Every man thinks of his home as his castle and every woman thinks of it as the heart of the family. It is where you raise your kids, watch them grow up and teach them how to become adults. A home is also a place where you entertain close friends and relatives. It is a place where you create memories. These are the intangibles of owning a home and the best part about it. But your Darien Home also has a earning power. It is something we invest in for equity, retirement and financial gains.
Listed below are 5 remodeling projects that bring in the biggest return on your investment.
(Source: CBS News, Wells Fargo, Citibank, MSN and Remodeling Magazines.)
#5 Home Addition: Anytime you add square footage to a home it will always increase the value of it. If it is adding a large master bedroom suite, a new family room for the kids or expanding the 2nd floor for more bedrooms and another bathroom. These items will always appeal to a larger range of potential buyers down the road while keeping the home up to date. But keep in mind that your addition should fit into your surrounding area and what your neighbors are doing. The average ROI (return on investment) is anywhere between 62%-71%.
#4 Bathroom: Bathrooms are next up on our list for adding value to your home. They are also the most fickle when it comes to home renovation because they are dependent on how many bedrooms you have, how big is your home and where is your home located. If you have a 2 story house, you would like to have a bathroom on each floor. Then are they full or is one of them a half? A nice general rule would be at least 2 full and 1 half. This way there is one for the master bedroom, one for the children and one on another floor for guests. When your bathrooms are updated with new tile, toilet, shower/bath and fixtures you will be able to keep 64%-74% when it comes to your ROI.
#3 Kitchen: Kitchens were a little higher on the list, but they are still one of the most important items when it comes to selling your home. If you don’t have an updated kitchen it will be hard to sell your home. Plus the kitchen is one of the most popular rooms in the entire house. It is where you make meals, where the kids do their homework, and the most popular place when you entertain friends and family. Over the last 10-20 years a kitchen renovation consisting of new cabinets, new hardware, new floor, new countertops, updated modern appliances and new fixtures will give you an average of 70%-83% ROI.
#2 Outdoor Space: Out of the 5 items on the list, this one has bounced around the most. Outdoor spaces are rooms outside of your home. These outdoor living spaces go beyond the traditional patio or deck and function more like indoor rooms with comfortable and durable furnishings, fire pits, screened-in porches, outdoor kitchens and even televisions and audio systems. Thanks to designer TV shows dedicating more and more programming to this area of the home they have resonated into the public has a must haves when purchasing a new home. After your first investment you will be able to keep 72%-86% in return.
#1 Exterior of your Home: Still number 1 when it comes to investing in your home. Any exterior work completed on your home will bring back the biggest return in your investment. It is the first thing that represents you and your home. New wood/vinyl energy-efficient windows with argon gas insulation can bring back 79%-80% ROI, a new garage door will add curb appeal, function, energy efficiency and bring back 83% ROI, new siding if it is vinyl or cement board with insulation will bring from 79%-88% in ROI, and finally one of the best returns at 96% ROI is a steel entry door. Steel doors are low-cost, durable, provide energy efficiency plus they come in many styles to any style of your home.
Consider getting a free in-home consultation from Remodeling Consultants, a design-build firm in Mamaroneck, NY with more than 50 years experience. This family owned and operated business has completed thousands of home improvement projects in New York and Connecticut. They will sit down and talk with you about how to add more value to your home through various home remodeling projects.
To read testimonials from past success stories and to review some samples of their work visit Remodeling Consultants Facebook page or their website.
