Home Improvements You Should Consider
When you’re making improvements to your home, you’re not just making your life better in the short term. You’re also making an investment in your future. Ideally, the increase in the value of your home will exceed the cost of the improvement.
It takes years for the appreciation in your home to recoup the expense of an improvement. If you’re looking for an investment, putting your money in a share certificate or other long-term investment option will net you more. When you’re making home improvements, though, you’re looking for ways to improve your quality of life while being as thrifty as possible.
Calculating ROI can be difficult because the data is based on national averages. For instance, in drought-afflicted parts of the country, water-efficient fixtures, rainwater collection facilities and low-water landscaping will pay long-term dividends. In places with lots of solar exposure and high utility costs, solar panels will make your home more cost-efficient and attractive to buyers. No one will pay more for a well air-conditioned house in Alaska! Keeping that in mind, finding out what works for your market therefore depends a lot on trends and local conditions.
There is some good news if you’re looking for more universal approaches for getting the best increase in value for your home improvement dollar. There are a few simple rules to follow. Seek relatively low-cost improvements that require little to no maintenance. They should immediately distinguish your house from similar homes and, ideally, they may also improve the energy efficiency of your home.
Here are four home remodel projects that can improve the resale value of your home. They’re excellent uses for your home equity line of credit (HELOC) and you may be able to save money by doing part or all of them yourself!
1. Replacing The Front Door
Replacing the front door is an easy and very cost effective investment you can do to increase the value of your home, a worthy home improvement. Why not start your home remodeling project with the first thing you interact with on your house: the front door. Upgrading an old, poorly-fitting front door with a newer energy-efficient model is a cheap, quick project that can instantly improve your home’s efficiency and aesthetic appeal. Best of all, hanging a door can be done in an afternoon!
With an average price of just over $1,200, including labor, an energy-efficient front door has an ROI of 98%! It’s also a chance to be creative. A new front door can add a splash of color, and window placements can break up a monotonous front profile. This is by far the easiest home improvement you can do.
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2. Minor Kitchen Remodel
The national average for spending here is $57,000, and the ROI for major kitchen remodeling isn’t great, at only 68%. Replacing major appliances and installing new flooring is a difficult, time-consuming and expensive task. Being without a kitchen for weeks on end can be a nightmare, and the number of professionals needed to install new lighting and other features is mind-boggling.
Minor kitchen upgrades, like new cabinets, counter-tops and cook-tops, are comparatively inexpensive. The
average spend here is just under $20,000 with an estimated return on investment at an impressive 80%. Just like with the front door, the changes are mostly aesthetic.
If you decide to upgrade the kitchen, consider the added value of changing the flow as well. Keep in mind tearing out a load bearing wall just to have an “Open” layout will cost you more and possibly some engineering designs too. However the benefit may outweigh the cost depending on the house. Just don’t get carried away.
One winter I decided to remodel my kitchen with a massive update, including built-ins, removing a large load bearing wall, custom cabinets and tile floors. I had a engineer spec out a large beam I then concealed the beam in the second story floor, thusly hiding any such unsightly beam. This home improvement ended up to be some work but well worth it in the end.
Outdoor space is one of the hallmarks of the current iteration of the American dream. Where else can a family sit and enjoy a frosty lemonade on a hot summer day? Watch the kids play in the yard while tending the grill on a beautiful wooden deck!
Wooden deck additions were unpopular for years, as consumers see them as luxuries. During a recession, remodeling dollars tend to focus on needs, like kitchen and bedroom updates. Now that the economy is improving, more people are looking at decks as valuable extensions for their living space.
The average cost, based upon a 16 foot by 20 foot wooden deck, is $10,000. The average return on investment is just over 80%. This is because of the perception of expanded living space at a reasonable price. Adding a deck costs about $35 per square foot, while a square foot of inside space costs an average of $85! Decks are a great way to increase the play space for a modest cost.
All in all decks bring the inside to the outside, enjoy the fresh air and the special time grilling and enjoying the sunsets with your family. Ready to tackle these home improvement ideas?
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We help property owners in Eugene just like you, in all kinds of situations. From divorce, foreclosure, death of a family member, burdensome rental property, and all kinds of other situations. We buy houses in Eugene Oregon and surrounding areas and pay a fair cash price, fast. Sometimes, those who own property simply have lives that are too busy to take the time to do all of things that typically need to be done to prepare a house to sell on the market… if that describes you, just let us know about the property you’d like to be rid of and sell your Eugene property fast for cash.
If you simply don’t want to put up with the hassle of owning that house any longer, and if you don’t want to put up with the hassle and time-consuming expense of selling your property the traditional way, let us know about the property you’d like to be rid of and sell your house fast for cash. Talk to someone in our office before submitting your property information by calling us today at (541) 780-2424