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These days, a lot of people have realised the importance of regularly renovating their aging, sometimes even new homes. Even when not planning to sell the home, the question on when to carry out the home remodelling is always on every homeowner’s mind. For those considering selling their homes, a well carried out renovation in and around the home can greatly improve its value.
But before rushing to remodel yours, it is important to note that not all renovations are the same as some will bring in more money than the others. So which are some of the top-ranking home improvement projects a home owner could carry out to offer him the highest return on his investment? Well, read on to find out!
New front doors
Adding new front doors was the number one home improvement project last year according to a remodelling magazine annual cost versus value report for 2014.The door however has to be the right type if value addition is what you are looking for in a home renovation undertaking. Painting an existing front door in good condition sometimes offers the same payoff like putting a new one. Replacing old elements like windows, sidings and doors in general yields a better financial return compared to some bigger remodelling projects like room expansions and additions.
Remodelers and real estate agents are of the opinion that remodelled bathrooms and kitchens are some of the rooms in a home that still bring a significant payoff, particularly at a resale time. According to the same report on cost vs. value report in 2014, kitchen remodelling projects yields a higher return on your investment than bathroom renovations projects. For example, a minor kitchen improvement project is able to add approximately 82.7% to the value of a home when selling it. Kitchen improvements are important as potential buyers often overestimate the amount of money it takes for the whole updating undertaking to be carried out.
Like for the case of a new front door, it is important to carry out the right kitchen remodel if a higher return on the investment is to be achieved as is expected by the owner. Adding a $70,000 kitchen to a $90 000 home isn’t likely to yield $70,000 in value when the home is finally sold though it will make the chef happy. As a general rule of the thumb, spend around 25% of the home’s value for a new kitchen and 12% to 15% to update the bathroom.
Also, adding an ultramodern kitchen into a 100-year old home is not smart either as it will be incongruous with the rest of the house’s architectural design.
Whether this kind of a home improvement can add value to you investment depends on where your home is located. For example, adding an outdoor pool in place with colder climates won’t add any value to your investment. The same pool improvements or addition adds more value to the homes that are located in warmer climates.
Attic remodelling projects
Turning the attic into a useful space adds more value to the home than you can ever imagine.
All in all, remodelling projects that don’t require a home owner to build an extension or expand the foundation and the roof often return more value to the investment than building extra rooms onto it because they are much cheaper to carry out.