7 Renovation Projects to Maximize Your Home Value in Santa Barbara
Spring is in the air, and Santa Barbara residents are looking to buy homes at an unprecedented rate. If you are having thoughts of selling your home, this may be the best opportunity we’ve seen in modern history to sell. One of the key questions every Santa Barbara home seller asks is: How can I maximize the value of my home before selling? In this article, we’ll lay out a few DIY home projects you can tackle before selling, ranked according to its average return on investment as defined in the 2020 Cost Vs Value Annual Report.
1. Garage door replacement
Cost: $3,600 / Resale: $3,520 / Recoup: 97.5%
Garage door replacement tops the list of home improvement with the best return on investment at resale, but homeowners hoping to get the biggest bang for their buck need to invest their upgrade dollars wisely by choosing a design that fits the architectural style and price point of their home. In a recent study, residential garage door manufacturer Clopay partnered with an independent research firm to conduct a nationwide survey to gauge realtor perceptions about the garage door category, and to determine if garage door appearance made a difference in the listing price they would assign to a house. Here’s what they said: 70% of Realtors agree that a new garage door helps sell a home faster, and over 80% of Realtors believe a new garage door can impact home value. Like flooring, cabinets, countertops and appliances, garage doors have evolved from functional to fashionable. Homebuyers see nicer garage door designs on TV, on showcase homes, and in new residential developments and they expect their home to be on trend.
2. Minor kitchen remodel
Cost: $22,507 / Resale: $18,123 / Recoup: 80.5%
Minor kitchen upgrades, like new cabinets, counter-tops and energy-efficient cook-tops, are comparatively inexpensive. The average spend here is around $22,000 with an estimated return on investment at an impressive 80%. Just like with the front door, the changes are mostly aesthetic. People perceive a more modern-looking kitchen as being a better fit than a more “retro” look. This is also a chance to customize a place where you spend a remarkable amount of time. Having a kitchen laid out just the way you like it can make it easier and more enjoyable to cook. This will encourage you to eat more meals in, and energy-efficient appliances can lower your electric bills for the life of the home.
3. Deck addition
Cost: $13,333 / Resale: $10,083 / Recoup: 75.6%
Outdoor space is one of the hallmarks of the current iteration of the American dream. Where else can a family sit and enjoy a frosty lemonade on a hot summer day? Watch the kids play in the yard while tending the grill on a beautiful wooden deck! Wooden deck additions were unpopular for years, as consumers see them as luxuries. But now that the economy is improving, more people are looking at decks as valuable extensions for their living space.
4. Siding replacement
Cost: $16,036 / Resale: $12,119 / Recoup: 75.6%
It is hard to argue the impact new fiber-cement siding has on a home, particularly when it changes the appearance of the whole property. However, its benefits are far beyond that of cosmetic aesthetics. Fiber-cement siding offers superior longevity that something like stucco or wood could never come close to. It is capable of resisting termites, moisture, rot, and fire. It is an investment in and of itself: it’s very rigid, so it requires less maintenance – saving a lot of money over time. Moreover, fiber-cement has one distinct advantage over its vinyl counterpart: perceived quality. Fiber-cement siding has the added benefit of curb appeal.
5. Entry door replacement
Cost: $1,826 / Resale: $1,368 / Recoup: 74.9%
There’s an old adage in real estate that suggests the features get tours, but the front porch gets sales. People make decisions on home-buying all the time by starting with a gut reaction and finding reasons to support it later. Why not start your home remodeling project with the first thing you interact with on your house: the front door. Upgrading an old, poorly-fitting front door with a newer energy-efficient model is a cheap, quick project that can instantly improve your home’s efficiency and aesthetic appeal. Best of all, hanging a door can be done in an afternoon!
6. Window replacement
Cost: $16,082 / Resale: $12,332 / Recoup: 73.4%
Replacing the windows on your home might not be as visually noticeable as other renovations, but that doesn’t mean it comes without benefits. In fact, it offers one of the highest ROI percentages among home renovation projects at an estimated 73 percent. Replacing the windows in your home can add thousands of dollars to its market value, and with an average window ROI of up to 73 percent, it’s easy to see how the investment is worthwhile. But, an increased home value isn’t the only benefit from such an investment. Energy-efficient windows can save money on your energy bills and help you recover additional funds from the installation.
7. Grand entrance
Cost: $8,994 / Resale: $6,469 / Recoup: 71.9%
Want to create a great first impression with your potential home buyers? A grand entrance may be just the thing you are looking for. Consider removing your small front door, and cutting out a larger space for a grand entrance complete with windows. This is one of the most notable cosmetic changes you can make without breaking the bank at at average cost of under $9,000.
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