Renovation “Madness”: Don’t Let It Strike You
When the calendar turns to March, madness is in the air — but it’s best confined to college basketball. Unless you have limitless financial resources, you should make decisions about home renovations based on need and potential ROI, in that order.
If you’re planning to live in your home long term, you certainly want to make sure it works for your family. Your needs might be a new or updated bathroom, a gourmet kitchen or an expansive walk-in closet. You should make renovations like these because they’ll enhance your quality of life; wondering if they’ll add value to your home should be a secondary consideration.
A marriage of the two — enhancing both your day-to-day life and what you recoup when it comes time to sell — is ideal. With that thought in mind, here are six projects that are the best long-term remodeling investments you can make, based on data from Remodeling magazine and the NATIONAL ASSOCIATION OF REALTORS®’ Remodeling Impact Report.
Best Home Remodeling Investments
- Replace Your Front Door. Much like you can judge a book by its cover, one of the first impressions of your home is created by your front door. Replacing it with a steel door enhances curb appeal, often improves energy-efficiency and doesn’t break the bank — you can recover 75% of your modest investment (of maybe $2,000) at resale.
- Install New Siding. Since worn siding can contribute to a loss of up to 10% of your home’s value, replacing it is a smart investment. Whether you choose vinyl or the more expensive option of fiber-cement, you’ll realize strong ROIs at sale of 83% and 79%, respectively.
- Upgrade Your Kitchen. You don’t have to go full gourmet; minor remodels that include re-facing cabinets and installing new flooring, countertops, and modestly priced appliances may be the way to go. The return of 67% might not overwhelm you, but this is a change that offers the intangible of great satisfaction.
- Add a Deck or Patio. San Diego’s weather makes this a great remodel and so does the potential return. You’ll be able to expand your living space for just $8 to $35 per square foot, a bargain compared to the $150-and-up per-square-foot cost of a new addition.
- Turn an Attic into a Bedroom. This is a great way to gain living space without having to add to your home’s footprint. Since the walls, floor and ceiling already exist, your remodeling costs will be kept under control. Almost all homeowners who completed this project (94%) said they were happy with their new space.
- Replace Your Garage Door. Like the front door replacement, this project adds a great deal to your home’s curb appeal. Your cost will be modest (approximately $2,300 to replace an older, two-car embossed steel door) and you can expect a healthy ROI of 87% on your investment.
At Authentic Designs & Remodeling, we’ll help you stay sane when it comes to making sound investments in remodels your family and your bank account will enjoy. We have “mad” skills and look forward to working with you.
For more information on home remodeling contact ADR.