Many Triangle homeowners consider renovations in the new year. Some renovations recoup the investment in resale and are more desirable than others. The spring is an excellent time to renovate a home and if you are considering selling, we recommend, instead of large-scale renovations, making curb appeal changes linked here, to take advantage of the current market conditions. We are sharing home renovations according to Fortune Builders that yield the best ROI by percentage, and explanation according to our expertise. If you are thinking about selling in The Triangle, please contact a member of My NC Homes to discuss the best strategy for selling this spring.
Landscaping: ROI 100% : Fresh landscaping adds both curb appeal and value to a home. Where you are laying sod, and are adding
irrigation, you are adding considerable value to a home and benefit to a future homeowner.
National Average Cost: $4,900
Replacing Windows: ROI 89.6%. Windows are a renovation that both increases curb appeal and also adds an energy-saving benefit. Where
older homes may lack windows with sufficient insulation, new windows can reduce energy spending.
National Average Cost: $9,700
Minor Kitchen and Bath Remodels: ROI 98.5%, 102%. The minor remodels make a big difference. These can be as simple as updated vanities
and mirrors with updated hardware. It also can be updated wallpaper, a big 2023 trend, and a fresh coat of paint.
National Average Cost: $15,000 (Kitchen), $10,500 (Bath)
Major Kitchen and Bath Remodels: ROI 91%, 93.2%. While major upgrades with new energy efficient appliances, and modern fixtures
increases curb appeal and retains value, we do not recommend a major remodel if you are thinking of selling in 5 years or less. Kitchens are absolutely one of the biggest mistakes that sellers think will increase the value of a home the most. Beyond hardware, paint, updated appliances and cabinetry, design elements are variable. Not all buyers will have the same taste. A good rule of thumb is if you are planning to sell within 5 years, consider making minor upgrades or upgrading for energy efficiency.
National Average Cost: $43,900 (Kitchen), $26,000 (Bath)
Outdoor Entertaining Addition: ROI 90.3%. Porch, Patio, or Deck addition adds value to your home. Especially in The Triangle, where we
experience great weather and the lifestyle is outdoor oriented, these are very popular additions, attractive to buyers.
National Average Cost: $11,000
Attic and Basement Renovation: ROI 93.5%, 90.1. These renovations that add bedrooms or recreation space, as many attics and basements
do, are tricky. Depending on the age of the home, running electric and water up or down a level can be costly. As a rule, adding more beds and baths are a value that are recouped, but we would not recommend making this renovation solely for the purpose of resale. Enjoyment first, and when electric and plumbing are involved, this can be costly.
National Average Cost: $39,200 (Attic), $51,000 (Basement)
Front Door Replacement: ROI 90.7%. This is one of our top tips for curb appeal, and who can deny the importance of a first impression?
Garage door replacements also have great ROI.
National Average Cost: $1,410
Note: Here in the Triangle we've seen project prices that are somewhat higher than those listed as the national average. We believe this is primarily due to the extraordinarily high demand driving up labor costs.
If you are looking for more renovation ROI, click here!
We hope that these offer guidance in the way of which renovations to make and when, but if you are considering selling now, you may not want to wait. Contact us today!
Posted by Larry Tollen on
Leave A Comment