WHETHER YOU ARE THINKING OF FIXING UP YOUR HOME BEFORE SELLING IT OR JUST PLAN TO DO SOME HOME IMPROVEMENTS FOR YOUR OWN ENJOYMENT, THIS ARTICLE IS A MUST-READ! STATS ARE BASED ON THE AVERAGE ROI IN THE LOS ANGELES AREA.
In the article below, ROI = Return On Investment
1. Carpet and paint
These are quick and inexpensive ways to make a tremendous impact immediately (as long as you pick the right colors)!
2. Manufactured Stone Veneer
An estimated 127.5% ROI on a midrange home. Replace a portion of vinyl siding with stone veneer.
3. Garage Door Replacement
An estimated 114.6% ROI on an upscale home. If your existing garage door has dents, it's that much more important to get it replaced prior to selling your home. A new garage door can also help enhance your curb appeal.
4. Attic Insulation (fiberglass)
An estimated 113.6% ROI on a midrange home. This is the type of project that you need to keep paperwork on, so your Realtor has details on the insulation to share with potential buyers when are ready to sell. My guess is that the ROI for this improvement may start to decrease a bit if the home is close to the beach.
5. Entry Door Replacement (fiberglass)
An estimated 111.4% ROI on a midrange home. A boost to the first impression of your home, since everyone coming inside gets an up-close and personal look at the front door!
6. Minor Kitchen Remodel
An estimated 108% ROI on a midrange home. Nearly everyone can appreciate a beautiful kitchen!
7. Refinishing hardwood floors
An estimated 100% ROI. There is lots of demand for hardwood floors, so spend a little money (especially before selling) to make your floors beautiful again.
8. Two-Story Addition
An estimated 95.5% ROI on a midrange home. A significant remodeling task, but it pays off handsomely (especially if you plan to stay in the home and have an immediate need for additional space and love your neighborhood).
9. Family Room Addition
An estimated 92.1% ROI on a midrange home. This open, comfy space off the kitchen is great for spending time with family or friends!
10. Siding Replacement (vinyl)
An estimated 91.8% ROI on a midrange home. An awesome way boost to curb appeal and protect the exterior of your home!
BONUS TIP: If there is a way to increase privacy on your property, it can often be done at a minimal cost and may result in a significant increase in property value.
Keep in mind that if your home is a major fixer in a good neighborhood, then the return on investment for these remodeling projects will likely be significantly higher! Being in a nicer area increases your chance of getting a better ROI.
Sources of information referenced in this article:
Remodeling - Cost vs. Value Report for Los Angeles http://www.remodeling.hw.net/cost-vs-value/2018/pacific/los-angeles-ca/