10 Home Renovation Dos and Don'ts
Considering home improvements? If so, it is good to keep in mind those renovations that may increase the value of your home when you sell. Some renovations may increase your potential return while others may actually cost you more money in the long run. With that in mind, here are 5 renovations Do’s and Don’ts to think about!:
1) DON’T overdo the carpeting! New hardwood floors are always in style and can increase the price of a home by up to 2.5%. Carpets can quickly show signs of damage. Plus, colors and textures are highly based on personal preference, and any overly personal touches can decrease a home’s value.
2) DO replace that old garage door! This will increase curb appeal and is often the first feature buyers will notice. The cost to replace a garage door is relatively low—and it could come with an enviable return of 93.8%. Thus, homeowners may recoup a large percentage of the money they spent on a new door when they look to sell.
3) Don’t remove closets. It may be tempting to get rid of closets to create more bedroom space, but removing closets or spaces for a walk-in wardrobe will devalue your home. People like to have space for their clothes to easily declutter their bedroom, so avoid replacing closets as they are a necessity for most home owners.
4) DO invest in outdoor spaces. They rank high on many home buyer wish lists. Well-designed decks are top selling points, and you could recoup 63% of the money you spend on a new composite deck. Cedar or redwood decks are even more popular netting homeowners an average of 66% ROI.
5) DON’T go all-in on an extreme kitchen remodel. The resale value of a major, high-end kitchen remodel is often less than what you’ll invest in it. To avoid kitchen renovations that won’t give you a positive return, focus on areas of the kitchen that are mostly outdated or worn. Also, consider high-rated mid-range appliances rather than more expensive high-end options.
6) DO install a new front door for an attractive entrance. To add even more curb appeal, upgrade a standard door with one that comes with sidelights and a transom window overhead. Upgrading with a quality door can be expensive, but it comes with an approximate 60.9% ROI.
7) DON’T convert a bedroom into a permanent home office. It could be a costly mistake. You may need to add wall outlets, phone jacks, and install new hardware, which could cost many thousands in supplies and labor. If a prospective buyer would rather have the bedroom, you spent a lot of money for nothing.
8) DO upgrade to a new efficient window. Replacing double-hung windows with more energy-efficient windows offers an approximate 68.6% return on material and installation costs. Old windows make a house look dated. This upgrade can increase your home’s appeal and help save on utility costs.
9) DON’T overdo it with costly landscaping. It will not increase the value of your home, but it instead increases the maintenance required, which a future potential buyer may see as a concern. Keep your gardens beautiful, simple, and easy to maintain. And, be sure any decorative additions can be easily removed.
10) DO install a new roof for value and attractiveness. This will translate into a 60.7% return on the money you spent to have the old shingles removed and new ones installed. A shabby roof discourages potential buyers, and a mortgage company may not lend money to buyers if the roof shows signs of damage.
The bottom line – try to think long-term before you dive into a renovation that may not return what you think. And, if you’re planning a large project, our home equity loans and home improvement loans can get you the funds you need to be on your way.
Resources:
BobVila.com
GoBankingRates
