Considering the value of a home project with its potential return on investment is a smart move for any homeowner. In fact, there are many ways to increase your home’s resale value. Each year, the trade publication Remodeling releases a Cost vs. Value report. The 2023 report examined over 150 markets in the United States. It analyzed 23 remodeling projects and compared their value at resale. Let’s explore the top four resale projects for homeowners in the Seattle area.
Siding Replacement: Fiber Cement 151.3% Recouped, Vinyl 99.2% Recouped
Fiber cement siding has been around for years but is becoming more popular. While composition varies by manufacturer, it’s made with a mixture of Portland cement, sand, and cellulose (wood) fibers. It’s known for being durable, having a class 1A fire rating, and being impenetrable by wood-boring insects. Additionally, it is a more ecologically sustainable option than other sidings. Most companies will even warranty their product for 50 years. Although the upfront costs might be significant, the durability and resale value make this a home improvement project with a formidable return on investment.
Vinyl siding is another profitable home improvement project. Although it does not have as many environmental benefits (nor is it as long-lasting) as fiber cement siding, it costs considerably less. On that front, the initial investment can still make it a profitable home improvement project for resale. In addition, it is generally thought to be easy to maintain and easy to install. Check out some of the pros and cons of vinyl siding.
HVAC Conversion: Electrification 103.4% Recouped
Converting a gas furnace into an electric furnace will give a homeowner an excellent return on their investment. A heat pump is powered by electricity and has the capacity to heat and cool your home. The Inflation Reduction Act of 2022 included provisions for rebates for homeowners in Washington state by mid-2024. While details of the rebate program are being finalized, there will be incentives for completing home-electrification projects (such as heat pumps). Still on the fence about whether this is a necessary upgrade for your home? Check out this article that compares HVAC systems to see what might work best for the resale value of your home.
Grand Entrance: Fiberglass 89.6% Recouped
Curb appeal can add value to any home on the market. When a potential homeowner walks through the home for the first time, investing in a fiberglass front door can make an excellent first impression. Fiberglass doors are known for their durability and their ability to withstand the outdoor elements. Also, they are easy to maintain and come in a variety of styles. Check out some options from Puget Sound Window and Door, which serves many cities in Kitsap County and beyond.
Garage Door Replacement: 88.7% Recouped
Another important element of a home’s curb appeal is the garage door. It has an excellent ROI. Not only is it used daily in many households, it takes a lot of wear and tear. Therefore, making sure a home’s garage door is functioning well and looks aesthetically pleasing is vital. It will instantly make a positive first impression on a would-be homebuyer. Check out this article to explore different garage door options and typical costs. If you’re ready to start your search, consider Kitsap Garage Door Co. They are highly rated and have been serving the Kitsap area since 1975.
Making a house a home comes with a lot of decisions. When deciding which upgrades or home improvement projects to do, it’s important to consider if those improvements are worth the investment, especially if you’re thinking of selling.
If you are already thinking about selling your home in the near future, our local Windermere agents are here to help. They can complete a Comparative Market Analysis to analyze your home’s value, comparing it to others in the area. They can also help you avoid costly mistakes.