Originally Published Oct. 4, 2015
If you’re considering investing money into home improvement projects this year, there are several factors to keep in mind in, among them, return on investment depends on the value of your house, the value of houses in your immediate neighborhood, and the housing market where you live.
It’s important to know which home improvements will ultimately pay off. A home that looks modern will fetch a higher home value. To get the biggest bang for your home improvement buck, consider these home improvements.
The Kitchen is King
One of the smartest places to invest your hard-earned cash is in the kitchen. Your kitchen is where all the magic and legend of a house is spun. Spend the money on the layout—it never goes out of style. If you have a great layout, putting in new appliances, hardware, and cabinets can be quick and easy. Consider the design of triangle. This is the prime space where your cook area, sink, and dishwasher meet to create an effortless flow when working. How far is your cooktop from your sink? Is your dishwasher close to the sink? If you have the means to invest some money into your kitchen, make sure to place all your new appliances into a nice flowing workspace.
Basement Renovation
If you have a basement, finish it out. Whether it’s making it a recreational room the whole family can enjoy or suiting out that man cave of your dreams, finishing your basement can infuse instant equity and square footage into your home. Be sure you have a permit and that all the codes are followed. If not, the square footage may not be added to the rest of the house and may not be considered a “livable” space. Different states have different codes, so make sure to hire a contractor that’s certified and knowledgeable.
Boost the Bathroom
Just a few little improvements in a bathroom can be a really smart way to spend your money. Install new fixtures, re-grout the shower, add crown molding, and brighten up the room with some paint. In fact, a great paint job and nice architectural detail is easier and more impactful. Something as simple as a new mirror and light fixtures can make the dingiest of bathrooms look fresh and fabulous. A little texture can make a bathroom go from shrinking violet to blooming beauty.
Attic Bedroom
Modern households often encounter
all sorts of scenarios that require additional living space: an elderly parent moving in or a child returning after graduating from college. An attic bedroom conversion can sometimes be your best and cheaper option. An attic into a bedroom adds new livable space to your home. Moreover, it’s easier on your pocket–and less work–than the alternatives such as a family or living room.Steel Entry Door Replacement
A brand new door makes a big first impression on potential buyers or renters. A steel door offers all of the attractiveness and strength at significantly lower cost. Homeowners who install a steel front door recoup, on average, nearly 129% of the project’s cost when they sell the home, according to the report. This is partially due to the fact that a steel door is less expensive than the alternatives such as fiberglass. Those with magnetic weather stripping can also make a home more energy efficient. The magnetic weather stripping seals in heat quite effectively.
Remove Wood Paneling
Nothing screams old and outdated as loudly as wood paneling. Like glittery bell bottoms, that style is never making a comeback. Don’t be afraid to rip it out, insulate, and put up drywall. If you really
like a “wood” look, try reclaimed wood installed horizontally. The project is manageable and inexpensive and the end result is attractive and will instantly up the value of your home. Always keep in mind the market value of your home; some projects will outprice your home for the neighborhood. Sometimes it makes more sense to give the paneling a nice paint job vs. the cost of drywall; either way, bright and fresh wins out.Front Yard Makeover
In the case of home improvement, a book is certainly judged by its cover. People are less inclined to walk into a house with an overgrown yard and rickety, unpainted fence expecting to be impressed by the house’s interior. Whether it’s a beautifully paved walkway or adding some vibrantly colorful flowerbeds, keeping your front yard looking fresh is not only inexpensive, but enhances your curb appeal.
Furnace/HVAC Replacement
This is usually not on the top of anyone’s mind when it comes to home improvement, but between the rebates and the energy savings, replacing a forced-air unit can start to pump not only comfort, but money into your living space. If you plan on being in your home a long time, it’s a good investment. Typically,
you need at least five years to reap the benefits from the cost savings versus the cost of the unit and installation but, if your current furnace is old or isn’t working, it’s best to replace it.Update Plumbing
There’s no sense putting good money into a home when the mechanics are bad. That’s why updating plumbing is a win-win. One of the scariest things for new owners is the thought that a potentially huge and expensive undertaking such as plumbing or electrical will present itself. If you have old, rusty iron pipes and sometimes get panicked that you’re ingesting enough metal in your drinking water to build a small ship, it’s time to consider replacing the plumbing. Home appraisers take plumbing into heavy consideration when assigning the value to a home. Updating your plumbing is far less of a hassle and less costly than it used to be. Re-piping is usually done with PEX plastic tubing that is safe, reliable, and can be run through your walls like an extension cord. This means fewer holes, smaller mess, and less money spent on materials and labor.
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