How to Recoup What You Spend On Your Home Improvement
Purchasing a new home is a major investment, but the money trail doesn't end there. Unless you spent the time and money on a new home construction, you're likely on the fritz about updating your property. Turning your house into a home you can cherish for many years sometimes requires indoor and outdoor remodeling.
There are some folks who spend tens of thousands of dollars on remodeling the exterior and interior of their properties. Making updates to your home can be done whether you've just purchased a fixer upper or been living in your house for many years. The key is to ensure you're making renovations that can yield some type of return on investment.
After seeing which remodeling projects allow homeowners to recoup their spending, we decided to put together a quick list. This way, you can make a more informed decision about any future remodeling work you decide to do to the exterior or interior of your home.
Focus On Curb Appeal
The outside appearance of your home should be appealing, if it isn't, then it takes away from the likability of your community. Every neighbor has a responsibility to keep their home and lawn up to par – even if they aren't planning to sell their home one day.
Remodeling the exterior of your home is a good idea if your property has ugly shutters, windows, doors, paint, front porch and / or shingles. All of this should be redone and updated, so that it is attractive to the passersby. And if you do end up putting your home on the market one day, you can draw in prospects much easier.
Don't Mess Up the Original Design
Some homeowners get carried away with their interior remodeling and decide to transform the floor plan and layout to their liking. It's a real hassle to pull this off sometimes, especially when you have to continuously apply for permits and pay for inspections. The amount of money spent on getting approval for your renovations quickly outweighs what you get in return. Instead, focus on improving the current design of your property.
Focus More On Your Needs, Not the Resale Value
If you are planning to sell your home, keep in mind the needs of the homeowner. It's easy to get carried away with all the different additions you can make that would make the home more valuable. But you have to ask yourself whether or not that addition is useful and functional. If not, then it's pretty much useless. When you're planning your home remodeling around what's hot, then you risk making an improvement that will go out of style one day. The economy also plays a role in what buyers are looking for in a new home. If their pockets are thinner, then buying a home with expensive marble and granite stone floors and walls isn't going to cut it.
Consider working with an interior designer who's in the know about designing houses for functionality and style.
Some Facts and Figures from Across the US
It's good to know what to expect from certain types of exterior and interior remodeling projects. The return on investment you can get will greatly depend on where you live and what area of the home you improve. Here's an overview of what others have recouped from across the nation:
- Baltimore bathroom remodeling for $ 9,400 recouped 182 percent of the cost at resale
- San Diego bathroom remodel for $ 17,928 recouped $ 27,000 on resale
- Roof replacement costing $ 11,376 recoups an average 96.3 percent at resale (71.1 percent in the Midwest).
- Every 1,000 sq ft of added space increases sale price by 30 percent.
- Bathroom additions return the most, with an average of 86.4 percent ROI