Home Remodeling Projects with the Best Return on Investment
For anybody who owns a home, it may often feel like there is an endless list of home remodeling projects to be done, some big, some small.One of the best way to prioritize what gets done first, is to look at the potential return on investment (ROI) that a renovation project might bring in. Familiarizing yourself with the projects that will give you the highest financial returns, may help you with the decision making process.
Highest ROI Averages: Top 5 Projects
1. Replacing the entry door.
2. Installing a new fireplace.
3. Remodeling the kitchen.
4. Converting the attic into a bedroom.
5. Replacing the exterior siding/cladding.
Replacing The Entry Door
Replacing the front door of your home can make a big impact on your home's resale value.
A steel door has the most ROI, followed by a fiber glass door.
Installing A New Fireplace
Buyers rank fireplaces among the top 3 amenities they would like most in their homes.
Get an insert professionally installed into the fireplace to counteract any air gaps, which can send up to 8% of valuable furnace - heated air out of the chimney.
Remodeling The Kitchen
Kitchen projects that are budgeted at 6% to 10% of the total home value will see the highest ROI. The kitchen is the room that generally makes or breaks a sale.
Almost 7 out of 10 homeowners remodel the kitchen because it is out of date.
Converting The Attic Into A Bedroom
The average cost for the key elements of an attic conversion example strengthening the floor, insulation and the finish is $ 5 k approximately.
Creating an attic bedroom could increase your home value by as much as $40 k approximately.
Replacing The Exterior Siding / Cladding
The siding or cladding on the exterior of your home should not be undervalued.
Options for replacement include vinyl, fiber cement, foam - backed vinyl and more.
Simple And Inexpensive Renovation Tips
Fix All Windows & Doors
Creaking windows and doors that do not open or close easily give potential buyers the impression that other items (that are harder to spot)may not be in top shape either.
Basic repair work will pay off.
Wash Down And Paint Walls
Bright neon or gloomy dark colored walls do not have mass appeal.
Give them a coat or two of light neutral colored paint which will give the added benefit of making the room seem larger, cleaner and more appealing.
Updating Lighting Fixtures
Lighting is something that is very trend led with specific items coming in and going out of fashion.
Purchase inexpensive versions of what is on trend and these can really bring a house that looks dated back to life.
Ditch Old Carpets
Not everyone can afford to lay down hardwood, however pulling up dirty old carpets is an absolute must when trying to attract a buyer.
What is underneath maybe more presentable with some cleaning and refurbishment.
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