How Remodeling Affects Your Home Market Value
One of the ways to improve the value of a house is with home renovations. Selling a house in this volatile real estate market is difficult at best, and many sellers are forced to drop prices so low they barely make any profit at all. American Exteriors has some advice for anyone considering remodeling to boost home value.
Kitchens and Bathrooms
Prices widely vary depending on size and type of work, but quality kitchen and bathroom remodels can be done for under $10,000 and have a return on investment of about 90%. In some cases the remodeling in these rooms is simply a matter of updating water fixtures or resurfacing cabinets. These upgrades alone are relatively simple ways to raise the value of a house without spending a lot of money.
Installing replacement windows adds home market value in several ways, especially if the windows are original and were installed when the house was built. In addition to the visible improvements to old, worn, or broken windows, new professional grade windows will generally mean longer life overall compared to the original builder grade windows. Also, windows that are more efficient mean significant energy savings for the homeowner. Depending on the size of the house, having to replace windows can be an involved project that might dissuade potential home buyers, so be sure to research costs and make an informed decision before you sell.
Another relatively inexpensive home renovation is decking. Research shows that decks, which can be added for as little as a few thousand dollars, have an average return on investment of 86.7%. Weather permitting, decks offer additional living space outdoors, and for many buyers, the added look of a deck gives an aesthetic appeal to a home as well.
Smaller remodeling projects can add up to improve the value of your home without requiring a lot of cash. Inexpensive ideas include patching holes and cracks, fixing leaky faucets, changing outdated light fixtures, and painting. Not every small home improvement project increases home value; however, easy updates are often beneficial whether or not a homeowner is preparing to sell.
When selling a home, any market edge over other home sellers is important. As the saying goes, you must often spend money to make money, and the real estate world is no exception. By investing a relatively small amount of money, a seller or homeowner can greatly improve the value of a house.
Visit the American Exteriors website for more information about how replacement windows can improve the value of your home.