Home values are rising, and this may be the perfect time to refinance. But how can you make sure you get the most out of your appraisal?
There are certain renovations that will bring the greatest return on your investment. Don’t think that you need to add a second story to your home or undergo a major remodel. In most case minor renovations will give you the biggest bang for your buck.
For the best return on your investment, work within the envelope of your existing home. There is no need to add to the foundation or expand the roof. Let’s look at the best renovations according to the National Remodeling Cost vs. Value Report:
+ Entry Door Replacement. Choosing the right entry door is key in this minor renovation. You want to choose a door that matches the exterior of your home but still adds a little drama and elegance. The front door is the first thing you see before you enter the home and it sets the stage for the rest of your home. Replacing your entry door will get you a 96.6% return on your investment.
+Minor Kitchen Remodel. Most people think that a $40,000 kitchen remodel will add the most value to their home. But the truth is a minor kitchen remodel will give you a better return on your investment. A minor kitchen remodel, according to the national average, costs $18,856, and will give you a 82.7% return on your investment. A minor kitchen remodel includes stone countertops, appliances, cabinet doors, sink, faucet, hardware, and paint.
+Garage Door Replacement. Replacing your dated garage door can make a huge visual impact on the value of your home. It’s no wonder that this renovation will give you an 83.7% return on your investment.
+Fiberglass Attic Insulation. Everyone wants to save on their electric bill and making your home more efficient is an excellent way to do that. This minor renovation will give you a whopping 107.7% return on your investment.
+ Manufactured Stone Veneer. This minor renovation is specific to the West South Central Area, including Austin, Texas. A stone façade can dramatically change the look and feel of your home and gives you home a sense of permanence and longevity, along with adding an extra layer of insulation.
This minor renovation will give you a 96.1% return on investment.
Want to talk with a remodel expert about minor renovations that will increase your home’s value?
Want information about your refinance options?