Much of the time it doesn’t add as much value as it actually costs for the improvement and some renovations give you more bang for your buck than others. Here are a few examples of improvement ideas that do actually yield a higher payoff.
If you are selling your home and you have a dated kitchen, it might be advantageous to do the remodel. A potential buyer may look at your kitchen and think it’ll cost approximately 40-50k to redo the kitchen. When in reality, the average cost of a minor kitchen remodel – including replacing cabinet doors, countertops, sink, faucet appliances, paint & hardware, (according to the Cost vs. Value report) is $18,856. Cost effective shoppers can probably do it for less than what the buyer assumes. The would-be buyers will often overestimate the cost for an update. So just remember that kitchens are very important when selling your home. They yield a higher return on investment (roi) that even bathroom upgrades.
Home Improvement Trends – Current
Before the real estate market crashed in 2008, additions were the most popular remodeling project. The preferred remodeling choices were kitchens, family rooms, and master bedroom suites. But now days home equity lines of credit have all but dried up and it’s easier to get a mortgage to buy a bigger house! So folks are now doing home improvement projects like replacing windows, insulation and siding. People then stay in their homes making money saving changes like installing new energy-efficient heating and air conditioning systems and appliances.
Existing Structure Renovations
Renovations that don’t require you add or build an addition, especially if you don’t have to expand the foundation or roof, will many time have a bigger roi that if you build extra rooms onto your house. They are cheaper for starters since you don’t have to mess with the roof or foundation line. Projects like converting an attic or a basement is a great example. Turning these spaces into useable areas is both a popular and a profitable improvement.
Another great idea would be to wall off a hall bathroom to make a bedroom suite. This type of project doesn’t require any additions to the house.
Miscellaneous and Inexpensive Changes
You may want to consider replacing your sliding glass doors with French doors that will open to the backyard. It’s relatively easy and not very expensive to do. It makes the room seems bigger and your home just feels more spacious. You can do this project on pretty much and sliding door that leads to the backyard, kitchen, living room, family room or master bedroom.
Replacing your front door is also an option to improve your home. This is the top-ranking home improvement! Keep in mind that it has to the right door. But also keep in mind that painting your existing front door gives you the same payoff as replacing it. Just make sure you choose the right type of exterior paint and the right color.
Painting in general is a good idea for an inexpensive home improvement. Color on the walls can give a room such a different look and feel. Color also adds interest to a room. Painting is, again, relatively inexpensive, whether you hire someone to do the work or you make it a project for yourself. Consult your local painting companies for products and ideas on painting materials. Although most people just want to dive-in to the painting project, it is important to do the correct prep work. Masking off and covering areas that aren’t being painted is a tedious task but well worth it in the end.