When it comes to doing renovations, a lot of people make this decision based on what they want and not necessarily what is best for them or their real estate in Green Bay and N.E. Wisconsin. For example, while someone might be tempted to convert their attic into a second living room, it may not be worth it if they have already begun looking for other homes for sale in Green Bay and N.E. Wisconsin to move to.
There are plenty of renovations that cost too much to be a smart financial investment unless someone is planning on keeping their Green Bay and N.E. Wisconsin real estate for at least a few more years. But for someone who doesn’t know how soon they might need some realtors in Green Bay and N.E. Wisconsin to help them find a new home or have already decided that they are moving within the next couple of years, then they really need to consider the financial aspect of any renovations they make.
To help make this easier, here is a breakdown of which renovations are going to deliver the best return on investment (ROI) for homeowners.
Replacing Siding With Stone Veneer
Improving the curb appeal of a property is a great way to help attract more potential buyers. After all, many people won’t even bother looking at the inside of the house if the exterior is vastly underwhelming. That’s why the homeowners need to think about ways that they can help to improve the exterior of their real estate in Green Bay and N.E. Wisconsin in a way that makes it more likely to sell faster and for more money.
One of the best ways to do this is to replace the current siding with a manufactured stone veneer. Having this stone exterior will make any place look instantly more sophisticated and is also able to improve the durability of the exterior of the house.
But what makes stone veneer so much better than any other siding option is the fact that it is able to help recoup the vast majority of the renovation costs. In fact, it is estimated that the homeowner should be able to get an ROI of at least 90 percent. Depending on how large the property is, this could mean that the entire project only cost the person around $500 to $1,200 when accounting for the difference between the total costs and the boost in property value. This is quite the deal for making such a massive difference in the style of the exterior.
However, if a stone veneer isn’t something that appeals to a homeowner, then they will have other options that offer a good ROI. For example, fiber-cement siding is also a very financially savvy renovation to undergo. This is because it is able to offer the individual up to 80 percent of their total costs back in property value increase. But since this is also going to cost much more than manufactured stone veneer siding, the final cost balance of this renovation can be expected to reach anywhere from $3,000 to $5,000 after deducting the increase in value.
There is also vinyl siding, which is slightly more common, which also means that it is going to be much cheaper than going with fiber-cement, but still not as cheap as just getting a manufactured stone veneer. It is generally estimated that getting all new vinyl siding installed can end up costing somewhere between $12,000 to $17,000, depending on the size of the house, with an ROI of about 75 percent. So they are really only walking away from this renovation having sunk a total of $3,000 to $5,000 into it. If someone is planning on spending at least a couple more years in the place, then this is a very reasonable amount to spend on a renovation like this.
Getting a New Garage Door
Having a garage is already going to make a property far more valuable. However, the condition of the garage will have a big impact on just how much of a difference this makes in the total value. Therefore, if the person has a very worn down garage with a door that is faded and very old, then this is going to reflect poorly on the property worth.
That is why they can make their next renovation finally replacing the door on their garage. Don’t just go with the cheapest model either, make sure to get one that uses high-quality steel tracks and is properly insulated in case someone wants to use the garage as a makeshift man cave or place to do their hobbies all year long.
Depending on which company someone uses to do this and which model of door they end up getting, this could push the total costs of purchasing the product and getting it installed somewhere upwards of $3,000 or $4,000. But this is once again something that can often allow the person to see a boost in property value that is around 90 percent of what they spent on the new garage door. Therefore, this can be a very smart renovation to make, even for someone that doesn’t spend a lot of time in their garage.
Change One Main Component of the Kitchen
The general consensus is that the kitchen is one of the most important rooms in a home for potential buyers. Therefore, when someone can improve their kitchen, it will go a long way in terms of delivering a good ROI. But redoing the whole kitchen is going to be far too costly. Therefore, it is recommended that they pick one major element of the kitchen and work on fixing that.
Some great examples of this include buying brand new energy-efficient appliances, redoing the cabinets, or getting the entire room painted. Either way, the individual should receive an ROI of about 70 to 80 percent. This should mean a difference of only a few thousand dollars when doing one of the aforementioned renovations.