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emodeling projects are exciting to homeowners for a number of reasons, but whether you’re looking to sell or just change your space, your return on investment (ROI) should be the top factor to keep in mind. “Move-in ready homes are much more appealing to buyers,” said Realtor® Thomas Brettell of Smires and Associates in Bordentown. “If a buyer walks into the home and the burden of fixing it up is gone, it’s already more desirable.”
Remodeling Projects Worth the Time and Money BY DANA FIORI
According to the 2021 Improving America’s Housing report by Harvard University’s Joint Center for Housing Studies, American spending on home improvement and repairs increased by three percent to $420 billion in 2020. “Being home all the time, everyone is noticing things they don’t like about their house and what they want to change,” said Carl Giambrone, a contractor with EPIC Management, LLC in Piscataway. “They’re willing to spend the money whether they are looking to sell or fix it up for themselves.” Before hiring a contractor or breaking out the tools, decide which projects would be the most profitable in the long run. Here are the top remodeling projects according to Remodeling Magazine’s 2020 Cost vs. Value report. Manufactured Stone Veneer Job Cost: $9,357 Resale Value: $8,943 Cost Recouped: 95.6% When it comes to home sales, curb appeal is your best friend. A big change to the front of your home can be made by adding stone veneer siding, making a difference in appearance and resell value. “People have busy lives,” explains Mandy Burckhardt, Realtor® with Weichert Realtors® in Medford. “Buyers today are looking for a home that not only fits their aesthetic, but also doesn’t require maintenance—and they’re willing to pay for it.” While adding stone veneer siding is an undertaking and not recommended as a do-it-yourself (DIY) project, ultimately, the price of the project pays off. Exterior projects currently have a higher ROI than indoor projects, according to the Cost vs. Value report.
20 | NEW JERSEY REALTOR®® | May/June 2021
