Many homeowners dream of making improvements and upgrades to their home before selling, but they don’t always look into how much will be recouped when selling. We dove into the Remodeling 2017 Cost vs. Value Report (www.costvsvalue.com) to find the top five mid-range projects with the best ROI for the Minneapolis area. Follow along below as we outline key insights you can use.
1. Entry door replacement (steel)
Cost: $1,539
Resale value: $1,421
Cost recouped: 92 percent
You’ve probably heard of painting a front door to add extra cheer when selling a home. But if your door is made of wood or another outdated material, it may be time to consider an upgrade. The steel door in this project will almost pay for itself, so it’s a bit of a no-brainer if you’re thinking of selling in the Minneapolis area.
In this upgrade, you’ll replace your current door with a new, 20-gauge steel door that includes a double window panel. The door’s factory-finish color is the same on both sides, and the project also includes new casing (either brick mold or poplar casing) that matches the door. Rather than using your current lock, the project includes budget for a brand-new lock.
2. Attic insulation (fiberglass)
Cost: $1,442
Resale value: $1,275
Cost recouped: 88 percent
Whether you’d like to save money on your heating and cooling bills, or are thinking of converting your attic to living space in the future, insulating your attic is a great project for your money. Attic insulation can also help to minimize ice dams in the winter.
In this project, you’ll air-seal an attic (sized at 35x30 feet) to get rid of air leaks, then add fiberglass loosefill insulation. The “R-scale” is used to measure thickness of insulation. In this project, you’ll add the fiberglass loosefill until you hit a value of R-30.
3. Minor kitchen remodel
Cost: $23,754
Resale value: $19,434
Cost recouped: 82 percent
This minor remodel won’t gut your entire kitchen, but it will replace countertops and the front facades of your cabinetry (up to 30 linear feet) with shaker-style wood panels, new drawer fronts and new hardware. The oven, cooktop and refrigerator will be replaced with newer, greener models. All trim and wall covering will be replaced and new flooring will be put in.
This upgrade is the equivalent to a facelift for outdated kitchens. Buyers love modern kitchens and while you may not recoup the full cost of the upgrade, your home’s fresh-faced kitchen will stand out in online listing photos when you are ready to sell.
4. Manufactured stone veneer
Cost: $7,896
Resale value: $5,982
Cost recouped: 76 percent
If you’ve seen new construction homes over the last few years, you know that partial stone veneers are all the rage. Current homeowners can also freshen up an older exterior by adding a stone veneer accent to the bottom third of their home.
In this project, you’ll first remove the bottom third of siding from the street side of your exterior (a 300 square foot continuous band). Begin at the garage and around the main entry, and end at the corner of the side addition. Next, you’ll replace this area with a stone veneer, including 36 linear feet of sills, 40 linear feet of corners and one address block. The installation also includes protection against water damage and corrosion.
5. Garage door replacement
Cost: $2,009
Resale value: $1,521
Cost recouped: 76 percent
If your garage door has dings and dents, it may be time to replace it. In this last project, you’ll remove and properly dispose of a garage door and its tracks. You’ll then install a new steel door (16x7 feet) on new galvanized steel tracks. You’ll reuse your current motorized opener.
The upside of this project? Garage doors usually come with a 10-year warranty. Even if you’re not planning to move in the next year or two, you can reinforce the upgraded door with future buyers while enjoying the benefits of this exterior upgrade now.
Find out the ROI of other home improvement projects
Wondering what other remodels the magazine reviewed for the Minneapolis region? Check out the Remodeling 2017 Cost Vs. Value Report by selecting the West North Central Region, then Minneapolis, from www.costvsvalue.com.
For more insights you can use as you fix up your home to sell, follow #SellerInsights on Twitter, Facebook, Instagram and YouTube. You can also download "The Ultimate Guide to Selling Your Home" to find out everything you've ever wanted to know about the selling process, but didn't know to ask.
© 2017 Hanley Wood, LLC. Complete data from the Remodeling 2017 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.
