Certain projects offer a better financial return than others
If you’re thinking about making some significant upgrades to your house, the optimum time is to invest when home values are up. That way, you are likely to realize an ample financial return on what you spend. But even when home prices are rising, it doesn’t mean than all remodeling efforts will pay off. Spending thousands of dollars on a swimming pool, for instance, tends not to bring you a return of your investment; indeed, it might hurt your home’s marketability.
Here are some tips on how investing in your Bay Village house will bring you handsome dividends if you choose your projects wisely.
Dollar for dollar, a new front entrance way should return between 70 and 97 percent of your investment, according to estimates by industry experts.
Your entrance way makes the first impression, and installing a new door not only improves the security of the entryway but it can offer savings in energy by insulating better. Older doors may have cracked or suffered wear and tear that allows heat to escape. You may spend from $500 to $1,230 for a new entry door, according to Homeadvisor.com.
Attic insulation and bedroom
If you insulate your attic and add a bedroom or two, you’ll benefit financially in that both projects would bring between 90 and 100 percent of your investment.
Attic insulation tops the list nearly every year as one of the best investments. Insulating the average attic with fiberglass insulation costs about $1,200-$1,300, but the resale value will increase nearly $1,400, according to estimates. While you’re at it, adding a bedroom or two usually brings a return of about 90-93 percent. With extra bedrooms, your house moves into another category, allowing you to ask a higher price.
New windows nearly always look more impressive than old windows and come with the benefits of insulating the house better, thus saving costs on energy. Most buyers prefer wood, but other materials are also popular and bring good rates of return. Vinyl windows, for example, bring up to an 80 percent return, while wood offers a similar rate of about 74 percent.
Remodeling the basement
If you remodel your basement, you generally will receive about 70 percent return on your investment. The nature of the project can affect that figure; projects with a luxury feel fare better than those of a budget design, as long as the project isn’t inappropriately lavish compared to the rest of the home.
Bedrooms are better projects above ground, since real estate agents usually put only the above grade bedrooms in their listings.
Entertainment and recreational basement remodeling projects usually bring a 70 percent investment return.
To obtain the most value, try selecting mid-range fixtures for bathroom renovations rather than high-end fixtures, which won’t give as large a rate of return.
Improvements such as for “aging in place” accessibility are estimated to bring a 68 percent return on your investment. This includes wider doorways, lever-style doorknobs, flush or recessed thresholds, and other attributes.
As far as adding another bathroom, you may recoup 80-130 percent of what you spend, according to HGTV.
When it comes to a kitchen remodeling, industry experts predict from 65 to 80 percent return, with a full tear-out and remodel bringing a bit less return than a more minor renovation, which may involve replacing cabinet doors and drawer fronts, adding new hardware, a sink and a new countertop.
But the impression new appliances bring may sway you to take the full route. If you make wise choices, the new look likely will make a great selling point.
A home that is well-landscaped commands a higher price over a home with no landscaping. It’s all a part of curb appeal. This advantage is from 5.5 to 12.7 percent, according to estimates, depending on the landscaping type and the home’s original value. Lavish landscaping would look odd on some conservative houses. The type of landscaping should fit in with the neighborhood as well.
The percentages above translate into an additional $16,500 to $38,100 in value on a $300,000 home. A manicured design is the top options homebuyers usually desire.
Buyers characteristically presume that if a house’s exterior hasn’t been maintained, the interior probably isn’t either.
No matter what project you decide upon, choosing wisely can have an impact on your home’s value and marketability. That’s why it’s a sound idea to consult a respected contractor about investing in your Bay Village house. The professionals at Sciarappa Construction will help in your plans and build your project to your total satisfaction. Contact us at (440) 930-2882 or by email at firstname.lastname@example.org. Located at 32961 Oak Pkwy., Avon Lake, OH 44012, our general contracting crew has more than 40 years of combined experience in remodeling homes within the Avon, Avon Lake, Bay Village and Greater Cleveland, Ohio areas. We are a family-owned and operated full-service construction company.
Sciarappa Construction offers services including new home construction, subdivision, development, apartment, and existing home rehab, plus general contracting and construction management.