- Investing in pre-sale home improvements in Minnesota may help generate buyer interest.
- Today’s sellers may hold an advantage in the market , but they can still benefit from strategic updates to their homes before selling.
- Data shows that some of the least expensive projects — such as a new garage door or a new front door — can have the greatest impact on a sale.
Some of today’s sellers believe that it’s smart to sell their home as-is. But today’s buyers are discerning and they have high standards. By polishing your home a bit, you may receive higher buyer traffic and even a higher bid — especially if your space is a bit outdated. Here’s how to prepare your home for sale.
The Remodeling 2022 Cost vs. Value Report for Minneapolis
When determining which projects are worth it for your property – whether you’re planning to sell or hoping to enjoy the renovations for a few years – the Remodeling 2022 Cost vs. Value Report (www.costvsvalue.com) will serve as your guide. This exhaustive report details the cost and value of various home improvement projects across the country, and they even break the data out by region and city.
Here are the projects homeowners across the Twin Cities and Minnesota should take on if they want to recoup the most on their initial investment.
1. Manufactured stone veneer
PHOTO OF FAUX-STONE AROUND LOWER ⅓ of HOME
- Cost: $11,268
- Resale value: $10,382
- Cost recouped: 92.1%
Partial stone veneers are all the rage on new construction homes. Current homeowners can freshen up an aging exterior by adding a stone veneer accent to the bottom third of their home, too.
To complete this project, you’ll first remove the bottom third of siding from the street-facing side of your home exterior (a 300-square-foot continuous band). Next, you’ll replace this area with a stone veneer, including 36 linear feet of sills, 40 linear feet of corners, one address block and an outlined archway around the front door. The installation also includes protection against water damage and corrosion.
You’ll be amazed at how this easy stone addition adds to the curb appeal of your home!
2. Garage door replacement
- Cost: $3,990
- Resale value: $3,552
- Cost recouped: 89.0%
If your garage door has dings and dents, it may pay off to replace it; the average homeowner in Minnesota sees a return on investment of 89% when they replace their garage door.
For this project, you’ll remove and properly dispose of your existing garage door (16x7 feet) and its tracks. You’ll then install a new steel garage door with top-panel windows on new, galvanized steel tracks. You can continue to use your current motorized opener. The cost of this project includes a lifetime warranty on the garage door.
When buying the door, pay attention to your own moving plans and timeline. You may be able to pay less if you opt for a one-year warranty or forgo it entirely.
3. Steel entry door replacement
- Cost: $2,172
- Resale value: $1,523
- Cost recouped: 70.1%
If your door is made of wood or another outdated material, it may be time to consider an upgrade.
For this project, you’ll replace your current door with a new 20-gauge steel door that includes a dual-pane, half-glass panel. The door’s factory finish-color is the same on both sides, and the project also includes a new casing that matches the door color. Last, the cost for this project includes a budget for a brand-new lockset to accompany the door.
4. Window replacement (vinyl)
- Cost: $20,108
- Resale value: $13,790
- Cost recouped: 68.6%
Quality windows are built to last 15 to 20 years. If you’re coming up on that timeframe, you may want to consider a vinyl window replacement. Begin by replacing 10 existing windows (3x5 feet) with new, insulated vinyl windows. This project accounts for custom-color exterior finish and exterior trim. The interior trim can remain in place.
5. Minor, mid-range kitchen remodel
- Cost: $27,948
- Resale value: $18,773
- Cost recouped: 67.2%
To take this project on, you’ll need to start with a functional kitchen in need of some cosmetic updates and appliance upgrades. Keep 30 feet of cabinets in place, replacing only the fronts with new wood panels, drawer fronts and fresh hardware.
A few major appliances — refrigerator, stove and oven — will be replaced with energy-efficient models, while the dishwasher (if you have one) is not included in this budget. Floors and countertops are replaced and the space is freshened up with new paint on the walls, trim and ceiling. Voila! A not-too-expensive update that saves you the cost of all new cabinetry.
Get expert guidance before you sell your Minnesota home
Keep in mind that higher-cost, lower-ROI projects should be considered only if you plan to remain in your home for years to come. After all, your own enjoyment of these projects can certainly count as a return on your investment!
Remember to reach out to Edina Realty or your agent, who can advise you on the most cost-effective, impactful changes you can make to your property as you move forward.
©2022 Zonda Media, a Delaware corporation. Complete data from the Remodeling 2022 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.