New Jersey, also known as the Garden State, is a wonderful place to live in and raise your kids. Once you’ve purchased your new home, it makes sense to take on some home improvements. Or perhaps you’re preparing to sell your New Jersey home, and you want to choose the best home renovations to increase home value for your money.
Either way, it’s a wise decision many homeowners make. So let’s talk about the renovations that have the best return on investment (ROI), and what to expect in out-of-pocket costs. If you’re selling a house in the New Jersey area, you can start by improving your curb appeal. More on this later.
Remodeling Projects
It’s been found that a discretionary remodeling project is something people who plan to stay in their homes indefinitely should consider. However, if you’re looking for an investment that pays for itself on resale, the top three renovations you can make are to your home’s exterior. These things affect the first impression of prospective buyers.
Exterior Renovations
Replacing your garage door is a terrific example of an improvement with a high ROI. The average cost is $4,500, with an average resale value of $8,800. These costs include removing and disposing of the old one, and are based on a standard size single car garage. Another smart investment is a front entry door replacement. The average cost is $2,350 with a resale of $4,450. These home improvement projects are both excellent choices.
Replacing old siding with stone veneer in strategic places adds sophistication and class. Though the upfront starting cost is higher at $11,300, the resale value is $17,300. Or, you can try new vinyl siding or fiber cement siding, to give the outside of your NJ home a brand new look. However, those options do not offer the same level of return.
The Backyard
Renovating the outside area of your home may also include adding a wood or composite deck to your NJ property. Create an outdoor living space perfect for entertaining, right in your own backyard. Functional and beautiful, you’ll get a better return by using wood.
Of course, this kind of project depends on materials priced by the square foot, and the cost of construction should be included unless you plan to DIY. Additionally, using wood is more cost effective than composite, but isn’t quite as durable.
Minor Kitchen Remodel
When it comes to your New Jersey home’s interior, don’t make the mistake of doing a major kitchen remodel involving brand new cabinetry or increasing the size of your kitchen space. The ROI dramatically reduces to approximately 38% for your dream kitchen, over a modest remodel that can recoup up to 96%!
Instead, you can replace cabinet faces to shaker-style, and put new countertops on your kitchen island. You can put in new flooring, and replace appliances to improve energy efficiency. Replacing hardware and finishing up with a fresh coat of paint is advised. Mid-range materials and appliances are fine.
Smart Home Features
Adding smart technology to your NJ property is another way to improve energy efficiency, and has become quite popular among potential buyers today. You can add features like doorbell cameras, and automate a surprising number of tasks that ultimately help reduce energy costs. This is a relatively inexpensive property improvement.
Bathrooms
When considering bathroom remodels, you can increase the size to improve functionality, like when adding a bathtub. Making half bathrooms into full-size functional baths is fabulously popular. You can add fresh paint and replace old fixtures with new, modern ones. Upgrade materials such as going from laminate to ceramic tiles is another terrific selling point and adds significant value to your NJ home.
Preparing to Sell
Preparing to sell any NJ property is a huge undertaking in itself. First you have to do a MAJOR cleanup, decluttering as you go by getting rid of everything you can. You’ll need to assess the house room by room with a critical eye, making a comprehensive list of tasks. Then it’s time to move on to the exterior.
Landscaping and the outdoor area is important to pay attention to. Power washing the outside of your house can give it a big boost. Try painting your window frames in a contrasting, complementary color. All of this goes towards curb appeal, which you want to have in spades. Increasing home value takes time and money. But that’s not all.
Finding a Realtor
Once you feel more ready, it’s time to find the perfect real estate agent. This can take some time, as it’s important to find one who “gets” you, and shares your home’s vision. The realtor will handle the marketing of your home, which may include professional photographs and staging costs.
Additionally, the seller usually pays both realtors’ fees, as part of their closing costs. The commissions alone are typically about 6% of the final sale price. In New Jersey, the median sale price is $500,900. That means the agents would get more than $30,000.
There IS An Alternative
If you’re in a situation where you’re facing foreclosure, need to relocate fast, or want to sell a distressed property, NJ Cash Buyers will buy any NJ property, regardless of condition, for cash. There are no fees for our services, and you can request a cash offer with no further obligation.
No repairs or cleanup necessary. No commissions and no closing costs, plus you get to choose your own closing date and move on your timeline. We handle everything once you accept the offer, and you could have the money in as little as 7 days!
How it Works
The process is simple. Just fill out this short form including your property address, and one of our real estate professionals will be in touch within 24 hours. They will schedule a visit to the property and be prepared to make you a fair cash offer on the spot. If you accept, you could have the cash in just a week!
Our cash offers are an average of 1.75X higher than the competition. We care about our clients here at NJ Cash Buyers, and we want you to have a stress-free experience. When you need to sell fast, we’re the cash home buyers you can trust and depend on.