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1. PROTECT YOUR MOST VALUABLE ASSETS
New roof (asphalt shingles)
Replacing an aging roof, while pricey, can prevent structural damage, enhance your home’s appearance and win over buyers.
Average cost: $31,535
Average amount recouped: 59.6%
2. ADD SOME LUXE APPEAL
Master suite addition
Add grandeur to your life, and impress potential buyers, with a dream suite.
Average cost, midrange remodel: $175,473
Average amount recouped: 53.4%
3. COOK UP A HIGHER RESALE
Major kitchen remodel
Kitchens are key if you are selling, and they make being home more pleasant if you plan to stay. You can get a remodeled feel at a lower cost by resurfacing cabinets, changing hardware (such as drawer pulls) or replacing appliances.
Average cost, midrange remodel: $80,809
Average amount recouped: 56.1%
4. INCREASE YOUR CURB APPEAL
New entry door (steel door)
Your front door is one of the first things friends, neighbors and potential buyers see when they approach your house. For a low-cost way to improve this area, add a fresh coat of paint to your existing door and buy a new welcome mat.
Average cost: $2,206
Average amount recouped: 63.8%
5. RAISE YOUR HOME’S WORTH
New garage door
This update can have multiple benefits, including improving your home’s exterior, bolstering energy efficiency and ratcheting up your home security.
Average cost: $4,041
Average amount recouped: 93.4%
ESSENTIAL TIPS FOR REMODELING SUCCESS
Know what you can afford
Avoid ballpark figures. Instead, decide on a budget and stick to it. This will help you avoid “scope creep,” a term that describes all of those unplanned extras that can blow your budget.
Research financing options
If you don’t have cash for your renovations, you might need to borrow money. One option is a home equity line of credit. A HELOC often has a lower interest rate than other loans, and provides flexible access to funds so you can pay for expenses as they come up and you only pay interest on what you borrow. Other options include a home equity loan or a traditional personal loan.
Get help from the pros
Specialized jobs, such as rewiring an electrical outlet may be best left to the pros. Before hiring an expert, ask for recommendations, check online reviews, have a face-to-face consultation and get a cost estimate in writing.
Consider the neighborhood
A big addition could make your house the most expensive on the block – which could be a problem if you want to recoup the cost when you sell. So if resale value is your No. 1 priority, take care not to overdo it.