Homes & Property

Five Best Home Renovations

By Jennifer Bradley Franklin, Bankrate

Whether you plan to stay in your house for a long time or just a few years, it’s smart to know which home renovations add the most value. Here are the home remodeling projects that deliver the highest returns, according to the Cost vs. Value report.

1. Garage door replacement

• Average cost: $3,611
• Average resale value: $3,520
• Cost recouped: 97.5 percent

A good-looking garage door tops the list when it comes to getting cash back on your investment when you decide to sell your house. The estimate for this job is based on the cost of removing and disposing of an existing 16-by-7-foot garage door (or two-car garage door) and replacing it with a new four-section garage door with heavy-duty galvanized steel tracks, assuming the motorized garage door opener is compatible. This curb-appeal enhancer will get you back almost every dollar you spent on it when you sell your house.

2. Minor kitchen remodel

• Average cost: $22,507
• Average resale value: $18,123
• Cost recouped: 80.5 percent

Creating a modern-looking and functional kitchen can add more than just value to your home; it can boost your enjoyment of everyday activities like cooking, entertaining friends and sharing meals with your family. However, potential buyers see the intrinsic value of this kind of upgrade. On average, you’ll recoup a little more than 80 percent of the cost of a minor kitchen remodel. In a remodeling project of this kind, you might replace appliances with new, more energy-efficient models, reface cabinets with new shaker-style wood panels, install new countertops, replace hardware, install a new sink and faucet, add new flooring and repaint.

3. Deck addition (wood)

• Average cost: $13,333
• Average resale value: $10,083
• Cost recouped: 75.6 percent

If you’re lucky enough to own a house with a big yard, having a wooden deck can be an extra enhancement to enjoy the outdoors around your home. The average cost of adding a wooden deck from scratch (estimated based on a 16-by-20-foot deck, including a railing system with pressure-treated wood posts, railings and balusters) is approximately $13,333. But the good news is that this feature, which also includes a built-in bench and planter, can hold more than 75 percent of its value come sale time.

4. Siding replacement

• Average cost: $16,036
• Average resale value: $12,119
• Cost recouped: 75.6 percent

Old, dilapidated siding can make even the nicest house look worn out. For the average home, replacing 1,250 square feet of old siding will cost you just over $16,000 and you’ll get back roughly three-quarters of that investment upon resale. This upgrade includes the factory trim at the openings and corners.

5. Entry door replacement (steel)

• Average cost: $1,826
• Average resale value: $1,368
• Cost recouped: 74.9 percent

You will recoup nearly 75 percent of your cost by replacing your main entry door with a 20-gauge steel door, complete with clear dual-pane half-glass panel, jambs and an aluminum threshold with composite stop. These doors come factory finished with the same color on the front and back sides.

---

Raleigh Livability

The personal finance website WalletHub recently released a list of the most livable state capitals in the the United States, comparing all 50 cities across 49 key metrics ranging from cost of living to K-12 school system quality to number of attractions. Here’s how Raleigh stacked up.

Livability of Raleigh (1=Best, 25=Avg.):

• 2nd – Most Livable Capital City
• 20th – Housing Affordability
• 3rd – Median Household Income (Adjusted for Cost 
of Living)
• 28th – Unemployment Rate
• 12th – Percent of State-Local- and Federal-Government Employees
• 12th – Percent of Population in Poverty
• 3rd – Percent of Adults with Bachelor’s Degree or Higher
• 18th – Health Conditions
• 11th – Percent of Millennial Newcomers
• 13th – Number of Attractions

Real Estate Market Update

Numbers from the Triangle MLS comparing January 2020 to 2019.

Average Sales Price: $316, 496, Up 5.4 percent

2,510 Closed Sales, Up 23.3 percent 

Total Homes for Sale: 6,925, Down 15.8 percent

New Listings: Up 2 percent with 3,904

42 Average Number of Days on Market until Sale