How to increase home resale value in the Twin Cities
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: Twin Cities sellers need to rake in all the cash they can if they're giving up lower mortgage rates.
By the numbers: Eight of the top 10 projects that command the highest return on investments in the U.S. are exterior changes, from fixing up the garage to building a deck, according to Angi data shared with Axios.
- In the Twin Cities, replacing a garage door or a front door — two of the more inexpensive projects — costs around $1,050, on average.
- A minor kitchen remodel, meaning the layout doesn't change, will set back Twin Cities homeowners nearly $31,000, on average.
The big picture: If you plan to stay at least five years, go ahead and spring for your dream kitchen, says Angie Hicks, chief customer officer of Angi.
- If you're selling in the next year, it might be time to roll your sleeves up and tackle less sexy projects — like finally fixing that leaky faucet.
- Reality check: Higher interest rates make tapping into home equity more expensive, Axios' Emily Peck reports.
Zoom in: Some kitchen improvements are still budget-friendly. Peel-and-stick backsplashes can be DIYed in an afternoon for $500, a fraction of the cost of real tile options, according to Minneapolis real estate agent Scott Parkin.
- The look can update a dated backsplash or dress up a blank wall "and possibly help command a higher price," Parkin tells Axios.
Be smart: You shouldn't expect to earn every penny back on things like a new roof or air conditioning 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 convert that half to a full.
🌷 Invest in curb appeal. Replace your garage door, paint your front door, 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.
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