Best Bank for Your Buck Home Improvements
Home prices are still up, which means it’s also a great time to invest in your house with strategic upgrades, whether you’re considering selling or not. However, be aware that many home improvement projects won’t add to the value of your home.
In fact, according to Dean Weissman, Broker / Owner at The Platinum Group, Realtors “Some can even detract from the price when you do choose to sell, while other projects can add value to your home.” Considering the cost of a project versus the impact, or ROI, (Return on Investment), it will have on the resale value of your home is critical.
Weissman comments that “The biggest returns come from Kitchens and Master Bath remodels, a close second would be Basement Remodels”.
Some helpful tips on home improvement projects that will increase the value of your home in addition to your family’s quality of life include:
1. Garage Door Replacement
In terms of return on investment, garage door replacement is at the top of the list because curb appeal projects perpetually add to overall value to a home. According to Remodeling magazine’s latest Cost vs. Value Report, homeowners can recoup 97 percent of the cost for a new garage door. Homeowners looking for the best impact should select their new garage door by choosing a design that fits the architectural style and price point of their home.
2. Minor Kitchen Updates
In almost every family, the kitchen is the hub of the home, therefore updates in this room pay off. A complete overhaul may not make sense, but minor improvements like refacing cabinets or updating finishes can have a big effect. A minor kitchen remodel will recoup 80 percent of its cost, according to Remodeling Magazine. Consider replacing old appliances with Energy Star-rated appliances which are not only better for the environment, they help save money by using less energy.
3. Deck Addition/Improvement
Outdoor living has progressively become more of a lure to homeowners, as well as prospective buyers. Therefore, decks are a project that can add major value to your home. According to Remodeling Magazine’s report, a deck addition can recoup 76 percent of its cost. A deck addition is a win-win for homeowners, allowing for plenty of enjoyment for the homeowners while also enhancing property value at the same time
4. Window Replacement
Window replacement projects still account for one of the highest ROIs. In fact, their return is three-fold – increasing curb appeal, value and efficiency simultaneously. Both heating and cooling costs
can be significantly lowered with insulated windows that regulate heat exchange. Homes with energy efficiency in mind can save you a substantial sum each year and Remodeling Magazine’s report suggest that new windows recoup 71 percent of their cost.
5. Siding Replacement
Again, exterior replacement – or curb appeal projects, like siding, is at the top of the ROI lists. Remodeling Magazine’s Cost vs. Value Report indicates homeowners will recoup 76 percent of their cost on new siding. More than just a cosmetic upgrade, good siding will protect your home from the things Mother Nature dishes out, like winter storms and heavy spring hail.
On the other hand, some of the things you should not invest your money in, if you’re looking to get the most bang for your buck, include:
1. Gourmet Kitchens with High-End Accessories
While you think that $10,000 commercial stove and top-of-the-line cabinetry is the ultimate kitchen renovation, these costly additions will not pay off when you decide to sell your home. Going too high end, or with too much personalization in will turn buyers away. It’s essential to stay on par with your neighbors – expensive, gourmet kitchens won’t help attract the perfect buyer, unless you’re already in that type of neighborhood.
2. Whirlpool Baths
Potential buyers do not want to pay for a newly installed whirlpool bath, and the costs for installing a whirlpool tub can be excessive. Some homeowners decide to install luxury bathtubs and later discover they need to invest in a larger hot water tank for the tub to work properly.
3. Expensive Landscaping
While curb appeal is critical and can transform the overall look of your home, going over the top to won’t add to your asking price. Rather than investing in expensive landscaping, it’s better to make smaller changes to add curb appeal. A well-kept lawn and some well-placed hedging or small trees can make a big impression.
There are a large variety of options for home improvement projects that can add value to your home, but concentrating on smaller, more purposeful improvements will pay off in the end. Whether you plan to stay in your house a while longer or just a couple more years, it’s wise to consider which renovations will add the most value to your place.
The experts at The Platinum Group, Realtors have years of experience and unlimited resources to help you evaluate your best options based on your situation, and what makes sense for your location.
With over 80 percent of their business coming from referrals, The Platinum Group, Realtors deliver top quality customer service the utmost honesty, integrity and attention.
For a no-obligation consultation, call today: 719-536-4326 or visit PlatinumHomesSales.com.