Many times I have buyers ask me if I update my kitchen how much more can I sell my condo for? This is a vague question because if all other units in the complex also had updated kitchens and yours if the last one to update, then the value will not be any more than the last sale in the complex.
However, as a general rule the cost of remodeling projects cost 3%. However, the value of the projects at time of sale rose 4.2%.
Top Projects with the highest return for the project are:
Midrange cost category
- Attic insulation (fiberglass) (107.7% ROI)
- Entry door replacement (steel) (90.7% ROI)
- Manufactured stone veneer (89.4% ROI)
- Minor kitchen remodel (80.2% ROI)
- Garage door replacement (76.9% ROI)
Upscale cost category
- Garage door replacement (85.0% ROI)
- Entry door replacement (fiberglass) (77.8% ROI)
- Window replacement (vinyl) (73.9% ROI)
- Window replacement (wood) (73.0% ROI)
- Grand entrance (fiberglass) (70.1% ROI)
Easiest to do is attic insulation. However, I have to admit a nice looking entrance door is always a hit and makes a good first impression to buyers. Sometimes it is curb appeal that matters most. Doors, windows, entrance, etc.
So who do you call? You can try Angie’s List or Home Advisers to seek out professionals for these projects. Let’s keep more of your money in your pocket.