Remodeling to Increase Home Value
One of the practical reasons why families are into remodeling is to increase the resell value of their home. However, there are numerous ways to apply a home remodeling plan. For this reason, a lot of homeowners are looking for the best remodeling project for their home that’s going to give better returns. Exterior remodeling projects are really attractive once done. On the other hand, some buyers prefer how comfortable and worth the value of money the interior of the house.
So what are remodeling projects that absolutely bang for the buck? Will it be a great deck? A finished basement?
Here are 5 of the remodeling projects, big or small, that’s financially wise to pursue.
1. Steel Exterior Door
Yeap. The top of our short list is replacing your front door with a robust material. The low cost and durability of steel doors offer the highest return of investment of all home improvement projects according to Remodeling Magazine.
On average, you can get more than 90% of your investment.
2. Fiber cement or vinyl siding
Fiber-cement siding is made from a mix of wood pulp and Portland cement that’s formed into long boards or shingles. While it is much tougher and fire-retardant than vinyl, it also costs much more. Siding replacement projects can have a return of investment of about 78% to 86%.
3. exterior wooden deck
The value of wooden decks has recovered after the recession. With the economy improving, outdoor spaces have become the interest of buyers again. As an example, a 16 by a 20-foot quality wood deck with a bench, stairs, and railings can give you a Return of Investment up to 75%.
4. attic bedroom
Remodeling your attic into a bedroom, especially with its own bathroom adds value like a two-story addition. Despite the fact that it’s not going to increase the overall square footage of your home, it is still an extra bedroom. With this addition, it will surely permit brokers to charge more. A renovated attic bedroom has an estimated Return of Investment of up to 85%
5. Minor Kitchen remodel
According to Remodeling Magazine, a minor kitchen remodel comprises of replacing cabinet fronts with raised-panel wood doors and drawers, along with new hardware; replacing wall oven and cooktop with energy-efficient models; replacing laminate countertops; installing a mid-priced sink and faucet, and repainting and replacing flooring. Additionally, the kitchen is always a good place to invest in because it is a big part of a family’s lifestyle.
A minor kitchen remodel of about $19,000 can have an estimated Return on Investment of 82.7%