A house is probably the best long-term investment you can make and home renovations are a great way to further increase its value. However, not all renovation projects are worth it: a remodeled home office isn’t much of a draw for homebuyers and will only recoup 45.8% of your investment when your house is sold. Fortunately, HGTV.com has suggestions for home improvement projects that pay off generously:
In the hottest housing markets, springing for a kitchen or bath remodel is a sure-fire investment, often returning more than 100 percent of the cost. In Baltimore, for instance, a $9,400 bathroom remodel recouped 182 percent of its cost at resale, according to Remodeling’s 2004 study. The markets in Washington, D.C., Minneapolis, Chicago, Atlanta, San Francisco and San Diego also offered triple-digit returns on a bathroom remodel. Minor kitchen remodels (average cost: $15,273) also provided returns of more than 100 percent in cities including Providence, R.I., Miami, New Orleans and, of course, San Diego, where a $17,928 investment netted $27,000 on resale.
Of course, home improvements don’t always have to be indoors. Before anyone can appreciate how elegant your bathroom tiles are, they’ll first see your home’s exterior, so improving it should also be a priority. Below are a few exterior renovations that not only increase curb appeal but also give a handsome dividend:
According to estimates, replacing your roof can fetch a healthy 75% ROI at resale. A new roof also prevents depreciation since a leaking one can damage a house’s structure and pose as a fire hazard.
If you get new windows, you can expect a return as high as 81%. When homebuyers see new windows, it tells them that the house is more energy efficient, and that means lower heating and cooling costs for them. The windows also give added security against burglary or theft, something all homeowners want to prevent.
Siding can make your home more valuable while increasing both its beauty and energy efficiency. Maryland siding contractors like Drytech Roofing & Home Solutions can install vinyl siding that can recoup 95.5% of the cost; if fiber cement is more to your liking, it provides an even bigger return at 103.6%.
Remember, a neighbor or prospective buyer will form their opinion on your home long before they enter your front door. Getting new roofing, windows or siding for Maryland houses are just a few ways to increase curb appeal and make your home more inviting.
(Article Excerpt and Image from Which Home Improvements Pay Off?, HGTV.com)