I'm sure you know by now that there are certain projects that will yield better returns upon resale. If you're thinking about selling your home in the next few years or just want to justify spending $30,000 for your new kitchen or deck, you will want to read the following list.
Here are some remodeling projects you that will give you most bang for your buck:
1 - Replace your front door - A new front door makes a great first impression on a potential buyer as well as upgrading your main point of entry in both beauty and security. It also gives you an 86 % return on your investment. If you don't presently need a front door, a nice paint job or hardware change can also dramatically improve your doors wow factor.
2 - Siding - Speaking of exterior home improvements, your curb appeal will be severely boosted by replacing your siding. Vinyl siding is your best bet for your wallet. Horizontal clapboard is your standard for an exterior remodel, a slight upgrade to vinyl shake is a nice touch if you are willing to shell out a little more. Your homes overall look will no doubt be transformed by vinyl siding. It's newer, cleaner and easier to maintain. Don't let your house be labeled as a fixer upper! You can expect to gain 72% of your investment by a vinyl siding remodel.
3 - Add a deck or patio - Buyers are looking to expand their quality time to the outside. Building a deck or patio will enhance your experience in your front or backyard. Enhancing it with exterior furniture or an outdoor fireplace will help bring your need for comfort outside as well, truly creating an exterior living space. Expect a 77 % return.
4 - Window replacement - A remodeling project bridging the gap between interior and exterior, is window replacement. Consumers are looking for anything energy-efficient these days, and both new vinyl and wood replacement windows are a great way to upgrade. Don't shop blindly however, there are cheap windows that I wouldn't even install in a shed. Look for double pane glass, filled with Low-E argon gas. Frames play an important role as well. Fiberglass and wood frames offer the best while aluminum frames(whilst strong) are the worst, conducting temperatures into your home. If all this is mumbo jumbo, all windows in the voluntary Energy Star program will have a sticker on them with ratings from the National Fenestration Rating Council.
5 - Build an addition - Depending on your purpose AND your budget, adding an addition to your home can help to increase it value. If you feel that your house is lacking a certain space, chances are so will the buyers. Not all additions yield the same returns however. A second bathroom upstairs or a half-bath converted into a full-bath are good examples of a smart addition. Building an addition for an indoor basketball court, not so much. Adding bedrooms or finishing an attic is a safe bet, gaining you 73 %.
6 - Update your lighting - No doubt that people want good lighting. In older homes, it's easy to find dark rooms. Take a look around to spot any dimly lit areas in your house. Adding a few well placed high hats, or recessed lights, can be a great fix. Also be sure to replace any old outdated fixtures with something with a little more style.
7 - Storage - It seems like nobody can have enough storage these days. If you have the space, expand a closet or two. If that's just not doable, try organizing them with a closet remodel. Closet organizers can be a great way to add efficiency to current storage.
8 - Remodel your bathroom - No doubt about it, the bathroom is one of the most important factors in home buying. While the return on investment isn't as impressive as the other's listed, it's still important to resale as well as everyday use. There are ways to budget on a bathroom and still get a great transformation. Replacing the toilet, vanity and sink is a quick fix for a dated bathroom. A fresh coat of paint, crown-moulding, replacing the grout and caulking - these are all great ways to spruce a bathroom up.
9 - Remodel your kitchen - Aaaah, the biggy! The number one thing a buyer looks at and clearly the most used room in the house. Like the bathroom remodel, be sure not to overspend on your remodel project. Sometimes, just upgrading your appliances or countertops will give the appeal that you're looking for. If your cabinets drastically need updating, check out some import cabinets. They are growing increasingly popular and better in quality.
Some call it investing, some call it remodeling with purpose. Whichever you call it or what your intentions are, with a little bit of guidance, you can maximize your return investment. It can help put your analytically mind at ease... or justify spending your hard earned dollars back into your home.
If you're thinking of remodeling strictly focused upon return on investment, using these pointers will serve you well when considering your next remodeling project. And when spending, be sure not to over-improve and exceed the average price for your neighborhood.
**On a personal note, I believe that your home is what is best suited for you. No pricetag should determine that. If you desperately want that $50,000-$100,000 kitchen, and you have the funds, go for it. I know people that will not put in that second bath they NEED because they already maximized the value of their home in their neighborhood. Meanwhile there's a waiting line every morning for their 4 children to brush their teeth.
If the remodeling project enriches your time spent in your home, no price can be too much. The average American spends 1/3 of their life sleeping, think about how much time you actually spend in your home...
