If you want a great return on investment then these are my top ten ways to increase your properties value
It would sure be nice to know which home improvements would pay off when it came time to sell your house, especially in a down economy. Here are some of the best projects you can undertake that will recoup the majority of your cost and increase your properties value.
1. Siding Replacement (foam backed Vinyl or fiber cement ): With the current downturn of the economy, home buyers aren’t exactly thrilled with all the extras regardless that these improvements will help lower utility and repair bills. Replacing current siding with fiber cement nets an amazing 87% ROI, although it has lost value from 2007. You may still recoup as much as 80% of your cost if you would rather use a vinyl product that is foam backed instead.
2. Window Replacement (wood or vinyl): Windows represent one of the easiest ways to lower home cooling and heating and are an aesthetic feature. You will attract future home buyers, save on your utility bills, and net a nearly 77% (wood) or 80% (vinyl) return on your investment if you replace your current windows with the more efficient vinyl or wood windows.
3. Bathroom Remodel: You could expect to pay as much as $50,000 to repair wall studs and joists, tear out walls, and change structural elements and make major layout changes, such as switching a shower and toilet depending on the size and amenities of your desired bathroom. You will still recoup almost 71% of your cost when you sell your house regardless of the high cost. Although this project increased its value since 2007 while its sister project, adding a complete bathroom, fell in value.
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4. Major Kitchen Remodel: It makes sense that investing money in the kitchen is going to pay off when it comes time to sell since kitchens are typically the most frequently used room in a home. A major kitchen renovation is one of the most profitable although it is also usually one of the most expensive and time consuming home improvement jobs. You can expect to get a nearly 71% ROI, regardless of the cost of the project.
5. Addition of Deck (composite product): Since so many families are spending more time at home, it makes sense that adding a composite deck is a good investment. You can plan on recouping 63% of your total job cost to boost your home’s value.
6. Addition of Deck (wood): You may still be able to afford a wood addition on to your home even if your finances won’t permit the higher cost of composite decking. A wood deck will give you an 81.8% return on your investment.
7. Siding Replacement (vinyl): Vinyl siding replacements are still a good choice instead of foam backed vinyl or fiber cement, which are considered the preferred upgrades to siding. You can recoup nearly 81% of your cost.
8. Minor Kitchen Remodel: Rather than major remodels people are beginning to do minor remodeling of their kitchen with all the belt tightening that is going on. This turns out to be a financially wise choice. Minor kitchen remodeling jobs will usually net an ROI of 79.5% ROI.
9. Attic Bedroom: You will add to the overall value and the listed purchase price of your home anytime you can add bedrooms. You may want to consider investing the money to convert your attic to a bedroom if your attic’s dimensions allow it. Not only will you add some sleeping space but you will also net a nice 74% ROI when a new buyer puts your home under contract.
10. Basement Remodel: You should think about squeezing all the value out of your basement that you can if you’re fortunate enough to live in an area with a water table high enough to permit basements. By finishing and remodeling a basement that was previously unfinished you will get nearly 73% ROI.
It would sure be nice to know which home improvements would pay off and increase your properties value when it came time to sell your house, especially in a down economy. Here are some of the best projects you can undertake that will recoup the majority of your cost.
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By: Gen Wright
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