Time
and again, homeowners put a fair amount of time and money into improving their
homes. They do it for a multitude of reasons; some to increase the value of the
property, others to enhance their lifestyle in the home and yet others to bring
it up to par with other homes in the neighborhood. But one thing holds true
across the board – there should be some level of ROI associated with each renovation
or improvement.
So
as you sit down to decide what renovations to embark upon and the level of
resources you’d like to expend on the project, consider the following few areas
where there is the most potential for a strong return on your
investment.
Kitchens and
Bathrooms
Always
a hotspot in a home, these two areas almost always garner special attention by
buyers. So whether you are doing improvements to your space to prepare it for
sale or just to increase your enjoyment in the home – it’s a good investment in
the long run. If listing your home in the near future seems likely, try to use
neutral materials that would accommodate most buyers’ tastes. It may be useful
to consult with a Realtor® in advance of any renovations to find out exactly
what type of ROI you might expect on the remodel project.
Increased Living
Space
A
very popular renovation project involves enhancing the existing floor plan to
accommodate additional living spaces. Whether you choose to increase bedroom or
closet sizes, widen hallways, finish a basement or even convert wasted space
into a usable area, these upgrades translate into high financial returns.
Additional Outdoor
Living Areas
More
and more homeowners are turning to their outdoor space as viable living areas
and this feature is becoming increasingly desirable in the housing market. To
enhance the outdoor areas of your home and make them more usable is always a
good move because not only does it perk up the home’s curb appeal but also it
sets yours apart from others when buyers are scouring the marketplace.
Energy Efficient
Upgrades
In
today’s green age, an increasing number of homes are being converted to high-energy efficiency. This includes the
installation of high-efficiency major appliances, low-E windows, doors or other
such fittings and also premium quality insulation. Updating old mechanical
systems are also a great way to renovate into the 21st century. The
financial returns are significant – not only from the standpoint of day-to-day
savings on energy costs but also through utility company rebates and tax
credits.
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The
important factors to consider when deciding just how much you want to improve
your home all lead to whether or not you plan to sell soon or live in the home
for a longer period of time. It’s a good idea to conduct a cost-benefit
analysis to see which are your priorities and how they fit into the bigger
scheme of your plans of homeownership.
If
all else fails and you want to spruce up your home just before listing it and
want to do it without spending too much, the ultimate quick fix is a fast coat
of paint and some new flooring. Fresh fixtures will also do the trick.
For
more information on how you can maximize your return on investment with home
improvement projects – contact us today!
