Have a fixer-upper? Here's how to up your property value:
September 11 2018
Whether you're purchasing a fixer-upper as an investment property or a new home for your family, making simple renovations can be a great way to increase its value -- as well as the returns you'll get when it comes time to sell.
It's important to keep in mind that not all projects will necessarily add value. Renovations that take buyers' wants and comparable market data into account are the most likely to add value. Highly customized projects, on the other hand, have the potential to hurt overall property values.
Want to make sure you're investing in the right upgrades and renovations? Here are your best bets:
1. Upgrading your garage door is a low-cost project that essentially pays for itself while increasing functionality and security. Coming in under $3,500, it's an affordable update, even when using a pro.
2. Installing a steel front entry door upgrades the focal point of your home while also increasing your home's security. This project is typically under $1,500 and offers a 91 percent ROI.
3. Adding manufactured stone veneer to your home's exterior and entryway offers instant curb appeal. This midrange project averages $8,000 and has a 97 percent return.
4. Building a wooden deck offers a great outdoor space to host friends and family, which is always popular with buyers. These cost an average of $11,000 and typically add $9,000 to your home's resale value.
5. Remodeling a kitchen with new cabinetry, countertops and updated appliances can turn a dated room into the heart of the home. Midrange kitchen remodels typically add $17,000 in resale value to your home.
Want help purchasing a fixer-upper or financing a home remodel project? We're here to help. Get in touch to get prequalified for a loan, and learn more about cash-out refinancing and other options you might have.