PARK CITY, UTAH/ APRIL 24, 2019 (STL.News)
“Remodeling projects are known to create the most return on investment,” said Higman. “Certain projects, however, are always more fun and yield the greatest cost recovery, including the following four.”
No. 1: Replace the roof. The best remodeling project that will increase a home’s value and has the greatest cost recovery is putting on a new roof. In fact, the National Association of REALTORS® (NAR) estimates the median cost of new roofing at $7,600, but has the percentage recovered at resale at 105 percent.
“When selling a home, first impressions are crucial, and enhancing curb appeal with a new roof can entice potential buyers, particularly with an eye-catching color that complements your home,” noted Higman, who offers free home evaluations.
No. 2: Install wood floors. The NAR further estimates that the median cost to complete a new wood floor is $5,500, and the percentage recovered at resale is an impressive 91 percent. The trend of late in wood flooring is light colors, such as gray and blonde woods. “However, dark-stained wood floors are still in high demand, especially when coupled with light furniture and white cabinets,” added Higman.
No. 3: New garage door. New and stylish garage doors can also amplify curb appeal and impress prospective buyers, as it’s one of the first things they notice when looking at a home. The NAR calculates the median new garage door cost at $2,300, and the percentage recovered at resale at 87 percent. Homeowners today are largely choosing garage doors that are energy efficient. “They are also opting for contemporary or decorative garage doors,” stated Higman.
No. 4: Make minor kitchen improvements. This can help the homeowner recoup more than 83 percent of the total cost of a minor kitchen remodel. “I recommend swapping out any outdated hardware and faucets, restaining the hardwood floor and/or refacing cabinets and drawers,” concluded Higman.
About Paula Higman, Higman Real Estate Team, Engel & Völkers Park City
Paula Higman works with families and individuals, first and second home owners, skiers, outdoor lovers, and people who can afford the luxury lifestyle. She is also a Global Real Estate Advisor and Investor. For more information, please call (435) 602-8228, or visit https://paulahigman.evusa.com/en/.