So you want to re-do your kitchen.. maybe build a deck...refinish your basement.... Which projects will allow you to re-coup the most money when you end up selling? Of course part of the answer depends on how much you are willing to spend. For the purposes of adding value, we will look at money being no object. However, we live in the real world, so I will also offer suggestions for those on a budget. These are the projects that generally re-coup the most money when you go to sell your home- in no particular order:1. Kitchen remodel- Major kitchen remodels include luxuries such as new 42 inch cabinets, granite countertops, stainless steel appliances, a new sink and ceramic tile flooring. A minor remodel would involve new doors for existing cabinets plus new hardware, a new sink, and new countertops- with composite counters being less expensive than granite or quartz usually.
2. Bathroom remodel- Major bathroom remodels involve basically gutting the old bathroom and replacing everything including the toilet, vanity, expanding the shower, and new ceramic tile flooring. Minor remodels could involve putting a new liner over your existing tub, replacing the toilet, getting a new faucet, mirror and light fixtures.
3. Bathroom addition- Another bathroom is particularly valuable if you have only one bathroom in your house. However, once you have more than 2.5 baths for a 4 bedroom house (for example), an additional bath can be overkill, in which case adding another bath won't get you as much return on your investment.
4. Finishing basement/attic- Finished basements and/or attics definitely add value to your home. With all the work to be done (electric, walls, ceiling and floors) this is not an inexpensive project. There really isn't a way to do this on the cheap. So, if you can't afford this and you just want your kids to go down and play pool or ping-pong occasionally, throw down an old carpet remnant and be done with it.
5. Adding a deck- When adding a deck, your choices are either wooden or composite. Many people like the idea of a deck that doesn't require a lot of maintenance. There are many different "maintenance free" options out there. And you won't have to stain, seal or paint like you would with wood! The smaller the deck, the less expensive it should be of course.
6. New siding- New siding is important if your house looks "tired." Siding can fade, become damaged, or parts of it may fall off. Replacing siding, especially rotted wood or older dented or cracked siding with new siding can make your house look refreshed. Options include stone veneer, brick, engineered wood, stucco, cedar shingles, steel, aluminum and vinyl. Like most things, each has its own pros and cons and cost variations.
7. New roof- Roof replacement can be a very important home improvement because if your roof leaks, it will just create other problems for you. Dimensional asphalt shingles are popular now. Consider going with multi shades too for added dimension. An old looking roof says "I don't really care about my house." Roofing materials come in a variety too from typical asphalt shingles, to wood shingles, to slate. To save money, you could consider roofing over existing materials, particularly if there is no rotten plywood to be replaced.
8. New windows- New windows not only look nice, they are much more efficient that older windows. Plus, the new tilt-in windows with grids in between the panes of glass make for easy cleaning! You have different options with windows too...wood or aluminum windows you can paint, but aluminum windows aren't necessarily as energy efficient. And wooden windows require maintenance. Vinyl windows offer more insulation, are low maintenance, but not paint-able. Garden windows look nice in kitchens and casement windows are becoming popular as well. To save money, consider replacing a few windows each year, like replacing front windows first.
9. Landscaping- The most important thing to remember when landscaping is to have a plan. "Piecemeal" landscaping won't appeal as much to a buyer. Must-have's include shade trees- which help keep houses cool in the summer and soak up waterlogged yards. Just don't plant trees too close to your house! Other popular options are perennial plants, retaining walls (terracing), outdoor lighting and re-doing walkways or patios with pavers or stamped concrete. If you just want to spend a little money, plant nice flowers, maintain your grass, and put down new mulch.
10. New front door/garage door- The front of your house is what people see when they first pull up in the driveway. First impressions count! You want your house to look nice. Replacing your old front door or garage doors with new, energy efficient/ low maintenance doors look nice and add value. Plus, they're not that expensive relative to the other projects. Options include steel, fiberglass (long lasting), and wood (looks nice, but expensive and high maintenance).
Of course there are many other minor remodeling projects that don't cost a lot of money! Interior painting can really spruce up your house, as well as replacing worn-out carpet with new carpet or hardwood floors, and adding more lighting to your home to brighten it up.
For an idea of what these projects might cost and an estimate of how much you'd re-coup, visit Remodeling Magazine's website at http://www.remodeling.hw.net/cost-vs-value/2014/ . Good luck!
Anne-Marie Tustin
Realtor Associate in NJ & PA
Keller Williams Realty
Princeton NJ
(609) 987-8889 office
(609) 575-8801 direct
atustin@kw.com
www.Anne-MarieTustin.com
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