If you’re thinking about renovating your home, it’s a good idea to do some research into how much the renovations will cost and what the return value will be. You may consider renovating for a few reasons:
- To increase the efficiency of your home
- To upgrade the function of your home
- To improve the value of your home
- To fix a safety issue in your home
- To increase the comfort and enjoyment of your home
- To update your home’s aesthetic
- To prepare for selling
So, which renovations will offer the most return on your investment? When choosing to renovate your home, read on to learn what you should and shouldn’t spend your money on in order to get the most bang for your buck.
You may be familiar with the term “curb appeal”. It’s the initial attraction one can have from noticing your house from the road. First impressions aren’t often forgotten, and there are improvements you can make to the exterior of your house to make guests and potential buyers feel satisfied, even excited, about entering into your home. By understanding which projects add the most value to the home, as the seller, you can focus on what is most important and what is worth the extra effort.
Roof replacement is among the highest return on investment for home improvements. If you are looking to sell, repairing or replacing your roof can ultimately determine the price of your home as well as how long it could take to actually sell it. According to this study, the homeowners that choose a new roof replacement in certain locations can expect an ROI of $14,475, an increase of 82%. This kind of home value increase is among the top 2 in the report- greater than kitchen upgrades, bathroom remodels, and backup generators.
Other benefits of replacing your roof include:
- Attractive material options – engaging in curb appeal
- Energy management – Not many homeowners know that several roofing options today are energy efficient and can bring an average of 20% reduction in cooling costs
- Warranties – with Elite Roofing and Consulting, our warranty will save you (or potential buyers) up to 50 years before having to consider roof replacement options.
- Passing A Home Inspection – If you’re selling, a homeowner with an inadequate roof will face some serious inspection issues. A new roof will secure a home in great condition for potential buyers.
Coming back to curb appeal, a well-maintained landscape can add as much as 10 percent to the value of your home. What you can do is walk out to the curb (or street) in front of your house and look at your home with the eyes of someone who has never seen it before. Notice details and your homes’ architectural style. Is it Colonial, Midcentury Modern, or maybe Spanish? This can help you to decide your overall aesthetic for your landscaping.
- Rethink the front pathway. Is there even a walkway to the front door? If there are any missing bricks or other materials missing, those should be replaced in the case it becomes a safety issue. The pathway to your front door should feel welcoming, and not forcing someone to cut through the front lawn.
- Choose a low-maintenance ground cover. Green grass is beautiful but requires a lot of water to remain that way. On top of that, it’s expensive to install and may require fertilizer and weed treatments as well. Consider planting thyme, bishop’s weed, or lamium. Each spreads quickly over mid-sized sections of a front and back lawn, and remain hearty through temperature and drought swings.
- Before planting anything, choose the right plants. See where the sun rises and sets. Some plants love the morning sun but will not tolerate western sun. To learn more about which plants will work best for desert living, click here.
From the curb in front of your home, it’s easy to see the big projects that need to be done. There are a few affordable and minor things you can do to drastically complete the look and feel of the exterior of your home and ensure a 100% return on investment.
- Paint. Fresh paint can make your home look clean, fresh, and well-kept. If the paint is outdated, cracking, or fading, it may be time for an updated coat of paint.
- Gutters, siding, and shutters. Are they in good shape or do they need replacing?
- Your exterior entryway. Does it match the look of your home? Placing doormats, furniture, pillows, and hanging plants are a low cost and easy way to receive the most out of your return on investment and can make your entryway feel significantly more welcome to guests and potential buyers.
Now that the exterior to your home is practical and inviting, it’s time to complete the picture with the interior of your home. In fact, the number of homeowners planning a home improvement project has increased more than 5 percent year over year, so you’re not alone. Below are a few points to consider when deciding which renovations return the most, if not all, of your investment.
The floors in various rooms can completely change the feel of your home. Choosing the right flooring can present a significantly brighter, modern, and more open feel, and could even make you want to put off selling your house for a few more years.
- Carpet – Depending on if your carpet has had 5-15 years of foot traffic and factoring in the quality of its production, it may be time to replace your carpet. Fresh, clean, carpet can present a family with children to feel safer and can make your space feel considerably more comfortable and inviting.
- Hardwood – Hardwood flooring is one of the best renovations to commit to, in order to get the best return on investment. Its lifespan of hardwood flooring is anywhere from 25-50 years, sometimes up to 100 years depending on upkeep. On top of that, maintenance is simply rebuffing and refinishing, and it relentlessly looks brand new.
- Laminate – If your laminate is peeling, peaking, cracking, or gapping, it’s time to replace. Laminate flooring is a great budget-friendly option to get that great wood look without the price. It offers good durability over its lifespan and has a relatively quick installation compared to real hardwood. Laminate is also fairly easy to install.
Our friends at Scottsdale Flooring America are part of the largest floor-buying group in the state; prices are negotiated to there lowest so they can pass the savings along to homeowners. If you’re thinking of making the long term investment of replacing your floors, give them a call.
Thinking about remodeling an entire kitchen can be daunting. Although, a minor kitchen remodels average return at resale is 98.5%. So what does this entail?
- Brighten up the kitchen by sanding and painting existing cabinets. It’s much less expensive than buying new ones.
- Add detail with your decorations by changing the drapes and window molding.
- A $15,000 kitchen update covers 30 feet of re-facing for cabinets and drawers, a new wall oven, cooktop, sink and fixtures, and laminate countertops.
- Put recessed lights 3’ to 5’ apart on center and 18″ from cabinets to light the countertops.
Regardless if you decide to create an entirely different floor plan in your kitchen or simply update your kitchen’s cosmetic appeal, renovating your kitchen is something you should absolutely spend your money on.
Bathrooms are deal breakers to potential buyers. Many will place a hard minimum on the number of bathrooms, but does this increase the value of the home? Consumer Reports recommends simple improvements like re-caulking the tub, installing new bathroom fixtures and adding new toilets over a full-blown remodel. Want to remodel your bathroom but don’t have the budget to gut it and start fresh? These three smaller projects will get you the best return on your investment.
- Tub/Shower – The average cost to install a bathtub is $2,838, but can range from $1,000 to $4,500, depending on the type of tub and modifications needed. The average cost of the tub itself ranges from $200 to $2,000 or more. If you can’t get your tub out the door, re-glaze it for a new like finish costing $300-$400.
- Flooring – Replacing the flooring will go the farthest in giving your bathroom a new overall appearance. Inexpensive porcelain or ceramic style, or even vinyl, can be engineered to look like classic wood or stone but is still completely waterproof and durable to any level of moisture.
- Vanity – Most homebuyers are looking for vanities that hit a comfortable height and have granite countertops, not necessarily including a faucet, sink and counter.
Home Renovations – What You Should And Shouldn’t Spend Your Money On
It’s important to put your best foot forward when renovating your home. The biggest factors to increase the value of your home include updating worn-out items, modernizing fixtures, and creating a more functional space.
According to the National Association of Realtors Remodeling Impact Report, 75% of homeowners want to be in their homes more after a remodeling project, and 65% have more fun in their homes. Whatever you decide to do, be sure to contact Scottsdale Flooring America for the best pricing on carpet, tile, laminate, hardwood, and stone flooring in Arizona.