If you’re thinking of remodeling your home anytime soon, maybe even to sell this spring, a report from the National Association of Realtors could really help you maximize your real estate renovations.
Newswatch 16’s Ryan Leckey teamed up with some pros from Re/Max Home Team in Lackawanna County to offer tips to help you get the best return on your investment.
The National Association of Realtors put together the 2019 "National Remodeling Impact Report." Read the entire report here.
According to the report, the following gets you the best return on your home improvement projects.
Top three return-on-investment home projects are
- New roofing (107 percent of value recovered by sales price)
- New hardwood floors (106 percent of value recovered)
- Refinished hardwood floors (100 percent of value recovered)
Top three interior projects with the highest overall impact for buyers and resale prices are:
- A complete kitchen renovation
- A kitchen upgrade
- A heating/cooling/ventilation upgrade.
Top three exterior projects with the highest impact for buyers and resale prices were:
- New roofing
- New vinyl windows
- New vinyl or fiber cement siding.
HOME IMPROVEMENT CALCULATOR:
To see more specifics on what home improvement projects could add the most value to your house, head here to see the home improvement calculator.
FREE HELP OFFERED BY REALTORS:
Many realtors offer free market analysis which help homeowners determine the value of their home and give tips on how to get the best bang for their buck should they plan to sell it.
These free assessments can also help home owners figure out which renovations they should tackle to maximize their home's value in their neighborhood. Realtor Colin Striefsky from Re/Max Home Team based in Lackawanna County, who was featured on Newswatch 16 This Morning, is among those who offer these free tips. Colin can be reached at 570-510-3494.
DIY RENOVATION IDEAS TO SAVE MONEY:
The following tips are courtesy of the local realtor from Re/Max Home Team:
- Hands down kitchens and bathroom renovations can be very costly, also they are the best way to sell a home.
Inexpensive ways to update a kitchen:
- Paint cabinets - Do it yourself ( 4 cans of chalk paint at HomeDepot @ $20 dollars a can)
- Less than $100
- Chalk paint is very easy to use, and then must be clear coat, $5 dollars a spray can.
- Updating the Hardware:
- Satin nickel is in, depends on drawers and handles, but let's say $200 bucks to swap hardware (knobs, handles and hinges).
- Crown molding - $2.50 per foot material.
- Good carpenters can usually put this on in less than 2 hours which should cost roughly $100-$200 labor (depends on how much is being installed).
Total for color change of cabinets $1,000.00 to $500.00, depends on how much do it yourself work.
Second way to upgrade your kitchen with a slight change is adding backsplash.
You can purchase a peel and stick tile which could be a do it yourself job, or you can pay someone.
Do it yourself project $100-$200 dollars for backsplash. Hiring someone may run you up to $500.00 depending on time and amount of tile you have to buy.
Last would be to swap or change counters.
Granite countertops cost $40-50 per square foot installation.
Quartz ranges from $50-$75 per square foot installed.
Tile countertops from $30-$40 per square foot installed.