We all hear that adding that home improvement project to your home will increase the value of your home. But does it really? And how much does it add?
This is why I made a list of the Top 6 Home Improvement Projects that you CAN actually recoup the money spent on these projects.
1. Kitchen Remodel:
A kitchen remodel can be the most expensive project homeowners do in the life of there home. There are many caveats to a kitchen remodel. Cabinet cost/quality, counter tops, appliances, back splash tile.
According to HDTV a Kitchen Remodel can recoup 60%-120% of Investment.
If you are planning on selling your home in the next 5 years you really have to be mindful of the selections for this kitchen remodel.
A basic appliance package can run around $4,000-$5,000 but a gourmet appliance package can run closer to $20,000. This may really look fantastic in your home, most buyers do not need nor want this.
2. Bathroom Remodel:
If you only have 1 bathroom in your home, adding a 2nd full bathroom can recoup 80%-130% of your investment.
You will need to judge the space properly on what to take out to add this bathroom.
Look at larger closets, under stairs, or larger bedrooms.
You will need around 20 square foot for an average 1/2 bath, and about 35 square foot for a full bath with a tub.
There is a lot to determine when adding a bathroom to get an accurate price for this project.
A basement bathroom with no drainage in place can be expensive, while a bathroom on the main level next to another bathroom would cost less.
Always take into account how long you plan on staying in your home when making selections.
3. Converting A Room / Addition:
There are several ideas to converting a room such as a finished basement, an addition, utilizing space in attic, or any unfinished rooms in your home.
Versatile rooms have a better appeal to a home buyer.
A basement apartment is great for monthly income, but beware if selling anytime soon, as some families would like to use that space for open area family rooms, or game rooms.
These ideas can recoup 50%-85% of your investment.
4. Energy Efficient Windows:
Windows have come a long way over the past 10 years. With local and federal codes, most windows are now low E and extremely energy efficient.
The average cost for a new window replacement is $800 per window.
You can recoup 60%-90% of your investment. PLUS, saving $500+ a year in heating a cooling cost.
5. Insulation
Energy Efficiency is a large topic of conversation in both the remodeling and new construction world New codes for have been focused on energy efficiency for several years now.
Older homes have a lot of issues with this, and companies are making great strides in helping all homes get energy efficient and help save money.
In an existing home, the easiest way to add insulation is in your attic. With an average cost of .50 per square foot, this is easily installed and can save hundreds of dollars per year in heating and cooling cost.
Seal Cracks: According to the US Dept of Energy, the average house has enough leaks to compare to a 3'x3' hole in a wall of there home.
A Thermal Leak Detector ($40-$50) is a great tool to walk your home with and visually see where the leaks are coming from.
Most Common places for this is
a. Around Doors and Windows
b. Electrical Sockets/Light Switches
c. Recess Lighting in attics
d. Basements- where the first floor meets the top of concrete foundation
e. any penetrations through the home (wires, ducts, vents)
All these items can be easily fixed by you or a licensed contractor and can save hundreds of dollars a year in energy efficiency.
Top Home Improvement Projects To Avoid:
1. In Ground Pools
Pools can be a very expensive project ($10,000-$75,000) and can cost around $2,000 a year to operate.
This project can actually decrease the homes value.
2. Whirlpool Baths
How many people have a whirlpool bath in there home and never use it?
I hear it all the time.
When installing a new one when remodeling your home, this can create a chain reaction no one would have ever thought of.
In some cases, homeowners had to upgrade there water heater because it was not water to operate this.
Plus, it adds cost to your electric bill every month.
3. Expensive Landscaping
This is an area you really have to pay attention to on how long you will stay in your home. These projects can be very expensive to install, and then maintain.
Instead focus your attention and money to the front of the home and get a "WOW" factor when putting your home on the market.
Blue Horizon Renovations can help you with all the recommended home improvement projects.
We can help you design, price, and even show you values of homes in area that have sold so we do not put your home behind the 8 ball
Call us anytime 410-897-7601 or by email at contact@bluehorizonrenovations.com
