Hello everyone, I hope you enjoyed learning about some the least effective improvements when looking to get the best bang for your buck when updating or remodeling your home! Today, I'm going to share with you the best options and best returns on your money when it comes to home improvements.
As I stated last week, many improvements are regionally based and for the most part, the improvements that I'll share today will be reflective of the area that we all live here in the mid-west. When it comes to putting your hard earned money back into your home, wouldn't it be useful to have a check-list of those places that will help increase the value of your home? Don't make the mistake of blindly assuming that every improvement made brings an automatic 100% return on your money, it doesn't happen. Educated yourself and you'll save lots of heart-ache in the future.
Best Improvements based on Average Return
1) Clean / de-clutter - Simple right? Well this while seemingly basic is the least expensive and has the best return on your time and money if applicable. If you are selling your home, de-clutter and clean it. If you must, rent a storage unit to put your excess until the home is sold. Return on investment is over 100%.
2) Lighten and Brighten - Replace any burnt out bulbs, use higher wattage bulbs if possible. Return over 100%.
3) Landscaping - The yard is so vital when making a first impression. If you have a single family home or town-house, make sure the entry-way is appealing and the lawn is landscaped, the grass is green, bushes trimmed and weads pulled. If necessary, hire a professional. This is one area that a minimal investment of time and money will also give you well over a 100% return.
4) Paint the Interior - Repair any damaged walls, patch holes and cracks and touch up any areas that show wear and tear. If you don't have neutral earth tone colors, scale back on your wild side tastes and try to appeal to the masses.
Okay now all of the above I just shared are very basic and in many cases hardly doing any damage if any to your pocket book. Now lets get on to some more hefty duty improvements. Ready to take your wallet out, we're going to spend some money but don't worry, these options will be adding good value to the home :)
5) Wood Deck Addition - A deck gives an owner the opportunity to enjoy more of their home and enjoy the outdoors. It makes for a great place to entertain and without a deck or nice patio, a buyer certainly will add that to their to do list of expenses if they want to buy your home. An average deck will give you an approximate return on your investment of 85%.
6) Vinyl Siding Replacement - Curb appeal plays a huge role in this one and if your siding is in need of updating or replacement, this project is a great and not a terribly expensive project to make a big difference in the home's appeal. Its low maintenance and can last 25 years, gives the home a new look and the average job is less than 11K and returns over 86% of the investment.
7) Steel Entry Door Replacement - Ever walked up to a home with a very basic door and to an extent, thought in advance that the home you enter may also similarily be quite basic? How about the opposite? Have you walked up to a home with a gorgeous entry-way door, didn't you expect the home to follow the trend? First impressions mean everything and for less than most projects this will give you over a 100% return on your money and can make the home more energy efficient.
8) Attic Bedroom - Homeowners that turn a dusty old attic into a fuctional bedroom can recoup nearly 80% of their investment and put a wow factor in their home and can utilize the space that can possibly come in handy to a growing family. The attic also is usually the least expensive of space additions to the home as its often easier to budget than adding on to a home.
9) Mid-Range Bathroom Remodel - You may remember in the past blog that a bathroom addition isn't a great option for a return due to its expense. That is true but when it comes to a current bathroom, giving it a make-over is a great choice! Replace vanity, flooring or fixtures and see a dramatic difference in your bathroom and recoup nearly 80% or more of the investment.
10) Minor Kitchen Update - Kitchens can be very expensive and its important to note, I am not referring to a complete remodel here or your expense and return will not be what your looking for. What can be done however is adding backspash to a wall, resurfacing or painting cabinets if they are getting dull or old. Changing out fixtures, redoing caulk or cleaning grout and adding hardware to cabinetry. A fresh coat of paint to brighten things goes a long way here as well.
11)Windows- If you have old windows and even more specifically wooden windows then its time to consider this invesment. Not only are windows very important when it comes to all important energy efficiency but they add value to the home. Now a days you can even qualify for many goverment tax credits by upgrading to a more energy efficient window!
12) Flooring - Repair and refinish hardwood flooring or damaged floors or cover with neutral, wall to wall carpet. Consider upgrading vinyl flooring if applicable in areas like the foyer, kitchen and baths when the budget allows.
These are a few of the most popular and best options to invest your money back into your home. While a home is for most of us the largest single investment we will make in out lives, its worth taking great care and pride in making sure your investment stays updated and current.
Hope you found today's blog and this two part series on home improvements useful! I will be enjoying a vacation and look forward to blogging to you in a week. Until then, have a great time updating your homes!!!
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