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You’re interested in making a few home improvements, but you want to do it strategically. Instead of focusing on items at the top of your personal wish list, you’re planning to prioritize those that will increase resale value.
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Different buyers want different things in a home, but there are plenty of projects that are coveted by most everyone. Here’s a look at the upgrades that will add the most value to your home, according to Remodeling magazine’s 2021 Cost vs. Value report.
Garage Door Replacement
Your garage door takes up a notable part of your home’s exterior, so it needs to look good — and of course, function properly. Investing in a new one will cost you an average of $3,907, but expect to recoup 93.8% of that, with a resale value of $3,663.
Of course, if a relatively new garage door just has a minor problem, it will probably be much cheaper to fix it. For example, garage door dent repair costs an average of $100-$300 and spring replacement comes with an approximate price tag of $150-$350, according to HomeAdvisor.
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Manufactured Stone Veneer
Plain siding is nice, but buyers tend to gravitate toward properties with a little extra flair. Removing a 300-square-foot continuous band of existing vinyl siding from the bottom third of the street-facing façade of your home costs an average of $10,386, but you’ll likely recoup 92.1%, as it should increase your resale value by $9,571.
Siding prices have increased 5%-10% this year and delivery can be slow, according to HomeAdvisor. Therefore, it’s best to create a little extra room in your budget and start your project well before you plan to list your home.
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Midrange Minor Kitchen Remodel
The kitchen is the heart of the home, so it makes sense that giving yours a light update will boost resale value. The average cost of a minor kitchen remodel is $26,214, and you can plan to recoup 72.2% of this — i.e., $18,927.
Specifically, this project might involve replacing both cabinet and drawer fronts — including new hardware — as well as countertops, the sink and faucet, flooring and painting the walls, trim and ceiling. You’d also want to upgrade your cooktop/oven range and refrigerator.
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