Home Improvements That Pay Off
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Homeowners often wonder about the value and ultimate returns they will receive on the home improvements they are considering making to their homes. Here are some home improvement ideas that will provide the greatest return, and some that won’t. You should always keep in mind there is a personal value attached to every home improvement, in addition to its financial value. That personal value increases or decreases, depending on the length of time you will be in your home once you have completed your home improvements.
- Kitchens: think basic projects like painting, wallpapering, and re-flooring. For cabinets that need a little work, try sanding, staining or painting. Even replacing the old hardware with classic, high quality cabinet hardware has a big impact.
- New space: instead of adding on to your home, work with the space you already have. Increasing the functionality of existing space holds the home’s value longer rather than making improvements that just make the house look better. One example is converting an attic into a bedroom suite.
- Adding an extra bathroom: for a bathroom with all the trimmings – marble vanity top, molded sink, bathtub with shower and ceramic tile – costs $21,087 on average, but recoups 86% of its price tag.
- Decks: other than painting, adding a deck is one of the most reliable values for outdoor home improvements. It’s also a cost-efficient way to add square footage.
- New windows: as long as they’re standard, expect to recover 85% of cost at resale. Fancy-shaped, customized windows you can’t see from the street are not worth the expense though.
- Swimming pools: prospective homebuyers view swimming pools as a liability and the upkeep is expensive. They have no resale value.
- Manicured gardens: spending $40,000 on landscaping may be an investment, but it doesn’t add $40,000 to the value of the house. This also applies to expensive fences and stone walls.
The bottom line: the greatest return on your home comes from basic home improvements. Before taking the plunge for a new hot tub, fix the leaky roof. The home’s structure and mechanical systems come first. One last note: people’s design tastes change over time. The longer you hold on to your home after completing a remodeling project, the less likely you are to recoup its value.
This information was provided by ChoiceMortgage.com, your choice for home mortgage services. ChoiceMortgage.com provides the most efficient, cost-effective mortgage and home improvement loan processes available by offering the highest level of personal service to you. At ChoiceMortgage.com, we listen, keep the paperwork simple, the rates low and give you straight answers.
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