How to increase home resale value in Salt Lake
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Before you tackle that home renovation you've been dreaming or dreading, think about how it could affect your home's resale value.
Why it matters: Salt Lake sellers need to rake in all the cash they can if they're leaving record-low mortgage rates.
- Most Utah homeowners had mortgage rates under 4% as of late 2022; the national average 30-year rate is now about 7%, per Freddie Mac.
By the numbers: Eight of the top 10 ROI projects are exterior changes, from fixing up the garage to replacing windows.
- In the Salt Lake City region, replacing a front door — one of the cheaper projects — costs around $580 on average. A garage door replacement runs about $1,700.
- Meanwhile, a minor kitchen remodel will set back Salt Lake-area homeowners $24,000, on average.
The big picture: The type of project you should prioritize depends on how long you'll be in the house, says Angie Hicks, chief customer officer of Angi — formerly Angie's List.
- If you plan to stay at least five years, go ahead and spring for your dream kitchen.
- If you're selling in the next year, it might be time to roll up your sleeves and tackle less sexy projects (think of finally fixing that leaky faucet).
Reality check: Higher interest rates make tapping into home equity more expensive, Axios' Emily Peck reports.
Be smart: You shouldn't expect to earn every penny back on things like a new roof or A/C unit — today's buyers expect the basics to work, Hicks says.
Here are Hicks' other top tips for getting the highest ROI:
🏘 Consider your neighborhood. If every house has 2.5 bathrooms, you might not need to add a third.
🌷 Invest in curb appeal. Replace your garage door, paint your front door and spruce up your landscaping.
🏠 Neutralize. If you're selling soon, it's not the time for a funky accent wall; it's time for fresh, neutral paint.
Erin's thought bubble: I'm still torn on what project to undertake next.
- I don't want a garage or paved driveway, but that could be a big loss should we ever sell.
- We have a "bonus room" that would be an extra bedroom if we add a closet.
- The downstairs bathroom looks like a Tuscan revival kitchen that had a baby with the dressing room of a 1970s porn studio.
📬 Tell us: What's your top-priority home project? What has stopped you from getting it started?
- Email us [email protected].