Every dollar you invest in your Outer Banks home will unfortunately not automatically increase the sales price by the same amount when you go to sell. Maintenance and cost to upkeep your home (like painting, HVAC maintenance and cleaning) do not add directly to the value of your home, but will certainly decrease it if these are not performed regularly or especially when the time comes to sell. There are, however, certain remodels and investments over time that have proven to be the best (Return on Investment) ROI and we have that list for you here!
While kitchen and bathroom remodels are consistently mentioned in remodeling articles, they tend to not have the greatest ROI. Perhaps, part of this is due to the disparity in costs the project can encompass. While an unpleasant kitchen or bathroom can make a home hard to sell, the ROI when the remodel is “top of the line” can be very low if the neighborhood does not justify it. Home buyers just won’t be willing to pay.
Similarly, home trends change from year to year. After hurricane Sandy, for example, home generator systems experienced a higher ROI here on the Outer Banks, however, the effect diminished over time. Unless you sell at the top of the trend, you may not get the most ROI from your investment dollar. Home office conversions, media rooms and other projects have also periodically performed well at different times.
So, if you are looking at home improvement on the Outer Banks, which projects will perform best for you? Before you hire or consult a contractor, first take some time to compare your home to the other homes in your neighborhood. Go to Realtor open houses or do online virtual tours to objectively see what other homes in your neighborhood have that yours may be lacking. There are items in our market place, like outside living spaces, hot tubs and outside showers that are just expected here on the Outer Banks but not so much in other areas of the country.
Top 5 best ROI projects for over 10 years:
5. A Garage door replacement is at the bottom of the top 5 list with 80.7% ROI for a medium quality garage door. Garage door replacements will boost the homes curb appeal while also increasing the energy efficiency and security of the home. Keep in mind the style of your home and the neighborhood to match styles accordingly.
4. Mid-range vinyl siding replacement is next on the list at 81.5% ROI. Check your Outer Banks neighborhood to find out if this is a good choice for you. There are some towns, like Nags Head, where the cedar shake style is quintessential and replacing it with vinyl will get the Ire of your neighbors very quickly.
3. Unlike an expensive major kitchen remodel, a minor kitchen remodel does have a good ROI over time, coming in at at 81.8%. A minor kitchen remodel costs less than $20k and includes updated cabinet doors/drawers, appliances, counter tops, floors and labor. Keeping plumbing and layout generally the same will reduce labor costs and improve the quality of materials that can be used.
2. Fiber Cement Siding is the runner up for long term ROI. It returns 83.9% of your dollar and is mid-range in cost but has a high perception of quality and value to the buyer. It is low maintenance and will look good for years to come.
1. The Winner: The highest performing project over time is not the sexiest, glamorous or most exciting. Replacing your front door with an energy efficient steel door consistently returns about 98% value. It also happens to be one of the lowest cost projects at under $1,500. It does not require additional maintenance and upkeep and immediately improves the curb value of your home. In addition, the improvement in energy efficiency (and security) over an old leaky door may more than make up the 2% for a 100% return!
Xpert Home Services is your local Outer Banks Home Improvement team. We are knowledgeable about the community and are prepared to help provide the right services and advice for your Outer Banks house. Whether you are taking care of your residence, second home, or vacation home, Xpert Home Services has the local knowledge and expertise needed to improve your house. Contact us today to learn more about our home improvement services on the Outer Banks.