Whether you have recently bought a home or have been living in your home a while chances are you bought it with the intent of making some changes. Weve all watched the inspiring home makeover shows. Who doesnt want to do the same thing to their home? It may be a new kitchen, adding a sunroom, or adding an extra bathroom. They make it all look so easy and cost doesnt usually seem to be a factor. Reality quickly settles in when we actually find out what it is going to cost. Its important that we are careful about the projects we choose and learn what ones will add value and which ones dont.
Projects Worth Their Added Value
- Repairing normal wear and tear We sometimes underestimate how the little things can add up and suddenly become a bigger and more costly project. It can be money or just lack of time. Dont let a small leak in the roof go too long. A freshly painted room with clean carpets can give the appearance of a new home. Take time to dust and clean your windows.
- Energy efficient windows Most homeowners gain back 60-90% of their costs according to HGTV. You can save up to $500 yearly in your heating and cooling costs.
- Kitchen remodel This is the #1 project that you can expect the biggest return on your investment. It adds value and including upgrades that are worth doing helps ensure you will get back and even sometimes more than what you put in. It also helps for the resale of your home and can be a deal breaker without it.
- Adding or enlarging a bathroom Most homeowners typically recoup 80-130% of what is spent by adding an additional bathroom. Find an existing space such as under the stairs or use part of a larger room.
- Room addition in existing space Most people get in trouble when they start adding extra square footage to a home. It is recommended that taking a large bonus room and turning it into two rooms or adding a room to the attic will give you the biggest return. Another option is opening a wall into an existing room to enlarge or make your kitchen bigger. It is almost always better to use the space you have. You might even consider adding storage with cabinets in other rooms of the home.
- Upgrading energy efficient insulation For around $200 dollars extra insulation can be added to the attic. This can add up to more than $2500 a year in savings in a typical home.
- Adding or enlarging a deck – Outdoor kitchens and outdoor living is becoming a new trend. When the weather is not too hot, people want to enjoy this beautiful Florida weather. A nice deck with a well-landscaped yard not only makes it enjoyable for you, but will help sell your home.
Projects to Reconsider the Value
- Whirlpool baths These are becoming a thing of the past. Most homeowners want a luxury bath, but are leaning towards more free standing soaking tubs. Whirlpool tubs are less energy efficient and are expensive to fix when they break.
- Sunroom addition Adding extra square footage to an existing home rarely pays off. It is estimated that when adding a sunroom you only gain back half of every $1000 spent. This is more of luxury and lifestyle choice. If you have the money and are planning on staying then go for it.
- Garage addition Everyone seems to want a garage. According to the cost and value report you will only gain back 62% of your investment. It might make more sense and be more economical to put in a large shed instead.
- In ground swimming pool If you live in Florida and your current home is lacking a pool you will most likely be compensated 30-50% by adding one. However, a home in Florida without a pool can be more challenging to sell. You also have to consider the maintenance and cost of keeping a pool running.
While we all dream of these amazing home makeovers, no one wants to spend a bunch of money and find out that they will never get the added value and return on their project. However other factors in choosing a home remodeling project should be considered as well. We also understand that you cant live in your home for someone else. Knowing what does give the best return on home remodeling projects will help you decide which ones are worth investing in.
If you are ready to remodel your kitchen and would like a free guide to kitchen layouts click below.