Many choose to rent because they assume they can't afford a home when the reality is that if you are paying rent, you can afford to buy. Consider these financial factors that come with
5 remodeling projects that can Increase your home's return on investment!
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Before you add a sun-room to your home, take time to consider its ROI. There are many remodeling projects but only few pay back. It is important to focus on those that do. Well-planned home improvements make a house more livable and boost its resale value. Wow potential buyers with these projects and you’ll be smiling all the way to the bank.
- A Minor Kitchen Remodel - The kitchen is the heart of the home and is undoubtedly the most hardworking room. It deserves special attention. Get more bang for your buck by carrying out a minor kitchen remodel. Try to not invest more than 20 percent of your home’s value in the project. You’ll recoup about 70-80 percent of your money. Consider updating the sink and faucet, reface cabinets, and install a durable floor. Appliances are perfect for buyer appeal but be aware of the competition in the area before blowing your entire remodeling budget. Lighting fixtures like the pendant lights gives the entire kitchen an updated and modern appeal.
- Updating the Front Door - A front door is among the first home details buyers see as they approach your home and should look stunning. You don’t have to buy a new door; you can perk up your old one. Consider adding a new coat of paint or install new door hardware. If you are deciding to replace your door metal can be less expensive than wood doors and can increase the energy-efficiency of a home. A steel door generates a return of about 102%. If you choose a wood door ensure it is made of hardwood and is sealed properly to weather the elements. A gorgeous stained wood door can add value and it looks beautiful. When buying your door, choose one that enhances the exterior and creates buyer appeal as they approach your home.
- Wood Patio Deck Addition - An outdoor wood deck has a high return (about 80%). It appeals to buyers because it is easy to maintain and creates a natural transition from outdoor to indoor spaces. It is also cheaper than a composite deck which has a lower ROI. A wooden deck’s cost depends on the materials used. When building your deck, look at the other homes in the neighborhood to ensure the style blends well. To add buyer appeal add outdoor furniture, plants, and a grill will create the ultimate oasis a buyer won't be able to resist.
- Installing New Windows & Exterior Siding - Replacing windows in your home can yield 77 percent return. However, the amount you recoup is based on the type of windows you choose. Buyers prefer upscale vinyl windows as compared to upscale wood windows. The area you live in also matters. Don’t buy vinyl windows if all your neighbors have wood windows. New siding refreshes a home’s exterior and changes the way a home looks from the street. The best option is vinyl as it comes in a range of styles and colors, it's low-maintenance and can last up to 25 years. Home buyers are always looking for low-maintenance materials of good quality and this one fits the bill. In addition, siding replacement has an average return of 80 percent.
- Finish off your Attic Space - Turn your attic into a bedroom and get more money. You can expect to recoup about 83 percent of the cost when you sell. You need a whopping $50,000 for this project but the investment is worth it. Buyers are always looking for space and an extra bedroom offers just that. Additionally, it is cheaper to remodel the attic than to create an extra bedroom. The room offers more space without affecting your existing square footage.
These days, many homeowners remodel their homes before putting them on the market. They hope that their initial investments will yield high returns. If you’re looking to update your home, choose the above remodeling projects. You’ll increase its value and will enjoy raising your asking price due to the efforts you have put into your home
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