Which home improvement project will net you the highest return on your investment?

Platinum Top Renovation Rev2

By Patricia Nugent

As the saying goes, you never get a second chance to make a first impression.

When it comes to real estate, this adage could make a big impact on how fast—and for how much—you sell your house.

“You cannot underestimate the power of curb appeal,” says local expert Denise Zervos, who, along with her husband, Mark, heads up The Neighborhood Experts at Platinum Real Estate. “And that translates into which home improvements will net you the most when it comes time to put the ‘for sale’ sign in your yard.”

Although in the past, kitchen remodeling has held tightly to the number one spot for ROI, according to a recent report from Bankrate.com, it’s fallen to number three, behind garage door replacement and replacing exterior vinyl siding with stone veneer.

“The report states that garage door replacement recoups home sellers 97.4% of the investment,” she explains. “As an alternative to replacement, for those on a tight budget, we have also helped clients refurbish their garage doors with a textured faux paint technique that mimics the look of a wooden door.”

Coming in at number two, adding manufactured stone veneer to a home’s façade will produce a 94.9% return on investment.

Although a kitchen remodel will only net you 80% of what you put into it, Denise says it’s worth noting that since people spend so much time in their kitchen, this project would boost the everyday enjoyment of your home far more than an exterior renovation.

However, you don’t necessarily have to pull off a complete renovation to make a difference to sellers.

“Rather than gutting the kitchen, I often advise sellers to simply replace the appliances or countertops,” she says.

One of the lowest ROI projects? Finishing the basement. Denise reports it will net you nowhere near as much return as a main floor or exterior renovation.

“It’s smart to weigh potential refurbishments in light of how long you plan to stay in your home,” she says.

Platinum Real Estate has14 offices in Northeast Ohio and Columbus and eight in Florida. For a confidential appointment or to get more information, call 216-990-2100 or 440-974-SALE and visit YourNeighborhoodExpert.com.

Categories: Professional Services