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Home Remodeling Projects With High Return On Investment |
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Home Remodeling Projects With High Return On InvestmentI am often asked which home projects give homeowner's the best return on their money. Whether people are trying to prepare their homes for sale or simply want to know which of several projects they are considering would be the best option, nobody likes wasting their money. Unless you are in a boom market or bought your home well below market, it is unlikely that you will get a dollar for dollar return on your investment. However, there are some projects that provide a better return on investment than others. Per Remodeling magazine's research, here are the projects that provide the best return on investment: Installation of wooden deck. Although a wooden deck does not technically add square footage to a home, it can add usable living space outdoors. As a result, such a project usually returns approximately 81.8% of the money spent. Installation of upgraded siding. Replacing older or outdated wood, T1011, or Masonite siding with up-to-date vinyl or fiber cement siding is a great way to spruce up any home. Not only will the new siding look great, but it will perform better and require less maintenance. These are attractive qualities buyers look for in their next home. Installing a high quality vinyl product can return approximately 80.4% while installing a cement fiber product like James Hardie siding can provide a return of approximately 86.7%. Kitchen remodel. Kitchens are often a focal point of a home. Kitchens are often the most used part of a home and the most expensive room to construct. As a result, homes that have been updated with refaced cabinets, upgraded countertops and backsplashes, updated fixtures and appliances are sought out by home buyers. Kitchen remodels can return between 76% and 79.5% of the money spent on remodeling. Replacing windows. Builders, when constructing homes, often use the lowest priced materials they can get away with in a particular market and price point. As a result, many homes built before 2002 have windows that would be considered deficient by today’s standards. Replacing old, drafty, single plane aluminum windows with modern upscale wood or vinyl windows dramatically improve the energy efficiency and appearance of any windows. Window replacement projects usually generate a 76.5% to 79.2% return on investment. Obviously, there are other projects other people consider. As a general rule, if an alteration to a home adds to its utility, the project will add value to a home (i.e. adding a bedroom or bath, adding a screened porch, adding garage space). Many people fee that adding a pool adds value, but that really depends on where the home is, who a typical buyer would be for a given subdivision, and the stage of the property’s neighborhood life cycle. When contemplating making changes to any home, it is wise to talk to your REALTOR or a real estate appraiser to make sure the changes you want to make will positively affect the value of your home.
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