With real estate prices on the rise, you may be thinking of renovating so your Colorado real estate meets your needs better and is worth more on resale. But not all renovations are created equal. According to a 2015 report by Remodeling Magazine, the following mid-range upgrades reward you with the highest returns on your decorating dollar when you sell your home.
- Entry Door Replacement. This is the only project that returns more than what you invested: 112.5 percent, or $1,377, of the initial $1,224 cost. It assumes replacing an existing three-foot wide door and with a 20-gauge steel version that is factory finished with one color on both sides and includes jambs, an aluminum threshold, and clear dual-pane panels of half-glass.
- Stone Veneer Accent. Replacing a continuous band of vinyl siding measuring 300 square feet with adhered manufactured stone veneer gives back 81.9 percent, or $5,853, of the original $7,143 expense. This includes two layers of water-resistant barrier, 36 linear feet (LF) of sills, and 40 LF of corners.
- Attic Bedroom Remodel. Making an unfinished attic space livable returns 80.9 percent, or $41,524, of the $51,334 cost. This adds a 225-square-foot bedroom and a 35-sq-ft bath with shower, and includes insulation, finished ceiling and walls, and extending existing heating and cooling systems as well as electricity to the new space.
The more popular upgrades of a major kitchen remodel gives back only 69.4 percent while adding a bath returns only 55.2 percent. Actual returns and costs will vary by project.
If you want more information about how a renovation increases the value of a property you want to sell or buy, or want to get into a hot real estate market, please contact us.