Unfortunately, the current economic climate means you’ll be hard-pressed to recover your investment. However, there are five can’t miss home renovation projects that if completed according to plan will add value to your home and make it more marketable when it comes time to sell according to the Remodeling website.
1. Attic bedroom. If you already have an attic, then you have the bones for a new room in place. You may need to run electrical and heating lines, put up drywall, update the windows and lay down flooring. What you’ll end up with is a much-needed room for your teen and a home that has a bonus shoppers will take note of when you’re ready to sell.
2. Deck addition. Outdoor living space is prized by today’s families, especially decks as these are relatively low-maintenance additions. An annual cleaning and occassional resealing is all that is needed. Decks can extend your living space outward for a cost that is much lower than a Florida room or porch.
3. New siding. Regular painting of a home gets expensive. Insteading of repainting once every five years, why not install quality siding that matches the character of your home? For some homes that would be vinyl for others it would be brickface. In addition to decreasing maintenance costs, you want siding that will improve your home’s appearance and perhaps lower your utility bills.
4. Kitchen update. You don’t have to gut the kitchen to realize an improvement in your home’s value. A smaller job involving the replacement of counter tops, cabinet faces, flooring and appliances can make your kitchen look like new. You’ll spend less, but still come away with a kitchen you’ll like and one that can be a magnet for future home shoppers.
5. Replacement windows. Aged and leaky windows are a turn off and can cost you money. New windows, whether these are vinyl or wood, can add value to your home. New windows look better and can help lower your energy bills.
Will you recoup every dollar you put into your home? No, especially if you hire someone to do the work for you. Labor costs must be factored in and will only allow you to regain some of that money. Indeed, if you choose an attic update, you’ll get back approximately 72 cents for each dollar invested. If you want to come out ahead, then do the work yourself or put in that steel front door — you’ll get $1.02 back for every dollar spent.
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