In case you’re considering to sell your house, you may also be thinking about some home remodel. It seems sensible that changing outdated features, worn carpets, and dingy appliances should boost your home’s value. However, you still have other options. There are remodeling projects that have a poor return on investments, and there are others that will not impress potential buyers in case you sell your home eventually. But these don’t mean you should not make any changes. If you believe that you will be staying in your home for some time, then by all means proceed, and remodel your house so you can enjoy your property more. Otherwise, if you plan to renovate because you want to improve your home’s resale value, concentrate on the projects that provide the best ROI.
Every year, Remodeling Magazine performs a cost versus value analysis to know which among the 29 projects provides the best ROI. One of the projects that topped the list in the previous years is attic insulation. It is a costly project that could be performed for no more than $1,500 and an estimated ROI of 108%. Additionally, it is a great investment whether or not you plan to sell. Anything that can reduce the cost of owning a home and makes your house more cost-effective is always a smart choice.
In terms of upscale renovations, Remodeling Magazine said that changing the garage door provides the best ROI. You can expect to regain as much as 85% of the project’s cost. Although a new garage door can assist in selling a house, homeowners have to be smart about what type of garage door should be installed.
You should not stop working on the garage door. You can also make some changes to your front door. This project can help recoup nearly 91% of the cost if you opt for a steel entry door while a fiberglass door will give you an ROI of 78%.
According to the National Association of Realtors and the National Association of Landscape Professionals performed a survey in 2016 to discover what outdoor projects provide homeowners with the best value. A complete landscape upgrade ranked first on the list with about 105% ROI.
The kitchen is known to be the heart of the home and given that, it requires some added attention if you want to sell it right away at the best price possible. That does not mean that you have to change everything. But you should consider updating finishes or refacing cabinets. A modest kitchen remodel will give you back 80% of its cost, as per the Remodeling Magazine. Meanwhile, a midrange kitchen renovation just has a 65% ROI.
Another great place for Myrtle Beach home renovation is the bathroom. One inexpensive method to significantly improve the appearance and ambiance of the room is to change the vanity, toilet, and lighting. Another major investment is adding a bathroom, but it doesn’t always have the very best return. The Remodeling and the National Association of Realtors reported that homeowners would get back a bit more than half of the cost. But, it could also play an essential role in selling your home, especially if there’s just one bathroom in the house. If you’ve got more than three bedrooms and you just have one bathroom, then you can expect not to have it easy when trying to sell your house.
Changing old windows will not just brighten up a room but also draw in resale prospects. Also, you don’t have to splurge. You will not be able to get your investment back if you install an expensive window. Installing a vinyl replacement window give you back 74% of your investment, just 1% more than the ROI you will get by installing a wood window.
Renovating a basement or any other space in your house can significantly improve your home’s value in certain areas. The value of upgrading a basement can offer an ROI of 69% while an attic upgrade offers 61%.
Just like insulation, upgrading your water heaters, furnaces, and appliances offer several benefits. These could make the house more attractive and even lower the living costs. Some cities and states also offer tax incentives, among others, that could help in offsetting the cost of the project.
Home buyers love to see airy spaces and clean lines. However, calculating the ROI of a new coat of paint can be quite difficult. If you are on a shoestring budget and you still want to improve the look of your house significantly, then you should consider giving it a fresh coat of paint.
Call Keystone General Contracting if you need the help in remodeling your home.
Keystone General Contracting
Myrtle Beach, SC