Baby, it’s cold outside — and it’s about to get colder. While softly falling snow, fresh powder and crisp mountain air are a big part of Breckenridge’s charm, you eventually need a break from the slopes to warm up inside. With so much time spent indoors during the winter months, there’s never been a better time to (finally) focus on that home remodeling project you’ve been putting off.
According to the National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI), home remodelers saw increased demand for both major and small remodeling projects in the third quarter of 2016. This is a good indicator of market strength, and suggests home remodeling will continue to rise as we head into the New Year. In fact, it’s expected to jump by 8.3 percent in the second quarter of 2017.
What’s behind the boost? It’s partly due to homebuyers purchasing houses that need a little work. However, the surge in home remodeling projects can also be attributed to rising home values, steady consumer confidence, and a projected increase in discretionary income. In other words, if you’ve been mulling over a project, it’s time to pull the trigger. When remodeling surges, good contractors get harder to find.
If you’re hoping to add value to your property in anticipation of selling your home this year, these projects have the best chance of paying off at the closing table.
Top Home Remodeling Projects for 2017
Attic Insulation (Fiberglass)
Project cost: $1,268
Resale value: $1,482
Cost recouped: 116%
The attic is the easiest place to add insulation to improve the energy efficiency of your home. It’s no secret Breckenridge gets cold in winter, and adding additional insulation can slash your heating bills.
Manufactured Stone Veneer
Project cost: $7,519
Resale value: $6,988
Cost recouped: 92.9%
Manufactured stone veneer is an affordable alternative to natural stone products and comes in dozens of different patterns and colors. When installed by a professional, they’re nearly impossible to distinguish from real stone.
Garage Door Replacement
Project cost: $1,652
Resale value: $1,512
Cost recouped: 91.5%
To get the most bang for your buck, pick a home remodeling project that will boost your curb appeal. Replacing your garage door is relatively inexpensive and can make a huge impact on the exterior of your home.
Entry Door Replacement (Steel)
Project cost: $1,335
Resale value: $1,217
Cost recouped: 91.1%
A new entry door is another cost effective way to boost your curb appeal. Metal doors with a foam core and steel skin are durable and energy efficient. They’re a good alternative to wood if you want something low maintenance and secure.
Minor Kitchen Remodel
Project cost: $20,122
Resale value: $16,716
Cost recouped: 83.1%
Focus on replacing cabinet doors and drawers, including new hardware. Get rid of those yucky laminate countertops, install a mid-priced sink and faucet, and replace the wall oven and cook top with new energy-efficient models.
Source: Remodeling Magazine’s “2016 Cost vs. Value Report”
Will you resolve to sell your home in 2017?
A home remodeling project is a great way to add value to your home if you’re planning to sell next year. And, once you get your property in top shape, you’ll need a experienced, savvy team of real estate professionals to get it in front of as many qualified buyers as possible. When you’re ready, we’d love to help. At Dwell Summit, we promise to do everything we can to attain the highest price for your property as quickly as possible. It’s easy to sell what you know and love, and that’s exactly what we do on behalf of our clients. We look forward to working with you!