Home Improvements That Really Pay Off
Contrary to the popular belief, most of the home improvement projects with the greatest return on investment are unglamorous. For instance, surveysshow you’ll recoup the greatest percentage of your investment on projects such as adding a wood deck, replacing old siding or replacing old windows.
Another popular myth — that most home improvement projects return more than your investment when you sell is simply not true.
As a matter of fact, the average remodeling project only recoups 66 cents for every $1 you spend on it.
In order to get back the highest possible percentage of your remodeling money when you sell, here’s what to improve & what not to improve.
- Most Midrange Projects Really Pay Off
In case you really want to get back almost 100% of what you spend on a home improvement project, here’s what you have to do:
Replace your old front door with a new, mid-range steel door.
You’ll spend an average of $1,162 for this project, but you’ll get back $1,122 when you sell.
Replace your garage door. You’ll spend $1,534, but you’ll recoup $1,283.
2. What Makes These Improvements A Smart Decision?
You won’t need a loan to tackle these projects, they’re low cost.
They have a high impact on curb appeal.
According to specialists, curb appeal is the best selling factor. Why? If the house looks neglected and badly maintained from the outside, the potential buyers automatically assume the same will apply to the interior of the house.
In case you are able to afford more, consider projects such as adding a wood deck, replacing old windows with new, replacing vinyl siding.
Actually, these home improvements are not big-ticket items in terms of price, but they give the house a modern, well-maintained look which is exactly what homebuyers look for when they choose a new home.
3. Some Pricier Projects Do Pay Off
To tell the truth, expensive projects such as attic bedrooms and basement remodels are really worthwhile. They really add value to your home, but forget about doubling your money. On average, you are likely to recoup just around 80 % of your investments.
When we’re planning such big & expensive remodels, we are often tempted from the option to finance with a home-equity loan, but I’d advise you to think twice. In fact, you’ll finance a project with a negative return.
Of course, costs may vary by geographic region, project size & scope, and the quality of materials you choose to use.
For instance, bathroom upgrades can be done for a minimal cost using materials that look quite expensive & luxurious, but are actually affordable.
4. Astonishing Myths
Some home improvements don’t pay off and a good example of for that is roofing replacements. You’ll likely recoup no more than 70% of the money you’ve spent. At the bottom list are also sunroom additions & bathroom additions and remodeling your home office.
Also, these projects expensive and time-consuming. I’d advise you not to take them unless for your personal enjoyment or in case you’re planning to stay in your home for a long period of time.
5. Other Cases
Of course, there are always exceptions from the common rules.
For instance, adding a wood deck to your house isn’t a good idea unless decks are popular in your region.
Note that in case your overall condition is poor, one or two home improvements won’t make a big difference.
In case improving the resale value is the most important motive for you to undertake a home improvement project, don’t let your personal needs & tastes or TV shows guide your decisions.
Article Source: Home Improvements That Really Pay Off