How to Increase Your Home Value – Top 5 Home Improvement Projects
Investment Project ROI *
Siding Replacement (Fiber-Cement) 86.7%
Minor Kitchen Remodeling 79.5%
Window Replacement (Vinyl) 77.2%
Major Kitchen Remodeling 76.0%
Bathroom Remodeling 74.6%
* Return on Investment (ROI). Source of information: Remodeling Magazine, REALTOR Magazine
Why invest in remodeling your home?
Remodeling magazine produces the Cost vs. Value Report each year in cooperation with REALTOR® magazine. This year’s 2008 Cost vs. Value Report shows that maintenance-related projects and moderately priced upgrades are providing stable paybacks, even in a slower marker. When housing slows down, people tend to renovate their house, making it more livable, rather than buy newer home. By renovating before they sell, home owners get to enjoy the new space and remodeling themselves, not just make the home more appealing when they elect to sell.
Below are a few reasons, as determined by the Cost vs. Value Report, why it is a good time to invest in updating and/or remodeling your home.
Remodeling/updating projects are providing a cost performance way to add value
Exterior remodeling/updating projects that improve curb appeal leads way for recovery of investment
Kitchen / bath updates lead interior projects in investment recovery and makes any house more salable
Making home improvements can reduce sellers stress when selling home
Updating / replacing older components, int and out, repairs existing problems and greatly reduces future maintenance
Reduce monthly operating cost with new more efficient features, such as windows and appliances
Increases pride of ownership
If the exterior of your home is dated, siding, paint and other exterior fixes typically bring high rates of return. New siding is usually among the least costly upgrades you can make, has the highest ROI and greatly increases the curb appeal. The fiber-cement sidings such as James Hardie siding is the most popular. With a 50 year warranty, Hardie siding a) resist damage from wet, humid climates and will not rot or crack b) Resist flame spread c) Resist damage from flying debris, d) resist insect damage and e) combines strength and durability with the beauty and charm of wood.
The kitchen is the heart of most homes! In a functional but dated kitchen, leave cabinet boxes in place but replace fronts with new wood doors and drawers, including new hardware. Replace the wall oven and cook top with new energy efficient models. Replace laminate countertops with hard surface, such as granite or Silestone, install mid-priced sink and faucet and install updated tile on kitchen floor if a satisfactory tile is not in place.
A major kitchen remodeling can be one of the most expensive projects in your home. However, functionally, it gets more use and enjoyment plus most of the cost is retrieved with the increased value of your home. Actually you are only limited by your imagination in what you want to do.
Today’s vinyl windows are not only beautiful, they’re energy efficient and can cut you heating and cooling bills significantly.
Since it’s the smallest room in the house, remodeling the bath can carry a relatively small price tag, even when you replace everything. However, this is a room you can really spend a lot of cost if you start enlarging the bathroom, adding additional showers or bathtubs. For a mid-range remodel of the bathroom, a new or re-glazed tub, tile surround of tub and/or shower, vanity countertop, plumbing fixtures and new tile floor would do be a whole new room to enjoy and the ROI is about 74.6% initially.
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