Add Value with Summer Home Renovation Projects
by Amy Lignor
There are a whole list of summer activities for you and the kids planned. Most of them, of course, you want to be nothing but fun, such as grilling outside on the patio or swimming in the pool. However, having the backyard pool and patio are two things you really need in place before either of those activities could be enjoyed. And building this area could be a great summer project in order to not only get the house you really want, but add value to the home for a future sale.
Whether you’ve been dreaming of updating, customizing or integrating more “smart technology” into the design of your current home, there are certain projects that provide a way for you to create that “high-value” The National Association of Home Builders (NAHB) has compiled a list of the highest ranking projects being done, as well as the high percentages of cash that homeowners are recouping from these various renovations.
The largest and most popular project in the U.S. is remodeling the kitchen. According to the NAHB, the number of remodelers working on kitchens is over 81%, with the average cost being spent on the remodel of $20,000. These minor kitchen remodels have homeowners recouping over 80% of the cost at the time of sale. (Major remodels of the kitchen have raised to an average of $62,000 in price, with a lower recoup of 65%).
It is important to take note with the kitchen area that before diving into the renovation project, have a plan in place. Interior designers have stated to look at this area like a ‘work triangle’ between sink, refrigerator and range. Creating that safe and enjoyable triangle that offers easy functionality includes taking into account lighting fixtures, storage and work surfaces, as well as the heavy traffic areas of those who run through each and every day.
The second project that has homeowners recovering almost 65% of costs spent comes in the form of remodeling the bathroom. When upgrading the bath, adding to the trends and great design pattern would mean making the room more accessible (widening doorways, adding grab bars to the tub, enlarging cabinets, and replacing lighting fixtures). In addition, creating a decorative space that offers the perfect vinyl wallpaper surrounding new tile work, updated shower controls, and more.
Another project comes in the form of room additions. Adding extra rooms to the house, such as a family room or a master suite, can range in cost from minor to major considering the plan you have in mind. However, up to 71% of these costs can also be recovered at sale time, depending on the design. Staying “on trend” is a good thing when it comes to the latest in technology, lighting and heating fixtures, and music systems, yet buying into all color and design trends on the market the minute you’re doing your renovation can be a mistake for resale value. After all, trends come and go, but the classic colors remain the same.
Lastly, if you’re looking for a project that will raise the value of your home even higher, replacing windows, doors, and insulation are good things. Starting with the front door of the dwelling, replacing this has earned the second-highest return on investment when compared to other remodeling projects, with homeowners who spent an average of $1,413 recouping 90.7% of the cost. (Remodeling’s 2017 Cost vs Value Report). And when it comes to garage door replacements, as well as upscale window replacements, not only do homeowners recoup a great percentage of costs, but they also improve curb appeal and make the home more energy-efficient. You can also receive financial tax credits from various local, state or federal tax credit programs in the U.S.
So, as you plan your summer renovation project, just know that money can be made whether adding a room or even converting the basement into a multi-functional living space for the whole family. Of course, if youngsters are present, you can add a little added extra home improvement by sound-proofing the walls.
Source: Baret News