The Central New Jersey housing market is strong right now. Sale prices are on the rise. Buyers want move-in ready homes. Is your house market ready? Consider renovations as an investment to increase the resale value of your home.
Cost vs. Value
Remodeling Magazine recently released their Cost vs. Value report for 2019. They compare the average price of renovations and the resale value retained. Certainly, remodeling projects will not offer 100% return on investment (ROI). However, sellers need to keep pace with the booming market. When choosing a home improvement project, consider project cost, value added, and increased marketability.
Top 5 Countdown of Projects that Boost Home Resale Value
5. Window Replacement
Replacing existing windows with energy-efficient models can increase home value at resale. Low-E windows absorb heat making while still letting in sunlight. According to the latest report from Remodeling Magazine, new simulated-divided-light with stained hardwood in the Mid-Atlantic show an average value increase of $14,295. Additionally, vinyl window replacement can increase a home’s value by $11,838.
4. Roof Replacement and Skylight Addition
People want natural light. If an older home is ready for a new roof, consider having the contractors add skylights while they’re up there. A complete replacement of asphalt shingles with skylight addition tends to retain $14,803 in value. Also, a new metal roof with ice-barrier membrane and skylights has average value retention of $21,998.
3. Bathroom Addition / Remodel
A luxurious bathroom addition with freestanding tub, dual-sink vanity, and heated floors can increase a home’s value by $44,859. Even a midrange bathroom addition with a fiberglass tub/shower combo can boost the sale price by $24,735. Also, simply upgrading an existing bathroom to an upscale bathroom with high-end features retains $35,445 on average.
2. Major Kitchen Remodel
The kitchen is an important room in the house. Modern appliances and nice countertops make a home more marketable. An upscale kitchen remodels with custom cabinets, stone countertops, under-cabinet lighting, and high-end appliances, and luxury flooring retains an average value of $71,578. Moreover, a midrange kitchen renovation with an island and energy-efficient appliance boost resale value by $39,308.
1. Master Suite Addition
The number one way to increase your home’s resale value is a master suite addition. Adding a new master bedroom and bathroom boosts your house’s listing. It is the difference between a three bed, two bath house and a four bed, three bath house. The average value sale in the Mid-Atlantic region is $126,680 for an upscale master suite addition and $71,239 for a midrange addition.
Far Hills Design Build is here to help every step of the way on renovations and additions in central New Jersey. Give us a call at 908-781-0777.