneer in front of your house: a 97% percent return (real stone is better, but does not return as much of your money due to the high cost).
- A new garage door: you'll get 94% of your money back at resale.
- A modest kitchen remodel: you can get back 78% of your money if you don't go overboard.
Other upgrades bringing top dollar at resale time:
- A wood deck.
- A new front door. Bonus points for the trendy Craftsman style.
- Wood siding replacement.
- Window replacement.
- Midrange bathroom remodel.
- New roof.
Navigating the process of home improvements can be overwhelming. Doing so with the goal of selling the home in the near future adds more confusion. Don't feel as though you have to tacle this alone. We are well versed in property renovations on large and small scales whether you plan to stay in the home for a few more years or plan to sell sooner.
Reach out for a home free consult to make sure you are leveraging your efforts of home improvements!
Julie and Morgan are a mother-daughter duo making up the Sullivan Group! We are experts on the cities, towns, and neighborhoods as well as closely connected to the people who live within those limits.....