Caring for your Home Can Increase its Value & Its Lifespan
Owning a home can be one of the most rewarding and the most demanding positions to be in. While you are investing in your very own property as opposed to a landlord’s, you also want to get as much as you can out of your home while residing in the property. Additionally, you want to be mindful of how you can increase your home’s value and make it more attractive to buyers when the time comes to sell, while keeping your cost low.
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Why is it Important to Improve your Home?
Making home improvements can be beneficial in various ways. At the most basic level, they make a home more functional, aesthetically pleasing and comfortable for you as the homeowner. However, many homeowners don’t plan to stay in their current home for the life of the loan term. Most homeowners tend to sell their home within the first 10 years. By choosing your home improvements wisely, you can make it more enjoyable for you and your family. Equally, you can also ensure that you get the best market price possible when you decide to sell the property.
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What are the top small home improvements with big returns?
The small home improvement that gets the top spot is a fresh coat of paint and fiberglass attic insulation. For a 35 X 30 ft attic, you’ll pay an average of $1,268 for new insulation. When you sell, you could potentially bring in at least and extra $90 for every $100 spent (recouping of 90%+ of your costs).
Similarly, a fresh coat of paint will add value to your home with minimal cost incurred.
- Paint can make the rooms in a home look inviting and can convey to the buyer that the home is ready for move in.
- Exterior paint can increase your homes curb appeal at a very low cost.
- It removes old stains and brightens the original color of the paint.
- It helps increase the value of your neighborhood, when all homeowners are collectively maintaining the appearance of their property.
Here’s a breakdown of the other top-ranking improvements with the best return on investment.
- Manufactured Stone Veneer (Job Cost: $7,519, Resale Value: $6,988, Cost Recouped: 92.9%).
- Garage Door (Job Cost: $1,652, Resale Value: $1,512, Cost Recouped: 91.5%).
- Steel Entry Door (Job Cost: $1,335, Resale Value: $1,217, Cost Recouped: 91.1%).
- Upscale Garage Door (Job Cost: $3,140, Resale Value: $2,830, Cost Recouped: 90.1%).
Although there are many variables that can affect recouped costs, home improvement projects usually cost between 20 and 25 cents on the dollar, with the remaining 75 to 80 cents spent going back into increased value of the home.
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How do I begin with home improvements?
All of these figures and estimations can be very helpful, but how should you go about beginning improvement on your home? You want to ensure that you are smart about approaching improvements. Always think about your opportunity cost and decide which project should be first.
Make a list of the things you dream about doing and break this list down into categories based on costs. Then include an estimated time each project will take. Even if you only have a day or a weekend, putting your plans on paper will help you choose the project that fits your timeframe, as well as your financial commitment and comfort level. With this type of strategizing, you’ll see your dreams take shape in highly achievable baby steps.
The best way to do this is to tackle one room at a time. Whether it’s knocking out a wall or a simple coat of paint, by taking on one room at a time, you keep your projects realistic and achievable. If you’re not alone and if you have to do remodeling of any areas, work on two tasks at a time to increase efficiency. Have one painter available while you and the others remodel. If paint will be needed in hard to reach areas, have the painter get to those areas, while the remodeling team allows for easy access to those areas.
Some great projects that you may want to include on your dream list that also provide a great return on your investment dollar include:
- Replacing old, drafty windows with new vinyl windows.
- Adding a wooden deck to your home that extends the home’s usable space.
- Finishing your basement in a way that adds to the indoor usable space of your home.
- Upgrading kitchen countertops with a high-end material, or even the look of a high-end material.
- Replacing the siding on your home with a new material.
- Updating a bathroom to be more user-friendly for people of all ages.
- Replacing an old or worn out roof with new shingles or another type of material.
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Does curb appeal count?
The answer to this question is a resounding, “Absolutely!”. If in doubt, walk across the street, turn around and look at your house. Does your home look attractive, tidy, structurally sound, and welcoming? Make a list of ways to accentuate the positives and downplay the negatives. If the front walkway is nice and curvy, enhance it with border flowers or lighting. If your garage door dominates the scene, consider upgrading it or guide the viewer’s eye toward a beautifully landscaped entryway instead.
Share with our readers what ideas you’d like to tackle.