Cost vs. Value report has some eye-opening facts about how your home upgrades translate into dollars! This information is good to know if you are thinking of selling your Millburn-Short Hills or Summit, NJ home now or somewhere down the road. The report finds that exterior projects pay off the best! Here are the highlights!
1. Steel exterior door replacement is the project expected to return the most money, with an
estimated 85.6% of costs recouped upon resale. This is also the least expensive project in the report, costing
little more than $1,100 on average.
2. Updating your home's exterior siding can return 71% of costs. Different types of siding offer varying degrees of return; fiber cement siding returns 79.3% of costs. Vinyl siding returns 72.9% to your wallet.
3. Replacing old, beat-up garage doors improve curb appeal and also pay you back pretty well. If you go with a mid-range or upscale garage door replacement, you can expect to recover about 75% of your costs.
4. As far as interior projects go, kitchen remodeling remains the number one interior project for return on the money. The rule of thumb here is to keep it sensible. A minor kitchen remodeling project has an average national cost of $19,000 and will return about 75.4% of costs to your wallet.
What is the least bang for the buck? Per the national averages, a home office offers the least return for the money, at only 44%. Even though working from home has become more common, this type of feature appeals to a smaller percentage of home buyers.
If you are preparing to sell your Millburn-Short Hills home, you should obtain a comparative market analysis to find out your home's price range in today's market before you make major improvements. I will provide you with a net sheet to show your estimated proceeds after the home sale. I will counsel you on what improvements are most likely to benefit your home sale and your bottom line!
As your Millburn-Short Hills real estate professional, I will provide
the expert guidance you need for a successful home sale! Contact me today, and let my 18 years of experience be your market advantage!
Banker Residential Brokerage
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