When it's time to sell your home, how many of the home improvements you've made actually bring in a return on investment (ROI) ?
Here are some of the areas of improvement that stand a better chance of a high ROI once they get done:
Small or Larger Bathroom Remodel or Renovation Project (not a bathroom addition)
Even small changes such as replacing or tearing down old, mildew stained wallpaper and using a fresh coat of paint will go a long way. Replacing older lighting with a system that you can actually see better with, usually can be done without emptying your checking account. Adding a new vanity, a new tile floor and even something as minor as changing the hardware or fixtures can all be done today for less than $700. Converting a walk-in closet into a powder-room with toilet and sink can really bring in about 15 percent for an updated bathroom area--not including plumbing expenses.
Removing a stained sink or old microwave or refrigerator for newer, energy-efficient models add big value to your home at selling time. Later, if needed, move on to new cabinets, back splashes or counter-tops. Generally speaking, you can expect to get back about 25 percent of a home's value for a new kitchen or a remodel project.
Nothing makes or breaks the ROI more than miserable looking flooring, especially after a room remodel or renovation. Laminated floors, simulated wood flooring or even a tile job may do the trick. If you have budget constraints, then consider replacing the carpet and re-doing the floor covering--one room at a time, starting with whichever is worse. Refinishing your already existing hardwood floors is well worth its cost when it comes to selling your home.
Replacing A Garage Door or Front Door
Replacing an older, two-car, steel garage door may give you a healthy ROI of 87 percent on a $2,500 investment. That being said, if you convert your garage into in-law living quarters (making it heated/cooled additional sq ft), expect an even higher ROI.
If your front door gets tired and worn out, replacing it with a new steel door is a project that kicks up your homes curb appeal and yields the best payback. According to the "2015 Remodeling Impact Report," a new steel front entry door has a national median cost of $2,000 installed, and can recover 75% of that cost at resale.
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