According to a Cost vs Value Report by Remodeling.com, there are several areas homeowners can get the most bang for their buck as far as remodeling and upgrades go. Here are four projects with a great return on investment.
Roofing
Replacing roof shingles yields about a nearly 70 percent return on investment when it’s time to sell the home. The color of the shingles impacts resale value and curb appeal.
“Truthfully, not many really pay any attention to the color of their asphalt roof shingles colors at all. When it comes to roofing shingles colors choosing the right colors can make a world of difference and can literally transform any property, adding not only value to it, but also making it appear far more attractive in the process” according to MyRooff.com, experts on roof truss design.
Kitchen
According to CNBC news, kitchen remodels can be a great return on investment. In a survey, 27 percent of homeowners spent from $10,000 and $24,000 on kitchen upgrades, as part of a long-term plan to raise their homes market value. In the example quoted, homeowners paying $54,000 can make back up to $44,000 when they resell the home.
Bathroom Remodel
Oddly enough, bathrooms have a relatively low return on investment of about 62 percent. However, since it’s one of the top rooms from a decisionmaking standpoint, it may make sense to go ahead with the work. As a result, the property may increase significantly in value. The true market value increase depends on comparisons in the area, the changes made and many other factors, according to U.S. News. A successful remodel blends both current trends and timeless elements everyone can appreciate.
Window Replacement
Replacing your windows can net utilities and tax savings if the replacement windows are weatherproof and conserve energy. This project has a huge impact on the interior and exterior of the home. The added curb appeal helps get the buyer inside, and the new looking windows increase the appearance of the interior.
Whatever home improvement projects you plan to pursue, be sure to handle any that compromise the safety or structural integrity of the home first. For other items, a checklist prioritizing updates can help get the most out of your budget.
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