Home Upgrades with The Best Return On Investment
You have decided the time is right to start undertaking some remodeling projects on your home but you are not exactly sure where to begin. You aren’t necessarily planning on moving anytime soon, but you are definitely remodeling with the thought in mind that you want to add value to your home and recoup the majority of the costs of these projects. Here at North Star Stone we were interested in knowing this as well, so we did a little digging and found out some interesting things about the monetary return certain remodeling projects may or may not add to your home. Continue reading to learn more.
If selling your home down the road is definitely in the cards for you, make sure to invest some money into improving your home’s curb appeal. It is well known that many prospective buyers will keep driving if the outside of your home is unappealing. Adding stone walls, walkways and paths is a great way to add value. Current estimates state that your home’s average return on landscaping is 100 percent.
Homeowners today are capitalizing on the beauty, customization and cost benefits of stone veneers. Incredibly versatile, stone veneer is another excellent way to add value to your home. You can really boost some of your home’s features by installing stone veneer to accent points around your home’s exterior and even the entire facade of your home. It doesn’t end there. You can take your stone veneer inside and add it to almost any room of your home such as kitchens, wine cellars and living rooms; and let’s not forget how beautiful an outdated fireplace can become after a stone veneer updating. There is a stone veneer option available for every style, taste and budget. According to HouZZ.com in collaboration with the Joint Center for Housing Studies of Harvard University, homeowners can expect to see a up to a 92 percent payoff when adding stone veneer.
Exterior Upgrades and Improvements
There are several things you can do to the exterior of your home to increase it’s value. These include the following:
- Offering up to an 88 percent return, fiber-cement siding like Hardie Board, which is much more enduring and weather resistant than aluminum or vinyl siding. Hardie board also looks great when paired with stone veneer.
- Painting – A fresh coat of paint can totally transform and improve the exterior of your home and is fairly inexpensive when considering other upgrades.
- New exterior door – Adding a steel door has security and cosmetic benefits. According to the Harvard Study, a new front door can provide a return of up to 102 percent.
Kitchen & Bath Remodel
You really can’t go wrong when it comes to improving your home’s kitchen and bathrooms. Some choose to do partial upgrades by replacing old appliances, giving old cabinets a face-lift or replacing hardware, while others will choose a total overhaul of these spaces and transform these rooms into havens of culinary bliss or sanctuaries of bathing tranquility. Resale returns on kitchens range from 91 percent to 98 percent, while bathrooms range from 93 percent to 102 percent.
Adding a Bathroom
A good rule of thumb is before updating your current bathroom, especially if it is your only bathroom, then you should probably add one first. Many older homes have a disproportionate number of bathrooms to bedrooms so spending your money on this addition first is wise. Adding a bathroom can increase the sale price of your home by 8.7 percent.
New windows can do wonders for the appearance of a home and the resale value. Also, many of the new windows on the market today are amazingly energy efficient and may even lower your heating and cooling costs. Expect up to an 87 percent return on new windows.
Attic Bedroom Conversion
It can’t be argued that adding another bedroom to any home is a benefit, especially if your house tends to be on the smaller side with only two or three bedrooms. If you have an attic with the right bones, then you may want to consider converting it into a bedroom. Add a bathroom if possible and make sure your HVAC can handle the extra load. You could recover 93 percent when reselling.
Garage doors can really take a beating, which may show with a rundown appearance, ultimately detracting from our home’s appearance. Consider replacing your garage door because according to the Harvard University study, you may find that you get up to 88 percent back in the resale of your home.
Adding a wood deck to your home can really change the way you interact with your home especially when it comes to outdoor living. A well-constructed deck is an extension of your home and if done right, should show a seamless transition from interior to exterior living. Consider adding a few stone veneer accents to enhance your new decks finer points. Some estimates show up to an 87 percent return on their initial cost.
Things to consider when remodeling
- Make sure that the upgrade is relative to the price of the house. For example, you wouldn’t want to install a $40,000 kitchen in a $200,000 house unless your very confident in seeing that value returned to your home.
- Before deciding to do any major home improvements make sure that the major components of your home like siding, roofing, foundation and HVAC are all sound. A prospective homebuyer will overlook a brand new bathroom or kitchen if they notice seepage in your basement.
- Consider when and if you plan on selling your home. If you don’t see you or your family moving anytime soon, then spend money on your home where it will return the most enjoyment back to you. If you live in a household full of foodies then updating your kitchen with state of the art appliances and stone countertops may be where you chose to invest your money versus gutting and replacing a perfectly functional yet dated bathroom.
- Keep your neighborhood in mind. If adding on to your home, make sure it still stays comparable to your neighborhood or you will probably have a difficult time trying to sell it. In other words, don’t price yourself out of your housing market.
If you are considering adding the elegance and beauty of stone veneer to your home, please visit North Star Stone. Our knowledgeable staff is excited to work with you and to discuss how stone may be an option for you. For more information, contact us at email@example.com or call 847-996-6850 for a free estimate on your new stone.