If you’re struggling to figure out which home remodeling projects will give you the best return on your investment (ROI) when it comes time to sell, heeding this advice may prove invaluable:
LOCATION TIP #1 Though replacing old windows and siding can be a better investment than a big home addition, the top ranking investment is a new door. But not just any door. We’re talking about the door located at the front of your house. After all, sometimes the first impression can make all the difference in the world.
On average, homeowners get a 97% ROI when they replace the front door. Of course, the accuracy of that number gets a little fuzzy when you consider that it has to be the right front door, including the right color, finish, and style. If in doubt, it may just be easier to refinish and paint the existing door.
LOCATION TIP #2 Deciding which room(s) to redo for the best ROI can also be a challenge. Consider this: Kitchen projects yield a higher return than bathroom projects. This is especially meaningful when you consider that prospective buyers tend to overestimate what redoing your outdated kitchen will cost them. And that might be just enough to be a deal breaker.
LOCATION TIP #3 Another thing to consider before deciding what makes the most sense for your remodeling dollar is what part of the country your home is located. Someone living in Maine, for instance, who is considering the addition of an outdoor swimming pool may not reap as much of an ROI as someone living in Hawaii. Adding a garage to protect the family car from the cold and snow, on the other hand, just may deliver a bigger financial splash when the time finally comes to sell (and move to Hawaii).