Remodeling that adds value to your home can guarantee that money you spend on any project comes back to you in resale value or increased home value. Just as home values and sales are increasing in most major markets nationwide, many support industries, specifically, construction, are seeing an increase in activity, as well. Those who have existing homes are engaging and investing in remodeling projects of all types. They are making use of the wait time before putting their properties on the market.
Where to start?
There are remodeling projects that can increase home value as well as comfort and enjoyment of your property. Remodeling any part of the bathroom can produce increase value – for instance, replacing just the commode and vanity, as tubs can be expensive to replace. Upgrading any part of a bathroom or kitchen offers the greatest chance of seeing a return on your money.
Kitchen upgrades offer increased value. In a resale, it removes points of price negotiation often seen in a home with an outdated or obsolete kitchen. Again, the remodel doesn’t have to be a complete haul over – it is possible to upgrade one area at a time – countertops, kitchen cupboard facings, cabinet handles, new appliances, etc.
The next and most often overlooked upgrade is the furnace. A 15-year old furnace is most likely no longer cost-effective. Since it was manufactured with different sets of energy and efficiency ratings, it may only be using only half of the energy that goes to it. This can be very expensive over time with rising electric and natural gas costs. A new furnace will typically boast a 96% energy efficiency rating. This means it will cut your bill in just about half. Therefore, will pay for itself in less than 2 years in an average home.
Lastly, refinishing or repainting your front door can add value and is one of the least expensive home improvement projects – and one that you can do yourself. The front door is a very important part of a home’s curb appeal and contributes to the home’s overall value.