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Home Improvements

According to Remodeling Magazine’s 2019 Cost vs Value Report, not all remodeling project will provide the same bang for your buck. Evidence reveals that curb appeal projects add the most overall value. Here is a quick summary of projects that deliver the highest return on investment:

  • Garage door replacement – 97.5% return
  • Stone veneer – 94.9% return
  • Minor kitchen remodel (up to $20,000) – 80.5% return
  • Wood deck addition – 76% return
  • Replace siding – 76% return
  • New entry door – 75% return
  • Vinyl window replacement – 73% return
  • Grand (fiberglass) entrance – 72% return
  • Wood window replacement – 71% return
  • Composite deck addition – 69% return
  • Asphalt shingle roof replacement – 68% return
  • Bath remodel – 67% return

Overall, you should expect a return of 66% on home improvements. Keep in mind that the value of your home and those in your neighborhood should help determine the quality of finishes and amount of dollars you put into your project. Don’t forget that basic home maintenance is top priority over a major kitchen or bath remodel when it comes to recouping your investment. Buyers expect A/C and plumbing to work and assurance that the roof doesn’t leak. Here is a list of maintenance items that should be at the top of your list:

  • Leaky roof
  • Rotted wood beams
  • Mold
  • Gutters
  • Leaky pipes and faucets
  • Fresh paint

Our team of Realtors® can be a great resource when you plan your next remodeling project. Give us a call!

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FAQs

  • Listing your home with an agent 89% of home sellers use a real estate agent to list their home. Keep in mind that an experienced, knowledgeable Realtor® will help you navigate a process involving hundred of documents and back-and-forth communications with prospective buyers. Expect to spend 4-6% of your equity toward your real estate agent’s commission.
  • FSBO If you intend to sell your home without an agent, you’ll need to get educated on all of the closing documents and arrange for an attorney and title company to complete the transaction. You may save 2-6% towards commission, however don’t expect your home to sell quickly. You should anticipate additional challenges tracking the intricacies of the transaction.
  • Short sale Selling short requires an agreement with your lender to sell your home for less than you owe on it. You must be eligible by being financially underwater on your home. Your lender does not have to agree to a short sale.
  • iBuyer option You can skip the arduous process of prepping and listing your home by seeking a sight unseen offer on your home via an iBuyer. However, there are no guarantees that you will net more than listing on the open market. This new model isn’t available in all markets. Be sure to consult with an expert before considering this option!
  • Auction sale Any homeowner can sell their house at an auction, and doing so may be a smart choice if you want to sell fast. However, you will typically set the minimum bid at 10-15% below the current market value. Competing bids may increase the price or you may be forced accepting the minimum bid. The NAR advises that sellers self-test their circumstances with the Two-Thirds Rule before choosing this option.
  • Setup a face-to-face interview
  • Most Realtors® do the same type of marketing
  • Ask how each Realtor® is different
  • Check past references
  • Make an informed decision

There are lots of factors to consider when making the “sell vs. rent my home” decision, including:

  • Your financial situation.
  • Local market conditions for rental homes.
  • Your future housing plans.
  • Your tolerance for being a landlord.
  • State and federal income taxes.
  • Current and projected home prices.

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