Did you know that 10,000 new retirees are added to the Social Security rolls every day? That rate is expected to continue for the next two decades when some 74M Americans will join many others in their golden years.
But, hold on! Before we get there, now may be a good time to plan for the inevitable. Growing old should be embraced as a new chapter in a storied life and one that brings great anticipation about new goals. One of those objectives may be to make renovations on the home now when you can still safely – and, we trust, affordably – manage the projects before being too busy playing pickleball, volunteering your time or traveling the world.
Whether you plan to age in place or soon prepare the home for sale, think about making your place shine today. You can enjoy a refreshed abode while also making it feel new and warm for the next homeowners when the time comes.
Here are several suggestions on where you can make a difference in and around the home and the potential costs, according to the Remodeling 2023 Cost vs. Value Report:
Kitchen
Arguably the most important room in the home, the kitchen can start to look dated after 10 years of use. Styles and tastes change. If any part of the home could benefit from an update, it’s probably this space. Cabinets and countertops can show wear and tear, and appliances that take use and abuse (like my microwave!) are prime targets for upgrades.
The average cost of a midrange minor kitchen remodel is $30K and can add about $22K to the resale value of a home. A midrange major overhaul can run about $87K and return about $30K on resale. (All estimates are associated with the Seattle metro market.)
Bathroom
If your bathroom has tiny pink, black and white tiles or features a tub other than a shade of white, then you are likely looking at an ideal opportunity to rethink this important room. The average cost of a midrange bathroom remodel is $33K, and it should garner a return on investment of $18K. Bathrooms today feature more “wow factor,” including double vanities and backlit mirrors, bidets (when space permits), curbless showers and white subway tile (often without a tub).
If you live in a home where bathrooms are in short supply, think about adding a powder room or three-quarter bath (with shower) to help boost the resale value. The national average of a midrange bathroom addition will run you about $76K and produce a value of about $19K (depending on the size and scope of the job).
Primary Suite
If space allows, seriously consider creating a primary bedroom suite with private bathroom and walk-in closet. Homeowners must understand, of course, that a major remodel project like this will likely be an inconvenience for a few months – but a great trade-off in the end. The average cost for a midrange primary suite will run about $109K, with a resale value of $52K, according to local estimates.
Deck
One main attraction for buyers in our post-pandemic world has been the enjoyment of more private outdoor spaces. This is where the addition of a deck can be a crowd-pleaser for homeowners. Who doesn’t like a deck on their home to get away from it all?
If you’re “deckless in Seattle,” consider a wood addition to the back of the home. It will cost about $20K to construct (depending on the size and scope) and deliver a $9K return on investment. A composite deck will run about $32K and increase a home’s resale value by about $9K.
Roof
You probably wouldn’t want to replace a roof until its lifespan has run down to a year or two remaining, but if you’re looking to make a difference in the housing market consider this item as a higher priority. It will potentially save you time and money if a home inspector suggests repairs or replacement while you are selling the home. No buyer wants to face the prospect of investing in a roof a few years from now, so make it a selling feature.
Take the initiative: Ask a specialist (or two) to visit the home and estimate the remaining life of the roof as well as a price range to replace it. We figure a new asphalt-shingle roof will run about $34K depending on the coverage area, materials and complexity of the job. The estimated return on investment: approximately $23K.
Siding
Curb appeal is a thing for buyers and nothing catches their eye more than the condition of the home’s exterior. If it’s fading, cracked, warped or – worse – missing, look into replacing the siding. Some potential buyers may keep driving right past the home when they see a dull or damaged exterior.
The average cost to replace vinyl siding is $20K, with a projected resale value of just a smidge under the same amount. Lean into the knowledge of siding specialists to guide you on the right color scheme that can blend in with the region of the country and vibe of the neighborhood. Then consider adding a coat of paint around the rest of the home – doors, windows, awnings – to provide a picture-perfect look.
Stone
Perhaps the outside of your home is simply needing a slight makeover. Then consider installing manufactured stone veneer on a portion of the exterior. This stone-like covering – typically along the base of the home – can add a luxurious touch to an otherwise cookie-cutter house.
Buyers love the finish and are willing to pay more for a home. A typical cost to install the manufactured stone is $13K and the resale value is about $11K.
Garage Door
This straightforward replacement can make a world of difference when you finally plan to sell the home. Garage door styles can change every decade or so, which makes having the entry replaced when the time is right for you.
Garage doors can produce a high return on investment. A replacement may run about $5K and attract a $4K return. You can’t go wrong with investing in an updated garage door.
This list of suggestions is far from exhaustive but it showcases where you as a homeowner and future seller can enjoy the benefits of new both now and later. Then, embrace retirement knowing that you have fixed up the place to enjoy for years to come!