Tuesday, November 2, 2010

What gives the best ROI when upgrading your home?

I know that one can find the answers to almost anything on the internet. But excess information can be overwhelming at times, especially when you don’t have a clearly defined idea of what you are looking for. I have attempted to narrow the information based on my experience and present to you the part that is of most value – the Return on Investment in Remodeling your home.

A lot of people will ask me: what type of work should we do that would increase the value of the property?

Obviously, you don’t want to spend money over-upgrading the home if the surrounding properties don’t have these features. It doesn’t make sense to develop an intricate front yard with marble water features and exquisite palm fronds if 80% of the neighborhood has a grassy lawn and a simpler layout. Your house should have good clean curb appeal on par with the community. If you are looking for a place to start, start with the granite in the kitchen, upgrade the appliances to be more energy efficient, make sure that the roof underlayment is up-to-date, the home has good coat of paint, and decent floor covering. Details such as crown molding, above average baseboards, add definition and character to the home. Get rid of all the junk, ensure that storage space is well organized. If the cars can’t pull into the garage, either you need to get rid of your accumulated “treasures” or it might be time to consider making a move into a large home.

The home should feel that there is good space to move around and stretch. This is not a function of how large the home is but how much stuff you have managed to gather in it. Even a 1br condo can feel spacious and a 4000sf home can feel cramped. It is just a function of how the lifestyle is organized.

Check the return on investment for the projects shown here and then you decide which remodeling project will best fit your lifestyle needs along with your financial goals. Email/Call me if you have more specific questions.

Paint70% to 300% Built-in washer dryer75%
New Flooring50% to 300%Fireplace65%
Kitchen Renovation 75%Energy Efficiency Features30%
Bathroom Addition75% to 100%Swimming Pool25% to 50%
Addition to Existing Home40% to 60%Garage75 to 100%
Basement Development55%New heating system45%
Patio or Deck50%Central Air Conditioning50%
New windows30%Underground sprinklers50%
New Exterior Siding65%Landscape Improvements50%

No comments: