Clients ask us all the time which projects are worth doing before they sell a home and which won’t pay off. We usually say that if you’ll live in the house for a while and an upgrade will make your life easier or more enjoyable, go for it. But if you’re about to sell a home and want to draw more attention from buyers, what are the projects that pay off the most?
Very simply, if a surface, finish or material is worn out, there’s a good chance that replacing or repairing it will pay off. The National Association of the Remodeling Industry (NARI) estimates that the cost to replace a floor with new wood flooring is about $4,700. REALTORS estimate that sellers can recover $5,000 for a project like this – recovering 106% of the cost. Refinishing hardwood floors can often pay off, too. NARI estimates this job costs $2,600 and REALTORS estimate that sellers recover 100% of the cost.
When it comes to the exterior of your home, it may be surprising that a new garage door can pay off well. NARI estimates the cost for a replacement at $2,100 and REALTORS estimate a 95% return on investment. New roofing is estimated to cost $7,500 on average and pay back $8,000. Any project where sellers can recover 107% of their costs is one worth considering!
Buyers are interested in comfort and dependability. Heating and cooling costs are very important to most buyers. Replacing your heating or air conditioning system can also help attract buyers and seal a deal. NARI estimates that HVAC replacement costs $8,200. REALTORS estimate that sellers recover 85 percent of the cost, or $7,000.
Thinking of remodeling and wondering how it could affect the sale of your property? Give us a call.
Reach David and Tom at The Principal Team at 720-408-7409.
SOURCE: The NAR 2019 Remodeling Impact Report