The return on your investment, or ROI, should be top of mind when you start thinking about home renovation projects. You will want to focus on the basics of home maintenance as you begin, in order to get your home in great shape before you begin working on design elements.
Replacing the siding on your home will give you a return of approximately 90 percent on your initial investment, while replacing your roof and windows can bring upwards of 80 percent. The prospective buyer of your home will want to be able to be assured that the basic systems in your house are in good working condition: the roof doesn’t leak and the HVAC will work well during the hotter and/or colder months of the year. Few home buyers will want to take on the more costly elements of home maintenance just as they move in.
Bathroom and kitchen remodels continue to be two of the best investments that you can make in your home, with the more luxurious items, such as steam showers and granite counters being very desirable. These are the rooms that new home builders are most apt to splurge on, since buyers love luxury in these areas, so an older home that can offer such comfort will fare well on the market.
As you consider home improvements and Nashville home renovations and what you will want to do, always take the actual value of your home into account. You don’t want to spend ten or twenty thousand dollars for a futuristic kitchen with two refrigerators and the best oven/stove combo money can buy when your home’s value is under $200,000.
Here are the home improvements that will give you the biggest bang for your buck:
- Basic home maintenance. The primary focus of every homeowner should be to keep the existing structure sound. The prospective buyer will be impressed with expensive accessories, but when they hit the basement stairs and notice unpleasant odors or water leaks, they will quickly rethink their initial view. Most buyers have a set budget for how much they can spend, and if they know they will be facing expensive repairs before they even get to move the furniture in, they will probably go looking for something else.
- Kitchen or bath remodel. Often returning more than 100% of the initial costs, these are the areas in the home where a buyer can tell if money has been well-spent or not. Lots of wood, walk-in showers, or adding a second bathroom to an older home are all good investment ideas. Money spent on luxury here will pay off..
- Stellar curb appeal. If your home doesn’t look good from the street, most buyers will not come to the door. Flowers, paint, lighting – all these items matter. This area is also one of the least expensive ways to make your home look desirable and well cared for to your prospective buyers.
- Create more space. Adding room can be a really good investment, especially if you live in a hot housing market. Whether it’s a sunroom or an extra bedroom or even a home theater, these can be very enticing. People love to spread out and enjoy life, and having extra room for loved ones to visit or stay for long periods is an added plus. And then there are those who are in the short-term rental business, if your area allows for it. These folks will want another room with a bath so that they have a great offering for their guests. According to market studies, every 1,000 added square feet of space will boost the sale price of a home more than 30 percent!
If you are ready to start renovating or adding space to your home, we are here to help. Contact Ascension General Contractors today!
