Considering home improvement? One of your biggest considerations should be the return on the investment, or ROI. Will the improvements you make really pay off? What improvements should you choose, based on the location of your home? How can you make the most cost efficient decision? These questions and more, answered in our Increase Your Home’s ROI blog series!
According to Remodeling Magazine you’re less likely to recoup your investment in a major kitchen or bathroom remodel than you are to get back what you spend on basic home maintenance such as new siding. Surprising, isn’t it? This is because home buyers are afraid of maintenance costs. They don’t want to move in and have to replace a roof or repair the siding. So, believe it or not, you may make more money back on simpler improvements!
Location Is Everything
It seems cliché, but it’s true! The improvements you make to your home, and the corresponding ROI, are often dependent on your location. For example, you would not want to put a $10,000 AC unit in a $100,000 home. It doesn’t make sense, you wouldn’t see a return. Additionally, in most areas, kitchen and bathroom remodels see over 100% return, due to a couple of factors:
- These are the most expensive areas of a home in terms of construction.
- These are the areas where people generally spend the most time.
The Decision Is Yours!
So, when remodeling, what should you choose? This is largely dependent upon when you see yourself moving. If you think you’ll be there awhile, choose to remodel with things you love (within reason, of course), or colors that go with your current decor. After all, you want to be able to enjoy the home you live in! However, if you plan on moving soon, choose neutral colors and traditional looks that would typically satisfy the majority of people. Anything too taste specific can be off-putting to potential buyers.
There are various ways to increase your home’s ROI, and we want to make sure you choose the best ones! Stay tuned for Part Two to find out more! In the meantime, we are happy to help with any home improvement projects you may have…that’s right, we do it ALL! Find out more about our services here.