By adding cohesive new flooring throughout your space, you can heighten the look of your home and create a good flow. Carpet is a popular choice for flooring because it is comfortable and affordable. However, too much carpet can be a bad thing. Carpet can trap dirt and allergens more easily than other forms of flooring. And it easily stains, making it look dirty and old. Ultimately, too much carpet can make a space look dated.
Do your best to limit the carpet use in your home, keeping it to rooms where you and your guests value comfort such as the bedrooms. In the other spaces, opt for something more universal, such as hardwood.
Simply changing the look and flow of your home will not increase its value. The real test is in the workmanship. Too often, homeowners attempt a DIY remodel and end up with a renovation that has no payoff. You can purchase the most luxurious flooring, but without proper installation, that slanted tile or unaligned hardwood will have potential buyers questioning your space.
Professional craftsmanship is the tried-and-true method for getting the best bang for your buck. It may cost a little more for the renovation, but you are more likely to get a good return on your investment. Curb appeal helps sell homes. These 10 real estate plays are the best ways to invest in real estate right now. Find out how you can get started with Real Estate Winners by clicking here.
Maurie Backman has been writing about personal finance for years. A firm believer in educating readers without boring them, she … Learn More. Advertiser Disclosure We do receive compensation from some affiliate partners whose offers appear here. Millionacres Logo.
Tax Deductions Depreciation Capital Gains. New York City Denver Philadelphia. Local Real Estate News. Research Real Estate Glossary. Podcasts Webinars Videos. View Memberships. Search For. Aug 02, by Maurie Backman. Garage door replacement New garage doors can make a home look and function better. Manufactured stone veneer Ask any real estate agent, and you'll hear that curb appeal could be your ticket to commanding top dollar for your home. Minor kitchen remodel A kitchen can be a home's main selling point.
Here are the six home remodeling projects that deliver the highest returns:. A good-looking garage door is high on the list when it comes to getting cash back on your investment. This curb appeal enhancer could get you back The average cost estimate accounts for 36 linear feet of sills, 40 linear feet of corners and one address block, and materials including two water-resistant barrier layers and corrosion-resistant lath and fasteners.
This project can recoup a little more than 92 percent of its cost. Creating a modern-looking and functional kitchen can add more than just value to your home; it can boost your enjoyment of everyday activities like cooking, entertaining friends and sharing meals with your family. This is based on a square-foot kitchen with 30 linear feet of countertops and cabinets, where you might be replacing appliances with new, more energy-efficient models; refacing cabinets with shaker-style panels; installing new countertops or a sink; replacing hardware; adding new flooring; and repainting the walls.
Old, dilapidated siding can make even the nicest home look worn-out. You could recoup around 69 percent of the cost to replace your current windows if you install low-E, simulated, divided-light vinyl windows with a custom-color exterior finish. Low-E means low emissivity, an energy saver. While the best home renovations for resale can be expensive, the good news is that there are a number of ways you can pay for them.
To pay for home improvements , consider a home remodel or home repair loan, which are unsecured personal loans you can get through a bank, credit union or online lender. You can also use credit cards to cover home renovations , although the interest rates can be high. If you want to go the secured loans route, mortgages can also pay for home renovations. Alternatively, you could get a home equity loan , also known as a second mortgage, which has a fixed rate, is paid out in a lump sum and repaid over a predetermined duration.
It is during these periods of increased economic activity and increased real estate demand that improvements will have the greatest impact on a home's market value. Time will also have an impact on an improvement's ability to increase property values. Making structural or design improvements, such as building additions or finishing raw space, will add value for a longer time frame than, say, updates to kitchens and bathrooms or technological improvements, such as new air conditioning systems, because the latter tend to become obsolete over time.
Geographic location will also have a great impact on the quickest or greatest payback from projects. For instance, the maintenance time and cost of in-ground swimming pools make it difficult to recover the cost of installation, and in some cases will reduce the overall value of a home.
However, this may not be the case in the southern regions of the U. Because of mortgage interest is deductible from income taxes, Uncle Sam may help to subsidize home improvement, making the cost of construction even less burdensome for property owners.
For the less risk-averse, property owners that have accumulated adequate equity in their homes can use financial instruments , such as a cash-out refinance or home-equity loan, to finance their construction projects. Using these methods, the only cash necessary to complete the planned projects would be the interest payments to maintain the loans, which in most cases are tax-deductible.
The principal can be repaid when the property is finally sold. The ultimate reason to take on any home remodeling project as an owner-occupant is the enjoyment received from living in an updated home. For those hoping to also profit from a remodeling, there are several sources offering insight into expected payback on specific projects. Value" report that compares the cost of common remodeling projects and shows the payback that homeowners can expect.
These payback estimates are based on the residential real estate market fundamentals at the time, as well as the average cost of construction. Table 1 contains national average estimates, but homeowners can find more specific information at Remodeling Online , offering the same estimates for different geographic areas of the U.
These average payback ranges for the most common remodeling projects give prospective sellers a broad indication of which projects have the greatest probability of returning a bulk of the project cost at sale. Differentials in average recoveries are explained by the scope and quality of work performed, with smaller, less-useful projects being on the lower end of the range. Source: Remodeling Online. The large spread is due to differences in the size of the renovations and the importance the room has on the overall design of the home, such as guest bedroom versus master suite.
When contemplating any remodeling project, homeowners should consider the value they will receive from the project over any cost recovery that may be available from a sale.
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