The average cost recovered from 35 different home improvement projects were compared by Remodeling Magazine for its 2010-2011 Cost Vs. Value Report, which was released last month.
If you’re planning on selling your home this year and are looking to do a bit of remodeling or renovating to boost its value, the Cost Vs. Value Report suggests that curb appeal should be your main focus. And luckily, the exterior renovation that offers over 80% of the initial cost recouped is the cheapest to complete.
According to the report, the only renovation of the 35 that increased in cost recouped (instead of decreased, as all of the other 34 did) was replacing a garage door. The average cost of this remodel is $1,291, and homeowners can expect to get 83.9% of that back. Another curb appeal-boosting renovation is replacing your entry door with a steel entry door. This remodel, while it decreased in cost-recouped year-over-year, will only cost $1,218 and homeowners will still see more than all of that back, just over 102%.
What exactly needs to be done during your renovation to sell your Toronto home, according to the study:
Garage door replacement
Remove and dispose of existing 16×7-foot garage door and tracks. Install new 4-section garage door on new galvanized steel tracks; reuse existing motorized opener. New door is uninsulated, single-layer, embossed steel with two coats of baked-on paint, galvanized steel hinges, and nylon rollers. 10-year limited warranty.
Entry door replacement
Remove existing 3-0/6-8 entry door and jambs and replace with new 20-gauge steel unit, including clear dual-pane half-glass panel, jambs, and aluminum threshold with composite stop. Door is factory finished with same color both sides. Exterior brick-mold and 2.5-inch interior colonial or ranch casings in poplar or equal pre-finished to match door color. Replace existing lockset with new bored-lock in brass or antique-brass finish.
These little changes can increase your curb appeal and your home’s perceived value and are a great place to start if you aren’t sure where to begin updating your home.