How to increase home resale value in the Twin Cities
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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: 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.