If you’d like to sell your Lake Nacimiento home now or in the near future, it’s wise to make some upgrades to an otherwise outdated home. However, it’s also wise to know which home improvement projects yield the highest return on investment, or ROI. Because the truth of the matter is, not all home renovations are equal, and while some yield a high ROI, others don’t.
As your Lake Nacimiento real estate agent, I’m here to share the highest ROI projects for 2020 with you, according to the newly-released Cost vs. Value Report. Among the top 10 projects, nine of them are outside! Buyers are interested in outdoor space and curb appeal, which fits in perfectly with Lake Nacimiento homebuyers, as local homeowners are seeking lake views and spaces to enjoy those views.
Here are the top 10 ROI home improvement projects for 2020:
-Manufactured Stone Veneer – 95.6% ROI. Average Cost: $9,357. Average Resale Value: $8,943.
-Garage Door Replacement – 94.5% ROI. Average Cost: $3,695. Average Resale Value: $3,941.
-Minor Kitchen Remodel (Midrange) – 77.6% ROI. Average Cost: $23,452. Average Resale Value: $18,206.
-Siding Replacement (Fiber-Cement) – 77.6% ROI. Average Cost: $17,008. Average Resale Value: $13,195.
-Siding Replacement (Vinyl) – 74.7% ROI. Average Cost: $14,359. Average Resale Value: $10,731.
-Window Replacement (Vinyl) – 72.3% ROI. Average Cost: $17,641. Average Resale Value: $12,761.
-Deck Addition (Wood) – 72.1% ROI. Average Cost: $14,360. Average Resale Value: $10,355.
-Window Replacement (Wood) – 68.9% ROI. Average Cost: $21,495. Average Resale Value: $14,804.
-Entry Door Replacement (Steel) – 68.8% ROI. Average Cost: $1,881. Average Resale Value: $1,294.
-Deck Addition (Composite) – 66.8% ROI. Average Cost: $19,856. Average Resale Value: $13,257.
It’s smart to keep in mind that these ROI values are based on a national scale and may vary locally. It’s wise to speak with a local real estate agent or home improvement specialist to find out what renovation projects yield the highest ROI in the Central Coast region.
As far as which home improvement projects have the lowest ROI nationally, these are currently:
Upscale master suite addition, fiberglass grand entrance, upscale major kitchen remodel, midrange bathroom addition, upscale bathroom additional, upscale bathroom remodel, midrange master suite addition, midrange major kitchen remodel, metal roofing replacement, and universal design bathroom remodel.
The ROI value for these projects range from 50-62%. Exact percentages and prices can be found in this RISMedia article.
It’s important to remember that every homeowner is different, and if you plan on staying put in your Lake Nacimiento home for years to come, you should go with whatever home improvement projects will improve your daily life and make you happiest and most comfortable! But if you plan to sell your Lake Nacimiento home soon, it’s smart to choose upgrades that will yield a high ROI, so you’re not just throwing money away on upgrades that might not impress buyers.
Your Local Lake Nacimiento Real Estate Expert
Oak Shores Realty
Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.