Are you dreaming of completing a remodel? Do you spend hours on Pinterest, Instagram, or Facebook browsing through thousands of recently remodeled homes? If you answered “yes” to either of these questions, then maybe it is time to stop dreaming and start doing! But before you hire a contractor or embark on a DIY home remodel, keep the following appraiser remodeling tips in mind. After all, sometimes remodeling is only as good as the value that it will ad to your home!
Remodeling Projects with Higher Than Average ROIs
In 2015 The National Association of Realtors released the “2015 Remodeling Impact Report.” This report included data on the average cost for remodeling projects and the cost recovery percentage to best determine which remodeling projects would provide “the most bang for your buck.” The report revealed that the highest ROI remodeling projects are low-maintenance, energy-efficient, and high quality without becoming too costly. With this in mind, here are a few remodeling projects to consider in 2016.
- Replace your front door: replacing your front door is a great way to give a facelift to the exterior of your home. Not only can a new front door provide a bright splash of color or welcomed facelift to your home, but it can also make your home more energy efficient. When your front door becomes worn out it starts to let in (and let out) more air. A new front door is a low-cost small remodeling project that can reduce the home’s energy losses, and if you are feeling inspired, you can go ahead and replace all of your home’s exterior doors.
- Install new siding: old siding can greatly diminish a home’s curb appeal. In fact, according to many appraisers, worn siding can contribute to a loss of 10 percent of your home’s established value. If your home’s siding is less than desired, choose to replace it with either vinyl or fiber-cement. Vinyl siding is low-cost, easy to install, and durable. According to the 2015 Remodeling Impact Report, fiber-cement siding has a strong market payback of approximately 79 percent.
- Complete a kitchen upgrade: whether you choose to conduct a complete kitchen overhaul, or simply choose to complete a minor kitchen remodel, you can add value to your home via a positive ROI. Some of the top kitchen remodels include: replacing cabinets, installing new flooring, upgrading appliances, revamping lighting, and installing new countertops. According to the 2015 Remodeling Impact Report, homeowners can expect an approximate return of 67 percent on a $30,000 kitchen remodel or upgrade.
- Create more usable outdoor spaces with a deck or patio addition: Decks and patios are a great way to improve a home’s curb appeal, while simultaneously enhancing the functionality of your home’s outdoor spaces. Generally speaking, the cost of expanding a living space via the deck or patio is between $8.0 -$35.00. This relatively low cost helps these remodeling projects to have a high ROI.
- Get rid of the cobwebs and turn your attic into a home office or spare bedroom: turning your attic into a spare bedroom is a great way to increase the value of your home. When you are remodeling your attic make sure that you take into account the available wall, floor, and ceiling space. If you have sloped roofs, consider installing drawers or dressers to maximize storage space. Another important factor to consider is lighting. If your attic doesn’t have the best natural light, consider adding in skylights to create a bright and cheerful spare bedroom.
With these five appraiser-approved remodeling projects in mind, you can actively work to improve the value of your home in 2016. Whether you decide to conduct a large remodel or complete a minor project, make sure that your chosen project will add value to your home. After all, half of the fun of a remodeling project is improving the livability, comfort, and value of your home for future investment or resale purposes.