How Remodeling Will Benefit You
Many homeowners time and again have faced the question: Should I spend money to remodel and improve my home, or is that money better spent in buying a new home? 35% of homeowners, when faced with this decision, have decided to move, rather than remodel their current home. However, remodeling is more often than not worth the money and time you invest. Before we talk about which remodeling projects benefit you the most, there are general reasons why remodeling is the best way to go: it will make you feel happier, more satisfied, and give you a sense of accomplishment after completing the project.
No matter your reason for remodeling, be it functionality, livability, beauty, aesthetics, durability, or adding your personality, remodeling will leave you better off. Let us take a look at the key ways in which remodeling your home will benefit the value of your property.
Top Value Increasers 1. New Roofing When it comes to roofs, you do not want to wait until they get so bad that they started leaking or breaking apart. It is never worth it to wait to fix your roof if it is worn out and not fulfilling its purpose, which is to keep you safe from the elements outside. Financially, it makes no sense to wait to get a new roof either. With a new roof, you will not only improve your home’s energy efficiency and comfort, but you will also recover an amazing 105% of the project’s value. 2. Hardwood Flooring Refinish You can never go wrong with the choice to refinish your hardwood flooring. It is durable and long-lasting. Additionally, you will experience greater enjoyment being at home after a refinishing project, and over the years the costs will be fully recovered: all 100% of the value from the project! So if you feel that your hardwood flooring needs some spiffing up, do not hesitate.
3. Insulation upgrade With an insulation upgrade, you will recover an impressive 95% of the project cost. The main reason for this being that with new and upgraded insulation, you will save thousands of dollars in energy bills over the years. New insulation will drastically improve your home’s energy efficiency. You will not only be doing yourself a favor with updating your insulation, but the environment as well.
4. New Wood Flooring Many homeowners love wood flooring. And it is not only for the look and feel, but also for the amount it increases the value of your home. If you install new wood flooring in your home, you will recoup 91% of the cost. In essence, the new flooring is almost paying for itself! And you will enjoy your living spaces more as well, joining the 77% of homeowners who experience a greater desire to be home after getting new wood flooring.
5. New vinyl siding Vinyl siding will not only give your house a distinctive look, but also make sense financially. In addition to improving your home’s energy efficiency, 83% of the value from the project will be recovered. Vinyl siding comes in many different styles, making certain that you will find a style you like, in addition to increasing your home’s value.
6. New Vinyl Windows Windows play a large part in efficiently using energy spent on heating or cooling your house, which also makes one of the top ways to save money. Over the years, you will save a great amount of money in utility bills with more energy efficient windows, and in addition, you will recover 80% of the windows’ value over the years. Overall, this project will more than pay for itself.
7. New fiber cement siding Fiber cement is very durable and therefore a great long-term investment. It also comes in many different styles and colors, making it attractive to homeowners when upgrading the exterior appearance of their homes. You will recoup 79% of the project’s value, in addition to making your home look the way you want to.
8. Complete Kitchen Renovation Completely renovating your kitchen means taking everything old and existing out, and replacing it with new items and materials. An average kitchen renovation is quite expensive (averaging a bit more than $60,000 in the Los Angeles area), but still definitely worth it. An impressive 90% of homeowners have a greater desire to be at home after completing the project, and 93% feel a great sense of accomplishment when the project is done. The kitchen, in most households, is the focal point of family life and social interactions. If you feel happier being in your kitchen, then everyone around you will benefit as well. Plus, you will recover 67% of the value from the project.
9. Kitchen Upgrade The difference between an upgrade and a complete renovation lies in the extent of the project: When you upgrade a kitchen, not all items are removed and replaced, and sometimes only a few components of the kitchen are dealt with. Say, you want to upgrade the counter to a more durable material, or trade out the sink and other appliances for newer ones. When you renovate your kitchen, everything comes out and is replaced with new items. If you don’t want to renovate your kitchen, which is usually twice as expensive as upgrading, then a kitchen upgrade is a good way to go. You will get 67% of the cost of upgrading your kitchen back when reselling. To find out how outdoor features can improve the value of your home, read the article “How Remodeling Outdoor Features Will Benefit You.” You will find this article, along with many other useful ones, under the “Blog” tab.
Source for all stats and numbers: “2015 Remodeling Impact Report,” National Association of REALTORS Research Department.