What’s the Best Use of My Remodeling Dollars?
March 3rd, 2022 by tisner
When it comes to remodeling, some changes that you make to your home are going to net you a big return on your investment. Sometimes this return comes in the form of an increase to the overall value of your property, while sometimes the return is more in the form of your enjoyment and the overall usefulness that your home has for you. Either way, there’s a definite positive side to your remodeling project that you’ll reap the rewards from for years to come. With some other projects, though… well, let’s just say that they seemed like a good idea at the time.
If you’re considering remodeling your home, it’s important that you think about what you want to do before you start. This will help you avoid projects that just waste money or leave things worse off than they started. So how do you know if a project is going to be worthwhile? Here are a few suggestions that might help.
Improving the Look
One of the best remodeling projects that you can undertake with respect to average cost versus average increase in resale value is adding or replacing garage doors. Homeowners who undertake this sort of a project typically recoup around 94 percent of their cost in their home’s resale value even when it’s just a change for cosmetic reasons. Replacing siding with manufactured stone veneer has a similar cost-to-resale-increase relationship, with around 92 percent of the cost being recouped. This says a lot for how big changes to the look of your home can positively affect your home’s resale value.
While not every remodeling project is going to make your home’s resale value skyrocket, in most cases you’ll recoup most of your money if you’re making improvements to the overall look of your home. Replacing siding, replacing old windows, or replacing your front door or entryway can all make your home look more like you want it to without causing you to lose a ton of cash value in the process. Just make sure that the project is well thought out before you dive in, since you want to make sure that your improvements match other details of your home.
Functionality Improvements
Another big thing to consider when thinking about remodeling is how your remodel will change the functionality of your home. A big example here is remodeling your kitchen; not only will you be able to change the look of your kitchen, but your remodel also gives you a chance to make some changes to how it functions as well. Adding or updating appliances, moving things around, and opening up that kitchen floor plan a bit can not only make the kitchen look better but can make it easier to use as well. The same goes for some other rooms in the home as well, where remodeling can create a big change in functionality.
Depending on the size and type of remodel you do for functionality changes, you can see a nice improvement in your home’s value as well. Going back to that kitchen remodel, minor functionality updates can get you around a 72 percent return on investment. Even more expensive major remodels can still get you around 57 percent of your money back in your home’s asking price. Bathroom remodels are similar, netting you 70 to 60 percent or more of your costs in home value.
Remodel Smart
The big thing with remodeling is that you want to make sure that you don’t go into it blindly and overspend or under plan. HomeKeepr can help you with this. Our app can connect you with contractors and remodeling pros that will get you on the right path and help you avoid costly mistakes to make sure that your remodel is both easy on the eyes and the wallet. Sign up for a free account today to connect and get started.
Access Teri’s one-stop Orlando FL home search website.
Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.
You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently. You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.
Get Orlando Daily News delivered to your inbox! Subscribe here!
By: Homekeepr, Rob Morelli