Smart Places To Put Your Money! Home Renovations
July 30, 2014
As a homeowner, the smartest place to invest your money is in updating the rooms and spaces you enjoy the most (assuming your house is structurally sound, safe and dry). If you love playing Ping-Pong, finish off that basement!
Some homeowners are more pragmatic about remodeling certain parts of their house, knowing when it comes time to sell, they’ll recoup at least part of their investment. Most Realtors will tell you if you’re preparing to put your house on the market the best place to invest your time and money is in inexpensive, cosmetic spruce-ups. It’s hard to beat paint for making a room look new and fresh. New cabinet pulls, carpet, and light fixtures-though more expensive than paint- can also give your home substantial bang for the buck.
Increasing “curb appeal” is another smart tactic. Again, a little paint can go a long way in creating a favorable first impression on prospective buyers. New house numbers, new mulch and foundation plantings, and a new coat of sealer on the driveway also help make your house more attractive at little cost.
The furnace, air conditioning, plumbing, water heater and electrical system are all basic elements of your home that must be in good working order for your home to be attractive to buyers and command top dollar. If any of these components are broken or malfunctioning, make sure to fix them. If any of them are nearing the ends of their useful lives and you can afford to replace them, do so before your home goes on the market.
It won’t add value to your home, but it will maintain the value. If you try to sell without replacing the systems, you will have to lower the price to attract buyers.
For those planning more extensive remodeling projects, a good place to look for information is “Remodeling Magazine’s” annual ” Cost Versus Value Report.” Although it’s American, Canadians can get a good idea of what the average payback will be if you ever sell your home. The latest survey shows the projects with the highest paybacks are decks, siding and window replacements and minor kitchen and bathroom remodeling. Some of the projects with the lowest payback include converting a bedroom into an office, installing a back-up power generator, adding a sunroom or another bathroom and reshingling a roof.
These numbers vary according to the value and location of the house and market conditions. But if you’re on the fence about whether or not to do a project, these statistics may help you make that decision.
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