The Best Remodeling Projects for Homes in Alaska
For many Alaskan homeowners this year, remodeling will prove to be a better bet than selling altogether. In fact, a new survey found that most Americans believe real estate is the best investment for long-term wealth, over stocks, gold and savings! It is a great idea to invest in your homes in Fairbanks or Anchorage if you plan on staying put, but if you are planning to sell in the coming months, it's important to know which remodeling projects are worth your time (and money!). So, before you pick up that hammer or paintbrush, keep in mind the following tips:
Replacing the Front Door
According to Remodeling Magazine's new Cost vs. Value report, replacing your front door has the highest ROI (return on investment) of all remodeling projects. It's the first feature of your home a potential Alaskan homebuyer will see and will likely set the tone for their entire perception of the home. Old, faulty door? Put yourself in the homebuyer's shoes. What would you think? Chances are you'd think much better of an Alaskan home with a new, or at least freshly-painted, front door. Plus, "It’s also the lowest-cost project in the annual report at $1,162," reported Houselogic. "It’s an energy upgrade that has great curb appeal and needs virtually no maintenance."
New Home Siding
The next project with a great ROI for homeowners in Fairbanks and Anchorage is replacing your home's siding. Worn-out siding can actually deplete up to 10 percent of your home's value. This summer, consider a siding project and instantly watch your curb appeal improve. Whether you choose vinyl siding, fiber-cement or foam-backed, your long-term ROI will be among one of the highest on the new Cost vs. Value report's list. "Of the top 10 long-term averages from the Cost vs Value Report, three of them are replacement siding projects," added Houselogic.
Minor Kitchen Remodel
In the local Alaskan real estate market, homebuyers are quick to notice updates in the kitchen and bathrooms of a property. It's also one of areas that homeowners focus upon most when remodeling. According to a new study from Harvard's Joint Center for Housing Studies, over the last 10 years, "homeowners have spent more on kitchen remodeling than any other home improvement category." Now the best ROI doesn't come from complete kitchen overhauls and dream kitchen renovations, but the minor updates that might include new flooring, countertops, appliances or cabinets. A minor kitchen remodel has the highest ROI, year after year, at 101 percent.
Madden Real Estate is here to help you prepare to sell your homes in the Anchorage, Eagle River, Fairbanks, and Palmer AK areas. Have questions about what you can do to improve your chances of selling success? We look forward to hearing from you!