Remodeling your home is often about updating its look and increasing your enjoyment. But you also want to take into account how much value you are getting out of the updates you make to your home, because some updates return a lot more on the investment you make than others. Here are six updates every homeowner should consider that will benefit them now and in the long run:
Minor kitchen remodel
You may look at your kitchen and think you’d like to rip everything out and rearrange the setup, but you should resist that temptation. A major kitchen remodel may not hold its value well. However, a minor kitchen remodel, such as replacing counter tops, upgrading flooring and getting new appliances is the best investment you can make. A minor kitchen remodel, in which you spend less than $15,000, will recoup you about 93 percent of what you spent.
Replacing your siding may not be high on your list of things you want to spend money on in your home, but it’s a good investment to make, especially if your siding is in poor condition. You will also recoup most of what you spend on the new siding.
Most people can’t have enough bathrooms in their home, and even though adding one is expensive, it has a good return on investment. An added bath will recoup about 86 percent of what is spent on it. The investment return is best when the bathroom can be fit into existing space and can tap into existing plumbing.
Beyond the cosmetic value of new windows, there is an energy-saving element as well. More energy-efficient windows, especially those that are double-paned, can save you a couple hundred dollars or more annually on your heating and cooling bill. This is a great way to add a customized look to your home that is very practical and money-saving.
Hardwood floors can be used in just about any room including the living space, bedrooms, baths and kitchens. It can instantly make whatever room they are used in look more high end. Hardwood floors also are more neutral than something else like tile. Adding hardwood floors is great way to give your home a timeless and polished look.
Finishing an attic can give you more functional space to use for a bedroom, office, rec room or play room, and it also is a good investment, recouping about 73 percent of what you spend. Any unused space like an attic or basement doesn’t give your home any added value. No matter what you use the extra space for, it will increase your home’s value. Be smart in your remodeling choices, and you can increase your enjoyment of your home while boosting its resale value. These projects are all great options to start with for increasing your home’s value. By doing practical and money-saving updates, you can immediately see the benefits, while increasing your home’s value when it comes to sell.