Want to see a return on your home improvement investment? Prioritize these projects

In the wake of the coronavirus pandemic, homeowners have turned to the home, embarking on renovations and renovations at an unprecedented rate. But not all projects are created equal. According to the Appraisal Institute, homeowners should prioritize profitable home improvement projects that improve the value of their property.

According to the latest cost / value report from Remodeling magazine, the projects with the highest expected return on investment (ROI) are:

Garage door replacement – 93.8% of costs recovered
Manufactured stone veneer – 92.1% of cost recovered
Minor kitchen renovation – 72.2% of cost recovered
Replacement of upholstery – 68.3% of costs recovered

Other projects with potential payoffs include replacing windows, adding a patio, and replacing a steel front door, according to the report.

The Appraisal Institute advises homeowners to consider delaying major renovations if they are unsure how long they will stay in their property. The longer an owner stays, the greater the opportunity to maximize the potential return on investment.

Cost and return on investment aside, home improvement projects are generally worth it if they improve the homeowner’s quality of life. For example, with the pandemic causing an increase in work-from-home situations for many people, now might be a perfect time to create or update home office spaces, outdoor entertainment areas, or exercise studios. home.

The Appraisal Institute also encourages homeowners to improve elements of the home that will help ensure the property meets community standards, reflects neighborhood standards, and conforms to local housing codes.

In addition to boosting the building and construction sectors of the economy, which have been significantly affected by the recent economic downturn, home improvement projects can give you a significant competitive advantage in today’s low-inventory market if you decide. to sell. Talk to a real estate professional about the types of improvements that will add the most value to your neighborhood.

For more information, contact Mike Kogler today!

Call or text Mike at (302) 236-7648

Michael Kogler, REAL ESTATE AGENT
MIKE KOGLER TEAM: # 1 Sales Team

Long & Foster Real Estate, Inc. | Christies International Real Estate
Delaware Coastal Properties Division
37156 Rehoboth Avenue, ext.
Rehoboth Beach, DE. 19971
Cell: (302) 236-7648
E-mail: [email protected]
The Web: www.MikeKogler.com
Henlopen sales and rentals: www.HenlopenRB.com



About The Author

Related Posts