|
Home Improvements That Increase Your Home's Resell Price
By Nancy Dean, Fri Dec 9th
One of the best things you can do as a homeowner is to use someof your home equity dollars to finance home improvements. Notonly will the additions make your home more attractive andpleasant to live in, but certain projects will bring asignificant return on investment when the time comes to sellyour home. The following 5 projects have been proven to addextra dollars to the average home resell prices. The statisticsare courtesy of "Remodeling Magazine." ROI stands for "return oninvestment" 1.Minor Kitchen Remodeling: Average cost = $8,655. Average ROI= 88%. A minor kitchen remodel usually includes replacing the cabinetsand countertops with higher quality materials or increasing thetotal amount of cabinet storage and countertop surface area. Itwould also most likely include the addition or upgrade ofappliances such as garbage disposals, built in microwaves,dishwashers, and higher quality refrigerators. 2.Bathroom Remodel: Average cost = $9,135. Average ROI = 81%This project would include things such as installing attractivecountertops such as stone, granite, or marble. The fixtureswould need to be upgraded and the shower and bathtubs should beresurfaced. Also, any tiling would need to be grouted. Otherthings that could increase the value of a bathroom remodel wouldbe adding an extra sink basin, converting a bathtub to aJacuzzi, or installing additional showerheads. 3.Major Kitchen Remodel: Average cost = 31,090. Average ROI =71% The major kitchen remodel
is very costly and will take much morework than the minor remodel. The major version will require allappliances to be replaced. Whenever possible, appliances shouldbe made in stainless steel. The countertops should be made ofstone or granite. The floors might be replaced with high qualitylaminate flooring. The addition of a kitchen island or acentrally located stove could work. For a major kitchen remodel,you should consult a contractor and possible an interiordesigner. This is definitely not a do it yourself project.4.Outside Deck: Average cost = $8,022. Average ROI = 55% The deck is self-explanatory. The larger the deck, the higherthe return on investment will be. The deck should obviously becoated with a nice looking finish that matches the outside ofyour home, and needs to be treated with a high quality waterseal. 5.Hardwood Flooring: Average cost = Varies. Average ROI = Varies
The cost and return on hardwood flooring varies greatly basedupon
the total amount of rooms and surface area is remodeled.Also, the
choice in the variety of hardwood will impact thevalue. Certain woods
like Oak and Cherry are more valuable thanothers. Also, it is very
important to properly maintain yourhardwood floors. Flooring that
is scraped, scratched, dull, orwater stained can actually decrease
the value of your home. Ifyou have active children, you might want
to stick to carpeting.
|
