How to Add Value to Your Home

Hanley Wood Media releases a Cost vs Value report every year, and those results are great indicators of what remodeling adds value to your home.  Six of the top projects that give a home owner the greatest return on their investment are exterior projects.

Step #1 – Make the Exterior Look Good.

The following information is from CostvsValue.com.

Project                                          Return on InvestmentMake-the-Exterior-Look-Good

Replacing your siding                    101.3%

Replacing the garage door           155.6%

Manufactured stone veneer          87.9%

Entry door replacement                109.3%

Deck addition                                   84.2%

Landscaping                                     100%+

Wooden window replacement      80.9%

Step #2 – Make Your Home More Energy Efficient

According to the 2016 National Association of Realtors Profile of Home Buyers and Sellers, heating and cooling costs were very to somewhat important to 84% of the surveyed home buyer.  76% of those buyers also ranked insulated windows/doors/siding as very to somewhat important to them.  The energy efficiency of your home matters to a home buyer today.  Several of the exterior features named above are also energy efficient features.  Below is the most shocking statistic from the 2017 Cost vs Value Report.

Project                                            Return on Investment

Attic insulation                               153.7%

Step #3 – Update Your Kitchen and Bathrooms

Everybody know this, right?

Home buyers will choose homes in the area they want to live and in their price range with the most updated kitchens and bathrooms first.  One bit of advise…don’t over remodel the kitchens and bathrooms.  You will not get a high rate of return on your investment in a $10,000 industrial Wolfe range.  A $600 stainless steel range counts as “updated.”  The same goes for the rest of the applKitchen-Remodel-to-selliances.  Don’t go too crazy on exotic and therefore expensive types of granite and tile.  You won’t get all of that extra money spent out of your kitchens and baths.  Here is what CostvsValue.com says.

Project                                            Return on Investment

Bathroom remodel                         73.3%

Minor kitchen remodel                  80.2% (nationally)

Step#4 – Minor Landscaping

John Gidding of HGTV’s show “Crub Appeal” says that landscaping can have a 100%+ return on your investment.  Again, don’t go crazy, but do the following:

  • Add color (annual, perennial, or seasonal flowering shrubs)200-W-Brow-Oval-Lookout-Mountain-TN
  • Mulch
  • Edge
  • Remove the weeds
  • Get the grass green

That’s how to add value to your home. A little work can add a lot of value to your home.

 

Call Nathan and Charlie Walldorf (The Walldorf Father/Son Team) to help you with all of your Chattanooga real estate needs. 423-756-2400.