While some remodeling projects may cost a bit up front, the return on investment on many of these projects can pay homeowners back in spades. As home prices and mortgages rates go up, more people are looking for ways to stay in their current homes but build on additions. Even more are renovating what they already have to better suit their needs. If you’re contemplating some remodeling projects to stay put instead of move, let our team at Home Remedy help out with breaking down what projects have the best return over ones that don’t.
According to Harvard’s Joint Center for Housing Studies, remodeling spending is expected to approach $340 billion in 2018, a 7.5 percent increase over last year. However, these remodeling projects are in a middle price range, rather than massive overhauls. What exactly are the trends showing? The renovations that people are investing in that are showing higher resale value time and time again are ones that save the current homeowner and future, prospective homeowners money in the long run, and those that improve curb appeal.
An incredibly popular renovation that will work for you while you stay in your home AND when you try to sell it are new windows. While replacing all of the windows in your home may be a bit of an undertaking, l the money you will save in the long run will be worth it. With new developments in double- and triple-paned windows, coatings that keep ultraviolet rays and the elements out, your energy bills will drop drastically. Plus, when you decide to sell, the efficiency of your new windows can be a great bargaining chip.
Saving Money by Spending Money Inside.
In each separate room of your house, the renovation projects that make the most sense can be the “UN-Improvement”. Not everyone likes elaborate kitchen gadgetry, trendy paint colors or the fanciest technology in regards to security, temperature control or sound systems. Investing in simple and elegant cabinetry and knobs, agreeable color palettes, and nice but uncomplicated light fixtures can upgrade and refresh the look of your home, but not leave you in the hole when it comes to the return on those renovations. Additionally, if you keep it basic, it offers a lot of options for your own taste when it comes to smaller superficial edits such as duvets, pillows, hanging art and other decor that can be switched out inexpensively and often, and leave with you when you move.
Improve Curb Appeal and Earn Money.The other trend the experts are seeing are investments in curb appeal renovation projects. First impressions are everything and can bump up the value of your home, oftentimes without spending all your savings or dumping out your 401k. One great option is slapping a new coat of paint on the front door of your house. This brings minimal cost and can add a real knock-out flair to your home. The next step up would be installing a new garage door. Even replacing that rickety old chained-pulled garage mechanism can help, if a full garage door replacement isn’t in the cards. Creating an understated seating area in your backyard can be a wonderful and inexpensive renovation project that can add value and enjoyment for years to come. Another powerful investment can be some basic landscaping around your flower beds and an updating of your mailbox. Never underestimate these small tweaks and changes to really impress the neighbors and passers-by when it’s time to upgrade for your growing family or downsize when the kids move out.
The lesson to be learned is the following: rein in your crazier ideas when moving is in your future, be thoughtful with energy-efficient renovations that make sense now and into the future and make the most out of your home’s first impression. Oh yes, and give Home Remedy a call to help you with any of these fantastic ideas!