When you set aside money and start dreaming about the home improvement you’d like to do you may need to face a different reality at the end of the year. This is because you may find yourself in need of a new furnace, new gutters, and a drainage system instead. If this happens, what you’d imagined in terms of your kitchen remodel and your bath remodel may have to wait. Most realtors will agree that you need to take care of these important things before worrying about your home’s aesthetics.
Where Home Improvement Money is Best Spent
Studies show that you’re likely to recoup the money you’ve spent on a kitchen remodel or a bath remodel than what you’ve invested in basic home maintenance like new siding. In fact, siding replacement recouped 92.8% of its cost. This is one of the most sought-after home improvements. It demonstrates that buyers take the basics for granted. They trust that the roof won’t leak and that the plumbing works. Of course, a kitchen remodel and a bath remodel are also high on the list. This is because they’re big rooms people want to splurge on.
When you’re ready to invest in a home improvement project there are a few things you need to remember. One of the most important is that what you’ll get back on your investment depends on the value of your home, the value of other homes in your neighborhood, your area’s housing market, how soon you sell the home after making improvements, and the project’s quality.
What Improvements Bring the Best Return on Investment (ROI)
Clearly, you need to pay attention to ROI before you consider taking on any home improvement project. With this in mind, you’ll want to remember these home improvement tips before deciding to start them. These include:
- A kitchen remodel or a bath remodel will net you at least twice the resale value of any other project. As such, they’re a sure-fire investment. This is because these are areas where you can tell whether money was invested in a home. One of the main reasons for this is because construction in these areas is more expensive than in any other area of your home.
- Your first priority should always be keeping your existing home structure in good repairs before you ever consider a bath remodel. Luxuries can wait but if your home’s structure isn’t taken care of, you may not have a home in the future.
- It’s important to understand that regardless of how hot the housing market is if the curb appeal is unimpressive, people won’t walk inside your home. This is why you should start by fixing up the outside of your home before you ever worry about anything like a kitchen remodel.
- Adding a room to your home is a great idea in a hot housing market. Whether you add a sunroom or double your home’s size, more space is in big demand today. This is why adding 1,000 square feet will boost your home’s value by more than 30%. When you add on to your bathroom you’ll get back 86.4% of your money whereas a sunroom will net you 70% – 80% ROI.
With so many different parts of your home to consider remodeling, sometimes it’s a good idea to turn to a professional for some help. Hybrid Construction LLC has over 10 years of experience here so you know you can trust them. As such, once you’re ready for a home improvement you should consult with them about whether a kitchen remodel or a bath remodel is where your money will be best spent.