Mischa Fisher, Chief Economist at home services company Angi, says that all-time high property prices have made many homeowners decide to stay put and renovate instead of buy a new home. While kitchen and bathroom remodels are typically high on the list in terms of added value, there are other smaller projects with a big payoff.
According to Remodeling Magazine’s 2022 Cost vs. Value Report, which lists the projects with the best return on investment, or ROI, once again garage door replacement tops the list. With an average national cost of just over $4,000, homeowners can reap a 93% ROI. A new steel entry door at around $2,200 can result in a 64% ROI.
“Today’s buyers have more choices with listings staying on the market for a longer period of time,” says Kimberly Jay, real estate broker at Compass in New York. This isn’t to say that the market has already flipped from a seller’s market to a buyer’s market, but it does mean that sellers will need to spruce up their homes if they want to sell as quickly as their neighbors might have just months ago.
Fisher says boosting curb appeal is one way of adding value to your home without breaking the bank. He suggests painting the front door a new color, adding new plants or replacing the porch light as quick ways to refresh your home’s exterior.
Jay also has suggestions for what sellers can do to woo more potential buyers without spending too much money:
- Repaint walls in white to show the buyers a blank canvas.
- Remove any mirrors on walls that seem dated.
- Paint dark kitchen cabinets white or a lighter color.
- Remove all carpeting and refinish floors.
- Update door knobs and kitchen cabinet pulls.
- Replace bathroom fixtures.
- Fix or update all lighting.
- Remove outdated window treatments and wash all windows.
- Regrout bathrooms and update old vanities.
For kitchens that need a makeover, Jay suggests changing kitchen countertops to marble or porcelain and installing new appliances if a full renovation is not doable for you right now.
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