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Ready To Sell? 5 Professionals Who Can Boost the Value of Your HomeOctober 21st, 2020 by
2020 has been quite the year, and while much of the economy is in turmoil, the housing market is flourishing. Home sales are on the rise, and so, too, are the prices. Meanwhile, mortgage interest rates are falling, which means potential buyers are more motivated than ever to find the home of their dreams and close the deal before rates increase again.
The current housing market is great for buyers and sellers alike, and it doesn’t look as if that is going to change anytime soon. If you’ve been thinking about selling, now may be the time to do so.
However, before you sell you probably have some work to do. While homes naturally appreciate on their own — and while a hot market means your home value automatically goes up — smart homeowners are always looking for ways to boost the value of their homes beyond the standard equity appreciation.
If you want the confidence that comes with knowing your home is worth top dollar, partner with the following five professionals before putting your home on the market.
1. Garage Door Replacement Professional
Though not the most exciting upgrade you can make to your home, replacing your ho-hum garage door with an upscale model version can yield a high return. Second only to adding manufactured stone veneer to your home’s exterior, a new garage door can help you recoup more of what you spend than any other improvement you may make.
According to the data, a new garage door costs around $3,500 to install and you can increase the home value by 95% to 98% of your cost.
You cannot just replace your old garage door with another lackluster model and expect to see a high return, though. The replacement door must add curb appeal, compliment the home’s style, be functional and, if the garage is part of the living space, provide insulation. Use our Ultimate Guide to Choosing a Garage Door for guidance during the shopping process.
2. Siding Installation Professional
Damaged, deteriorated or outdated siding can have a significant impact on your home’s value, and not in a good way. Not only does damaged or dated siding look bad, but it also hinders your home’s ability to retain heat or cooling. Replacing your siding with new, insulated vinyl siding is an affordable way to solve both your curb appeal and energy consumption problems. It’s also a great way to increase your home’s value.
By replacing dated siding, you stand to recoup more than 75% of the project cost. For a mid-sized project of roughly $15,000, you can expect to recover a little more than $11,000 of the cost.
If your siding is in otherwise good condition but has a few paint chips missing here or there, you may be able to paint the siding in lieu of replacing it. And paint it you should, as chipped paint sends the message that you are not proud of your home. A fresh coat of paint will cost you about $2,500 but it can make a world of difference in your home’s appearance.
3. Window Replacement Professional
Window replacement is probably one of the more expensive home improvements you can make, but if your windows are old and drafty, replacing them may be necessary. According to recent homebuyers, windows and doors are the second most important energy-efficient upgrade in a home, yet many are unwilling to make the improvements themselves. To get your home sold as quickly as possible for top dollar, you may need to hire a window replacement professional.
Depending on whether you need to replace vinyl or wood windows, you can expect to pay between $17,000 and $24,000 for complete replacement. However, you can recoup between 70% and 75% of the project cost. Though this may not seem like a huge savings, once you factor in the savings on your utility bill and the faster turnaround time on the market, it may be possible to break even.
4. Stone Veneer Professional
Installing manufactured stone veneer to your home’s face is the most cost-smart improvement you can make before putting it on the market. Adding stone veneer costs just $9,000 but it yields a 95% return. Why is the return so high? The answer is simple: Homeowners like the way it looks.
Manufactured stone veneer adds sophistication to a home and boosts curb appeal. It also works great on just about any housing style, from townhouses to ranch style homes to the stereotypical suburban dwelling. If your home appears blah from the outside, giving it a quick facelift with manufactured stone siding may be just what it needs to attract higher-level buyers.
5. Front Door Professional
Your home has just a few short seconds to make a good first impression on potential buyers, and while it is what’s on the inside that is important, it is the outside that shoppers will see first. An attractive front door injects personality into your home and convinces passersby and internet searchers to stop and take a look.
Replacing your front door will cost you anywhere between $150 and $3,000, depending on where you live and what style of door you choose. However, you can recoup as much as 75% of the cost of the project in increased home value.
If replacing your front door is not in your budget, consider other ways you can make a statement piece out of it. Incorporate small details such as new hardware, planters, house numbers and lighting. Paint the door in a bold color or dress it up to match the season. Small efforts such as these can go a long way toward attracting the right buyers.
Find the Best Pick
Now that you know which professionals you need to partner with before listing your home, you may wonder how to go about finding them. We took care of the search and vetting process for you and have compiled a database of the best companies and contractors in your area. Conduct a quick search on our website to find a home improvement specialist near you.
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