Studies show that 85% of home buyers use a realtor to make their purchase, but the competition can still be steep. How do you stand out as a realtor without breaking the bank? Read on for tools that will stretch your marketing budget further. Continue reading “High-Impact, Affordable Marketing Tools for Realtors”
Spending on home improvement projects was up pre-pandemic, according to a report from the Joint Center for Housing Studies at Harvard University. This was in part due to the strong economy, but home renovations are at an all-time high now because of the pandemic and the fact that people are spending more time in their homes.
Your home renovations may be dictated by what repairs are needed, or you may be looking to add value to your home. If you’re not sure which projects to tackle first, read on to find out which home improvement projects will give you the best return on investment (ROI).
Remodeling Magazine’s 2020 Cost vs. Value Report
Remodeling Magazine’s Cost vs. Value Report gives us some insight into which home improvement projects will add the most value to your home. Overall, the return you will get on your investment is down to 56% from 64% pre-pandemic.
These are the top 15 projects that you will give you the best ROI, according to the report:
- Garage door replacement – 98.3% return
- Manufactured stone veneer – 97.1 % return
- Wood deck addition – 82.8% return
- Minor kitchen remodel – 81.1% return
- Siding replacement – 76.7% return
- Window replacement with vinyl windows – 74.3% return
- Universal design bathroom – 70.6% return
- Bathroom remodel – 70.1% return
- Window replacement with wood windows – 69.5% return
- Roofing replacement – 68.4% return
- Fiberglass grand entrance – 67.6% return
- Composite deck addition – 63.6% return
- Bathroom addition – 59.9% return
- Major kitchen remodel – 59.0% return
- Master suite addition – 56.6% return
No matter which project you choose, you will still return more than 52% and “there is no ‘bad’ investment when it comes to remodeling, particularly when you acknowledge that cost vs. value defines only one type of value – the amount of money recouped at the time of house sale,” according to the report.
Home Improvements and ROI
Before the pandemic, significant home improvements could reduce the amount of time a home spent on the market. While that is no longer the case, home owners who did major renovations in 2020 were able to increase their home’s value by an average of 25%.
According to ComeHome, remodeling an outdated bathroom increases your home value by 12%. Remodeling an outdated kitchen increases the value of your home by 19%, and remodeling both an outdated kitchen and a bathroom increases the value of the home by 27%.
HouseCanary in partnership with HomeAdvisor found these five projects to have the largest ROI:
- Garage door replacements – 97.5% ROI
- Manufactured stone veneers – 94.9% ROI
- Minor kitchen remodeling – 80.5% ROI
- Deck additions – 75.6% ROI
- Entry door replacements – 74.9% ROI
Additionally, HouseCanary and HomeAdvisor found that the top three home improvement projects during the pandemic were 1) interior painting, 2) bathroom remodels and 3) new flooring. You can see the top home improvements projects of 2020 and their average cost in this report by HomeAdvisor.
Do you still have questions? We’d love to help! Reach out to us at 571-234-5589 or email us at [email protected]. For videos on lead generation, Facebook tips, handy realtor tools and more, be sure to check out our YouTube channel.
Buying a home in foreclosure can be a great way to get a home under market value, but the process is not as easy as a traditional home sale and there are some pitfalls you should be aware of. Here’s what you need to know. Continue reading “What You Should Know When Buying a Foreclosure”
Mortgage rates are low right now, and you may be inspired to refinance to get that lower rate, get a lower monthly payment, or even take some cash out of your equity. If you do decide to refinance your home, your lender will most likely require an appraisal to determine the value of your home and decide what your loan amount and new monthly payment will be. Continue reading “Understanding Appraisals When Refinancing”
No matter what real estate market in the D.C. Metropolitan area you’re in, Ratified Title Group is there. We have three main offices and over 50 satellite offices, so you can close in a location that is convenient for you and your clients. This means that we know the area where your clients are buying and selling, whether it be Washington, D.C., Virginia or Maryland. Having offices in so many locations means that we can be flexible and meet the needs of you and your clients. Continue reading “Ratified Title Group Offices Around NOVA and Washington, D.C.”
Since COVID-19 began, one of Ratified Title Group’s main focuses was to find ways to continue serving the D.C. Metro area as safely as possible. We quickly started implementing new methods for the closing procedure that ensures everyone feels comfortable and are still practicing social distancing.
As we are still dealing with the COVID-19 pandemic, we wanted to remind you of our current closing protocols. We want to make sure you are comfortable with your closing and that you feel safe. The following protocols are intended to give you peace of mind and keep our staff safe, as well. Before your closing date, just let us know which of the options below best suits your comfort level. Continue reading “COVID-19 Closing Protocols”
At Ratified Title, we consider the relationship we have with realtors to be some of the most important ones we have. For that reason, we like to support them in any way we can. One of the ways we do this is through our YouTube Channel. We’ve created a series of videos to help you be successful in your business with tips on how to generate leads and on digital marketing. Continue reading “Ratified Title’s YouTube Channel for Realtors”
Though we are still in the throes of the pandemic, the housing market remains strong and is expected to stay strong through the year. Interest rates are predicted to remain low, and it will continue to be a sellers’ market due to low inventory. Continue reading “Good 2021 Housing Predictions”
We’ve said this before, but it’s so important that it bears repeating. You need to invest in title insurance, (even if you’re paying with cash). Ideally, when you close on a property, the title transfers from one owner to another, and everyone lives happily ever after; but that’s not always the case. That’s why title insurance is a good investment. Read on to find out what it is and why you need it.Continue reading “Why You Need Title Insurance”
The busy season for real estate is spring and summer. During the winter months and the holidays, both buyers and inventory take a dip. However, those who are looking for a home during the winter months are highly motivated due to any number of reasons like job relocation, a new family member which requires more living space, wanting to take advantage of tax breaks and year-end bonuses that finally provide the funds needed to upgrade to a new, bigger home. There are some specific things you can do to make selling your home during this time of year easier.Continue reading “Preparing Your Home for a Winter Showing”