Spending thousands of dollars on Home Improvement does sound exciting as you expect to transform the look and feel of your house. Installing granite counters or steam showers can change the look of your kitchen completely. But you must be prioritizing your investments on improvements that pay off and are essential. In some situations, it could be better if you invested in a new furnace, a drainage system that keeps your basement dry, new gutters, new landscaping, and painting the entire house.
Such investments come in handy when you think of selling your house. Having a luxurious kitchen but a leaking roof can drastically decrease the price you might get as an offer. Interested buyers might say that they are not concerned about how luxurious your kitchen is but cannot buy a house with a leaking roof.
In case you are planning to invest some money into home improvement projects this year, there are important things you should keep in mind. Return on your investment is entirely dependent on your house’s value and the immediate neighborhood. Other factors include the prevailing housing demand in your area and the quality of the project. Invest wisely as an investment to install a $10,000 stove inside a $200,000 house would never fetch you higher prices. Thus, we have discussed some home improvement ideas that would ensure your investments pay off.
Kitchen and Bath
Investing to modify your kitchen or bathroom is expensive. But if done correctly, you can expect a return of more than 100% of the total cost. Housing markets in different cities offer different value on your investments. Investing $9,400 to remodel a bathroom in Baltimore can recoup over 182% of the cost when selling. Similarly, housing markets in Chicago, Minneapolis, Washington D.C., San Diego, Atlanta, and San Francisco can offer triple-digit returns on minor bathroom or kitchen remodels.
After the essential infrastructure of the house, buyers consider the quality of fittings and finishing inside a kitchen or bathroom. So, when investing in home improvement, think about installing modern fittings and accessories. Ideas like having all-wooden cabinets, natural wood or stone floors, stone countertops, and natural wood can do wonders to the looks. You may consider installing walk-in showers and replacing the whirlpool tubs as a cleaning machine in your bathroom.
Also, if you do not plan to sell your house shortly, it’s worth spending budget on kitchen or bath remodel in a manner that you also enjoy the changes.
All your investments to improve the look and feel of your house can be worthless if a potential buyer comes across a leaking roof or a flooded basement. Your priority should always be to keep the entire structure fit and sound. Some homeowners end up investing thousands of dollars in improving both bath and kitchen but nothing on maintenance of the house.
If you consider the need of a buyer, his priority would always be to live inside a house that is maintained. Lavish interiors or dated bathroom is secondary but roof maintenance would be a critical factor to consider. You should understand that buyers have a limited budget and they prefer buying a house where they don’t have to spend much to upkeep the basic systems. They would be happy to invest and upgrade a kitchen or bath themselves than investing in replacing the roof.
Hence, when you are thinking about home improvements particularly to sell your house, prioritize home maintenance.
The elevation of your house plays a significant role in attracting buyers even in hot housing markets. If an interested buyer drives by your house and doesn’t find it appealing, he might not walk inside. Hence, if you are planning to invest in home improvements, you should consider improving the curb appeal of your property.
Having Ample Space
When living in a hot housing market, investing in adding a couple of rooms or more is a good idea. Recently, a lot of buyers have been requesting to make additions like adding a sunroom or doubling the size of the house. Demand for more space is one of the reasons people look to shift to new homes. People often realize that they can’t afford larger homes in the same neighborhood.
In case you are planning to put up your house for sale but not sure if you are getting enough to buy a bigger house, you might think to invest in such an option. Spending some money to increase the space inside your house can drastically increase the amount you get when selling it in the market. On average an increase by 1,000 square feet can boost your sale price by over 30%.
Bells and Whistles
Not every homeowner considers investing in home improvement to get substantial returns. Most of them love to design their dream homes. For example, some people might install a $250,000 home theater system in a small room equipped with an elaborate sound system.
Similar investments that you might have dreamt of can leverage the value of your home but you have to make wise decisions. For example, installing a home theater isn’t a bad investment but constructing a 6-car garage on the ground floor won’t fetch you any significant returns on your investment.
If you are searching for an agency that takes home improvements projects in Tampa, FL, contact Hybrid Construction. They have an experienced team of certified professionals who have been behind several home improvement and remodeling projects.
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