Homeowner Resolutions for 2020 Round 3: Get Upgraded
January 23, 2020
If one of your new year’s resolutions is to spend money more wisely, taking a closer look at the maintenance and renovations projects you have (and haven’t) planned is a great place to start. Money can quickly add up when it comes to home repairs, and you want to make sure you’ll see a return on your investment. Take a look at these repairs and upgrades that will pay off in the long run.
According to realtor.com, for the past two years the project with the biggest return on investment has been garage-door replacement, as this project “essentially pays for itself, earning you a whopping 97.5% of your money back.” It may not seem as appealing or glamorous now as an interior remodel might, but if you’re resolution is spending smarter, this is the project to consider.
Even though outdoor projects may have to wait a few months, planning outdoor updates now will help you insure you have the funding down the road. Increasing your curb appeal is always a great way to get potential buyers to notice your home, but if you hope to recoup a large portion of the money invested, you have to do it wisely. Bankrate.com suggests adding a wooden deck to see 75% of its cost when resale time comes around. Be sure whatever additions you add don’t require extensive maintenance, or down the road many potential buyers could be turned off.
If you’re set on an interior remodel, showing your kitchen some attention is the smartest way to spend your renovation money. Think energy efficient appliances and overall visual appeal. And don’t forget: keep your upgrades in line with your home as a whole. If your new kitchen is so high end that the rest of the house feels outdated, future buyers might look at your new kitchen upgrades and be reminded of how much needs done throughout the house.
A Word to the Wise
There are some improvements that are necessary, a new HVAC or improved plumbing for example, but you won’t be increasing your resale value with these types of repairs. Instead, know that spending the money on such projects will give you peace of mind and save you in the long term from the potential damage that can be caused by letting them fall into disrepair.
Don’t forget, before you take the plunge, use a reference tool like this one to compare the average costs for some of the most common remodeling projects with the value they retain at resale.
Finally, if relocating will be a part of your new year, set yourself up for a stress-free process by calling Beltmann!
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