By now everyone has figured out the housing market is in trouble. Experts claim it could take years to recover fully. During the time waiting for the recovery, now would be a great time to consider updating and remodeling you current home. Top Real Estate Advisors have stated that any changes you make on your house now, could dramatically increase your home value. But where do you start? The list below will give you some ideas to ponder and help you determine what area you need to update first, to keep your home looking it's best and retain the highest value possible.
1. Painting
Why: Painting will create the most dramatic results with the least cost. Hire a professional to do the work. Many homeowners think they know how to paint sufficiently enough to get by, but a wise (unbiased) buyer, friend, family member, etc. can spot a second rate paint job a mile away, even though they will probably be too nice to tell you what they really think. Sure, you can go to your local home improvement store, buy a brush, roller, a gallon of paint and "do-it-yourself" but the odds are 9.99 times out of 10, you'll wish you'd hired a professional to do it right. I can't tell you how many times I've seen this scenario. Expect to pay $3,000 to $9,000 for the interior of an average American house (about 2,400 square feet). It all depends on how much trim, details, drywall repair, paint sheen and base, color, etc. There are many variables, as with everything, but your contractor will most assuredly be happy to explain what these are. An average exterior paint job will run $2500-$5,000 or more. There are variables to this as well; higher than average gables, siding vs. brick, vinyl vs. wood trim, etc. Can’t decide on a color? Gerri Willis, the author of "Home Rich" , claims that pale yellow homes sell faster and for more money. Hmmm. I'd say go with your personal preference. There are many free programs online where you can upload a picture of your home and change the colors as much as your hearts content, to decide on the right color combo to suit you. Try Better Homes and Gardens for starters: Color a Home
2. Adding Siding
Why: According to the most recent Consumer Value Report, fiber-cement siding (which is made of sand, cement, and cellulose fibers and costs an average of $13,200) is estimated to recoup about 88 percent (or $11,635) of a home owner’s initial investment. Vinyl is another option. Expect approx. $4000. - $10,000. roughly. This is according to style, square footage, etc. The advantage to vinyl siding and trim is no more exterior painting, which can save and average of $4000. every 5 years.
3. Build a Deck
Why: A deck will provide you with so much more than just a place to set up your grill. A deck adds the rustic, outdoors, traditional feel to your home. Top Real Estate Agents will tell you that a nice deck is always on a potential buyers checklist. A covered, screened in deck, even better. Experts suggest using wood as opposed to composite and wood is less expensive. The latest home buyer trends report, states that wooden decks provided more return on investment than concrete or composite. Home owners who spent an average of $10,000 on lumber and labor to add a custom deck, reported that they recouped 85 percent of their total cost.
4. Replacing the Windows
Why: Energy-efficient windows eliminate drafts and holds in your valuable heat and air conditioning. This is another very important item on every potential home buyers checklist..."Are the windows updated to Low E?" Last year home owners who spent an average of $11,000. on 10 three-by-five-foot insulated vinyl or aluminum-clad windows got an 81 percent return on investment.
5. Remodeling/Upgrading a Bathroom
Why: Bathroom upgrades, like counter tops and new fixtures, updated tile, provide solid returns — anywhere from 68 to 78 percent. On average, the price for a full bathroom remodel can run anywhere from $15,000 - $30,000. Of course there are many, many variables. Simple to extravagant. If you plan to live in the home awhile longer, go a tad more extravagant. If you're planning to sale within the next 2 years, stay more on the simple but modern updated side.
6. Updating the Kitchen
Why: You really can’t go wrong with remodeling/upgrading your kitchen, which can return up to 83 percent of the cost. Potential buyers will appreciate that you did the dirty work for them, so they won't have to. An out-of-date kitchen can be a deal breaker too, says Top Real Estate Agents. Go with high-quality fixtures, like stainless-steel appliances and granite counter tops. A custom tiled backsplash can turn an average looking kitchen into a designer kitchen. Also, don't forget to add more lighting while your at it. The average kitchen remodel we do has less than adequate lighting. Can lights and under cabinet lights add a whole new dimension, for little added cost.
7. Finish or Remodel the Basement
Why: Easily increase your square footage without adding on to your home. The average basement finishing project can add up to 800 more square feet to your home! If your basement is prone to flooding, leaks, or excess moisture, make sure your contractor calls in a professional waterproofing company first. Most homeowner insurance policies will not cover flooding damage. Finish your basement by adding drywall, insulation, light fixtures, new flooring and especially a bathroom. The National Association of Home Builders Remodelers has recently stated that basement remodels gain back anywhere from 50 to 100 percent on investment, depending on the quality of the materials. Average cost: $30,000. - $50,000.
8. Landscaping
Why: The front of your house is the first thing people see, so it only makes sense that upgrading the landscaping will be an excellent return on investment. Properties with gorgeous, established trees and shrubs are proven attractions to potential home buyers. “Buyers make their decisions in exactly eight seconds,” says a top-rated NC real estate firm. “After that, they’ve either fallen in love with the home or are just honoring an appointment.” Never cut corners on landscaping. Landscaping makes the home.
9. Installing Updated HVAC
Why: Adding new HVAC system to an average 2,400-square-foot house, cost on average $10,000 and can boost your home’s value by 10 to 20 percent, says local appraisers. New building codes require units to have an energy efficient rating of at least 12 SEER, compared to the 10 SEER requirement only 2 years ago. This makes an absolutely huge difference on your energy bill.
10. Install/Update Flooring
Why: Carpet is still the preference for bedrooms, but hardwood flooring and tile for the main areas, is definitely a stronger trend. On average, tile or natural hardwoods will run around $5.-$8. per square foot but can return an average 20-30 percent on investment. When people see hardwoods in the main rooms and custom tile in the wet areas, they automatically think "class". Tiles on a diagonal run can make a room look bigger. Nothing says elegance quite like tile.
There are numerous advantages to adding hardwood flooring to your home: (a) Hardwood floors are easy to maintain. Regular sweeping, vacuuming or washing with a mop are enough to clean the floor. In case of food spills and excess deposit of dirt, you may clean the floor with a wood floor cleaner and bring back its elegant appearance, within no time. (b) Hardwood floors can be sanded and refinished multiple times. (c) Hardwood flooring increases the value of a home. Studies show that houses with hardwood flooring sell much faster than those featuring other types of floors, like laminates or carpet. (d) Hardwood flooring is versatile, because it compliments both traditional and modern home decor. You can also customize your floor by using more exotic looking hard woods, such as cherry, mahogany, walnut and bamboo. (e) Hardwood floors are best suited for people suffering from any kind of allergies. (f) Hardwood floors are more durable than most other types of floors. This quality has made them the much preferred choice for flooring, for centuries.
