5 Remodeling Projects That Will Give You the Biggest Return on Your Investment
If you’re interested in selling your home, you probably know that spending a little money now on some key remodeling projects can fetch you even more money when you put your house on the market.
When it comes to remodeling in 2012, there’s good news and there’s bad news.
Ever since the housing bubble burst, building supply companies have had to cut their prices on supplies. As a result, it will cost you less to remodel now than it would have cost you a few years ago.
Unfortunately, homes are selling for less and less these days. That means you’ll have to work smart if you want to see a return on your investment. In fact, according to Remodeling magazine, the average home remodeling project only generates a 57% return on investment. That’s a big difference from 2005 — when the average project gave an 86% return on investment!
So, which projects can help you maximize the return on YOUR investment?
Add a bedroom — without building an addition
According to Remodeling magazine, one of the most popular ways that people have increased the value of their home in 2012 is to add an attic bedroom.
While it may be one of the most costly additions you can make to your home, it’s the least expensive way to add an additional bedroom and bathroom to your home. After all the space is already there — so you don’t have to change the entire home structure itself.
By transforming your attic into a bedroom, you’re making your home more appealing to families that need all of the living space they can get!
Anything in your kitchen
The National Association of Realtors recently conducted a poll, asking potential home buyers what’s the one amenity they are looking for when touring and considering homes.
The most common answer? A state-of-the-art kitchen.
Kitchens always have been important with potential buyers, and always will be. So, if your budget can only tackle one room, make it the kitchen. Anything you do in it will give you a higher return than other rooms.
Replace your siding with fiber cement
If you want the biggest bang for your buck — and you have a home with exterior siding — consider replacing it with new, higher-end fiber cement.
The project will cost you roughly $14,000 (depending on the size of your house, of course!), but it will add a ton of curb appeal. Experts say the average job will give you a 78% return on your investment.
Fix up your bathroom
An outdated bathroom can be an eyesore, and a potential deal buster with potential buyers — so if you’re bathroom needs a makeover, consider biting the bullet and redoing yours.
A complete top-to-bottom renovation can cost you close to $20,000. However, when potential buyers see things like giant showers, modern sink fixtures, luxury countertops, they’ll be less likely to waver on your asking price!
Focus on things that look like a million bucks — but don’t cost nearly as much
What if you only have a few thousand dollars to spend on remodeling, replacements, and repairs? Does that mean you shouldn’t bother?
Some projects look like they cost a fortune, but are actually pretty cheap. Things like installing a new garage door or front door on your house, putting a fresh coat of paint on the exterior, or updating your landscaping will only cost you a couple thousand dollars. However, the impact they have on your home’s curb appeal can be huge!