Adding Value To Your Home
When deciding where to put your money in home improvements, it is always wise to know where you will get the most return on their investment. Knowing what buyers look for and the things that turn them off will help homeowners get the most resale value. There are some home renovations which will help homeowners to recoup most, if not all, of their money.
Most people assume that a new kitchen or bathroom will add the most resale value. Let's face it, a new kitchen with granite counters and new appliances can be a drawing factor in any home on the market. Renovated bathrooms are number one on the list for prospective buyers. These remodels can be counted on to add over 80 to 90 percent return on investment, according to The National Association of the Remodeling Industry (NARI). These are the most expensive areas of home renovation because they are the areas where people spend most of their time.
First You Have To Get The Buyer In the Door
Realtors will tell you that in every home sale, you first have to get the buyers in the door. Very often buyers are already planning for interior renovations when they purchase a home. Primarily, buyers want to know that the home's existing structure has been maintained. They want to know that the plumbing and air conditioning are in good working order because maintenance issues can cost a bundle in the long run. A remodeled kitchen will not make up for a leaky roof or siding which needs replaced.
New Roof Value
According to homeadvisor.com, a new roof adds an average of $12,000 value to your home while improving its curb appeal. With the choice of colors and materials available today, it is possible to duplicate a rustic slate roof with asphalt shingles. Warranties on asphalt shingles used to be 15-20 years. However, premium-quality asphalt shingles may offer warranties as long as 50 years. Today's asphalt shingles can even help reduce cooling costs due to their ability to reflect solar heat. A new roof will also avoid building inspection issues at the time of sale.
Curb Appeal Sells Homes
A well-maintained home has a welcoming appeal.
This is why vinyl siding and vinyl replacement windows are also updates that are worth consideration. According to ISoldMyHouse.com, vinyl siding can add $8,000 to the asking price of a home with an 89 percent return on investment. Vinyl windows can improve a home's energy efficiency while bumping up the asking price of a home about $8,500 with an 85 percent return on investment.
Adding More Space
Adding more space can be an alternative to buying a bigger home in your current neighborhood. The National Association of Realtors says that for every 1,000 square feet added to a home increases its value 30 percent. Bathrooms have an 86 percent return on investment while adding bedrooms, sunrooms, and family rooms have a 70 to 80 percent return on investment.
Home theaters are also high on the list for potential buyers. According to hgtv.com, "What you'll get back on your investment depends on the value of your house, the value of houses in your immediate neighborhood, the housing market where you live, how soon you sell after making improvements, and the quality of the project itself. " However, remember that you don't want to price yourself out of the neighborhood. Keep your additions so your house value is at the higher end of the neighborhood.
Home Maintenance And Personal Enjoyment
Finally, when deciding where to put your money in home renovations, keep in mind two things; home maintenance and personal enjoyment. Keeping your home's structure sound should be your first priority. If you're not planning on moving in the immediate future, put your money in the areas where you will enjoy it most.
Harper Roofing offers a free roof inspection. We have built a solid reputation with an A+ rating with the Better Business Bureau. Check out our customer reviews and our 5 star rating on Houzz.
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