7 Home Updates That Offer The Best Financial Return
While some homeowners think that they will get back all monies put into the home is a good investment, not all home improvements are created equal. Homeowners who opt for the wisest improvements generally get the most return on their investment, so make sure you’re among the wise ones and look to the long term when deciding how to spend your money. The 7 home updates below will give a good idea of how to invest your money wisely.
One thing to remember: Don’t overdo it. Check around your neighborhood for ides about what will help your home hold its value until you decide to sell. For example, you may want to add high end wood flooring throughout the home, however in a neighborhood full of modest homes and you may not see the return you hoped for on that particular investment.
These are the 7 home updates that will offer the greatest return on your investment:
- New exterior siding. On Average, a nice upscale fiber cement siding can pay back as much as 78% of its cost. Standard Vinyl siding and Foam-backed vinyl siding can also yield a pay back up to 70% of their costs. If you want a certain look of cedar wood shingles for your wall but wish to avoid the splitting and cracking and annual paint job they require, you can always go for shingle siding panels made from fiber cement. Wood sidings are usually susceptible to fire and subject to Mother Nature’s wrath. 2. New entry door. When upgrading entry doors, choose a door that harmonizes with the architecture of the home, such as a mid-range 20-gauge steel door. Select a color that coordinates or contrasts with the siding, trim and shutters for a seamless design. Doors in bright hues, such as red, orange or yellow, add visual energy to the entrance. Soft door shades of blue, green or purple give the exterior a subtle, crisp look. Incorporate a door with a transom or sidelights to transform a dark foyer into one with additional natural light. Updating your entry door can pay back up to 73% of its cost while also boosting your curb appeal.
3. Attic bedroom. Attic bedrooms are desirable to buyers, which means they’re big business to homeowners. In addition to the value you’ll enjoy when you’re living in your home, your attic bedroom will pay you back when it’s time to move out. You can get almost 84% back on your investment, also an attic remodel is one of the least expensive ways to add measurable living space and an additional bathroom.
4. A simple kitchen remodel. When it comes to home remodeling, the room that first comes to mind is of course the kitchen. There are few home improvement projects that can match the sensation and pride of a remodeled kitchen. Whether it is altering the design, redoing the floors, constructing a new island or simple cabinet updates, there are numerous benefits to kitchen renovations. A simple remodel under $20,000 can bring back on average 72% of your investment. Include upgrades like sinks, fixtures, appliances, and solid or laminate countertops. You can keep the floor if it’s in good condition, but consider refacing the cabinets with new hardware.
5. New garage door(s). Homes with new, energy efficient garage doors tend to have a much greater curb appeal to prospective home buyers and the general public than do homes with old, outdated garage doors. The options available on the market today make it easy for homeowners to customize the look and feel of their new garage doors; windows, trims, and more can be tailored to your taste.Believe it or not, a nicely upgraded garage door can pay back over 71% of their cost if you install a midrange or high-end product. This will also instantly boost your curb appeal.
6. New wood deck. Adding a deck adds a high amount of design to any home, making it more visually appealing and enhancing the home’s overall quality. It can easily add dimension to any yard for an attractive property that stands out. You can stain the wood of the deck to fit into the color scheme of your shutters and the design of your house to make it look natural and appealing. Perhaps one of the best benefits of a deck is how it naturally increases the home’s value. According to experts, you can easily recoup up to 72 percent of the cost of building the deck by the amount it will raise the overall property value of your house. This exceeds what can be recouped from other home additions, including adding a living room, sun room, or even an extra bathroom.
7. Upscale vinyl replacement windows. Changing out your old windows with new energy efficient glass and insulation will allow you to enjoy a possible payback of over 69% of the cost. Vinyl windows have several advantages over wood frame and metal frame windows: they are frequently more energy efficient, resist condensation, are immune to aluminum oxidation, and require no painting or maintenance, to name a few. However, the design of vinyl windows can have a significant impact on their efficiency and lifespan. If your home needs replacement windows, it is important to choose a door-and-window company whose products justify making the investment. For thousands of homeowners in the California area and beyond.
Keep these 7 home updates in mind for your next project! When you’re ready to upgrade, downsize, or buy your first home, we can help you every step of the way. We’re happy to answer any questions, as soon as you’re ready to take advantage of the opportunities in today’s housing market. Mortgage rates are still at historically attractive levels. Whether you are buying, selling or both, contact Tami Price Properties, Inc. and let us help you make your next move.