Home Improvements With Good ROIs
Homeowners spend less on home maintenance projects than they do on home improvement projects. In fact, homeowners pay about $5 on home improvements for each $1 they pay on home maintenance. Having said this, there are home improvements that you can make with a good return on investment, and the following includes those investments:
Bath and Kitchens
Bath and kitchen remodeling is a secure investment in the best housing market. This investment usually returns over 100% of the cost. Markets in Minneapolis, Washington, D.C., Atlanta, San Diego, and San Francisco will provide triple-digit returns on bathroom remodeling.
Even though bathrooms and kitchens are great investments, they won’t be so much of a great investment if there’s a water leak. So, if you spend $40,000, for instance, on bedroom remodeling, but the plumbing is not up-to-par or there’s a leak, the value will diminish.
Also, the importance of different maintenance problems varies, according to the geographic location. The average cost of roof replacement for buyers is $11,376, according to Remodeling. The average cost of roof replacement in the Midwest is 71.1 percent of this cost, and the average cost on the east coast is 96.3 percent of this cost.
Roof repairs and replacements are very critical when needed. So, the recommended time period to replace composite shingle roofs is 12 to 20 years. The time period for metal roofs is 50 to 75 years, and it is 15 to 30 years for asphalt shingles.
Real estate veteran sellers know that people will not go inside a home if they are not impressed at what they see as they drive by the home. So, it is critical to have more curb appeal for your property.
The remodeling must be on the inside as well as the outside of the home. So, siding replacement is critical. Also, the roof often plays a huge role in the overall curb appeal. A roof can potentially be up to 40% of your home’s exterior, depending on the home’s architecture.
Adding one or more rooms can be an attractive investment, especially in a hot housing market. Whether it’s adding a sunroom, doubling the size of your home, or adding a home office, your home will usually appear more appealing to prospective buyers. The sale price of the home will increase by 30% for every 1,000 square feet added to the home, according to the National Association of Realtors in a 2005 study.
Adding more space is remarkable. However, it is also important not to add so much that your house will outgrow right outside of the neighborhood. Being the leading house value in your neighborhood is not a good idea.
Bells and Whistles
Reaching your home improvement dreams many times will be a great return as well. For instance, having that home theater room with an elaborate sound system and a 12-foot widescreen will attract potential buyers of your home if you’re planning on selling it one day.
Home theaters usually include extensive installed cabinetry, wiring speakers into walls, and soundproofing. So, of course, you won’t take any of this with you if you plan on selling your home one day. Nevertheless, you can recoup a large portion of these costs when you sell your home. Other bells and whistles are wonderful investments as well, especially in the high-end LA market, including yoga rooms, massage rooms, and wine cellars.
These home improvements are amazing investments. Adhering to these steps mentioned above will ensure a good return even if you are not planning on selling your home.