Now that the economy is better than it’s been in a while, many homeowners are looking to invest some money into upgrading their home. It’s projected that home remodeling spending will increase by nearly 10% in 2017. If you’re one of the many homeowners looking to do some home remodeling in the coming year, there are some things to consider first.
Are you going to stay or sell?
It’s crucial to start by asking this question. The answer will determine what kind of a remodel you want to do. When you’re remodeling your home because you’re planning on staying a long while and want to make it perfect, there’s no such thing as a wasted project. If it increases your quality of life in your home, it’s worthwhile.
But if there’s a good chance you’ll be selling in the next few years, then you’re going to need to be a little more careful when remodeling. Your main concern should be your return on investment (ROI). The last thing you want to do is sink a fortune into your remodel only to recoup very little when you sell your home. Some remodeling projects will get a much better ROI than others. Here are five ROI friendly home remodeling projects.
Minor kitchen remodel
Kitchens sell homes. Any realtor will tell you. But what many homeowners don’t realize is that a full-scale kitchen makeover can actually make it harder to sell your home if it drives up the home’s value beyond what other homes in the neighborhood are worth. A better strategy is to do a minor kitchen remodel. Spend several thousand to install new countertops, replace the cabinets, and upgrade the lighting. Unless the appliances and the flooring are in bad shape, consider leaving those as they are.
Entry door replacement
According to cost vs. value reports, replacing the front door is the most valuable remodeling project you can do. Best of all, it adds curb appeal and can be done in just an hour or two. Spend a little more on a steel door to get the best return on your investment.
Homeowners are more concerned with being environmentally conscious than ever before. Many home buyers are willing to pay extra for energy efficient windows so it’s a good idea to replace your existing ones with the most energy efficient windows you can find.
Adding bedrooms is the more surefire way to increase your home’s value. Converting an attic space into a bedroom can cost quite a bit of money but much of that will be recouped and you get to enjoy the use of it as long as you remain in your home. If you’ve got a den or home office that isn’t being used for its intended purpose, you can turn that into a bedroom as well just by adding a closet.
Adding a wood deck in your backyard for barbequing and entertaining guests will run you about $6,000 but you can expect to get back about 80% when you sale and you’ll have a great deck so your family and friends can enjoy the outdoors a little more.
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