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Making Your Home Improvement Project Pay Off
A home remodel is a very costly venture. Homeowners are always looking for ways to add value to their home. Renovating is a great way to update an area of your home and add value to your biggest investment, your house. But not all home upgrades and renovations are worth spending your hard-earned money on. Here is some simple advice to make your home renovation worth the money and effort you put into it.
Repairs are the renovations that will yield the most value for your home. Fix the areas of your home that are in need of attention from a contractor or handyman. In an article by Realtor.com, you will be more likely to get the best value from handling repairs than any other renovation. Good repairs to consider are: fixing a leaking roof, replacing broken kitchen tile, stopping leaky faucet, and having an electrician rewire a faulty outlet. Even these small repairs can increase the value of your home.
Plan to Stay a While
Are you thinking of selling or are you planning on staying in your home a while? Getting a good return on your home improvement project might not pay. To find out if a home renovation increases your home value before you sell, contact a local realtor for advice. A local realtor will be able to evaluate your home with an eye for what sells. He or she can tell which renovation project will get your the best ROI. If you not planning on moving then the best renovation project is one you want to do the most.
Big addition, Big No
Additions are the most costly of all home renovations. A good remodel is a much better bang for your buck. But if you need more space and love your home, an addition is the only way to solve that problem. Consider you local market when adding on. If the neighborhood is full of 3 bedroom homes then adding an addition with 2 bedrooms to make your home have 5 probably won't get a good return on that investment. You would be better off selling your home and buying a bigger home in the neighborhood with similar home sizes.
Going green is all the buzz right now, but it also just makes good financial sense. You can save money in the long run with energy efficient appliances, windows, doors and more. You can also get tax breaks on these energy efficient products too. Energy prices are only going to increase, do your best to keep your costs at a minimum.
Kitchen and Bathrooms, biggest ROI
According to an article from HGTV.com, kitchens and baths are the most expensive rooms to renovate. They are also the most frequently used, however, so the remodel will definitely be well appreciated. When renovating the kitchen or bathrooms you typically get a 100% ROI. Ask your local realtor before you make a big investment if you plan on selling once the renovation is done. Regardless of whether you sell or remain within your home, the upgrades you make in the kitchen and bathroom will be well worth the money and effort you put into them.
The Bottom Line
Home remodels and renovations can definitely pay off if you plan carefully. Ask a local realtor about what improvements in your home will help it sell. Repairs, along with upgrades in the bathroom and kitchen, far outweigh other renovations and add-on projects you would undertake. By planning ahead and understanding how your renovation project will affect your bottom line, as well as home value, you are protecting your investments and hard-earned money in the process.
All Rights Reserved: Matt Bomba 2016
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