8 Home Renovations That Pay You Back
The purchase of a new home is an exciting step. Homeowners ready to make a new house their own will grab the keys from the realtor, move in and start unpacking. Some of these changes are small, and some can be pretty substantial. Only after time passes do homeowners realize all the changes they want to make. A few ideas may be to knock out a wall, paint a room or revamp the appliances, windows and roof so the home is more eco-friendly.
One great aspect of homeownership is knowing that all of the renovations that take place in the home are investments. Some renovations, however, may mean more to a home’s value than others. Many projects improve a home value so drastically that owners are often surprised at the amount of equity now in their homes. If you are looking for home improvement opportunities, here are the projects with the highest ROI.
Unless you own a country home obscured by trees at the end of a half-mile driveway, no home improvement is as effective for curb appeal as exterior siding. Worn siding lowers your property value by as much as 10 percent, even more for sodden cedar.
The long-term ROI for a fade-resistant vinyl siding returns 81.5 percent of the project cost on average. Fiber-cement is even higher, with an ROI at almost 84 percent. Foam-backed vinyl is another big saver. Not only does its curb appeal recoup almost 80 percent, but the foam better insulates the home, saving on heating and cooling costs.
2. Patios and decks
This is the ultimate outdoor entertainment add-on. A new porch for $10,000 returns about 80 percent of the project cost, and provides the family with a new space to relax, host barbecues and enjoy summer weather.
Everyone buying a new home is interested in the kitchen. The key here is to focus on easily-replaced cosmetics. This means changing appliances, adding a dishwasher, maximizing storage space, and installing new cabinets, which has an average ROI of 97 percent. Home experts warn against full remodels, like changing tile and knocking down walls. These big projects often cost five times as much as cosmetic changes and return less than 60 percent.
Energy-efficient windows are all the rage and save on temperature control. A $10,000 investment will return 79 percent or more if you stay in your home long-term.
Depending on the state of your ground floor, a basement remodel could be as simple as adding flooring or insulation. Yet making this space livable drastically improves the livable space in your home. Finished basements are another highly-sought after feature for home buyers.
6. Garage Doors
Another curb-appeal update, even mid-range quality doors refund 80 percent of the cost.
7. Backup Generators
As weather patterns change, the volatile nature of recent storms like Hurricane Sandy or harsh winter storms make a back-up generator a valuable asset to new homeowners. Nobody wants to freeze in Ohio’s winter chill, and compared to other home additions, backup generators are very cost-friendly.
Like basements, attic renovations expand the amount of livable space in your home, or at least protect stored items from high humidity and heat. These conversions typically return 84 percent.
When you invest in your home, it pays off. When you are ready to remodel or improve your space, contact the professionals at RH Homes