Whether you are thinking about putting your home on the market or you are concerned about increasing your home's equity in a time of depreciating house values, knowing which remodeling projects yield the best return on investment, is critical.
Not all home remodeling projects are equal in terms of ROI. In today’s economy it's important that homeowners understand the value a particular home renovation will - or won't - add to their home.
Check in with your local real estate professional or research websites such as the National Association of Home Builders to determine the potential return on a remodeling project. Following, are the top 10 renovations in terms of increasing your home's value:
- A Home Office Remodel
With more and more people telecommuting in today's difficult business climate, home offices are becoming less of a luxury and more of a necessity.
- Renovate or Add a Family Room
A family room is an excellent way to make existing homes more like new construction.
- Replace the Roof
The roof is one of the first impressions people have of a home. Replace an old roof or change the character of your home by looking into architecturally styled roofing tiles.
- Landscape Your Yard
Landscaping is also an integral part of your home's first impression. A professionally landscaped yard adds value to your home and increases your living space.
- Replace Old Windows
Thirty percent (30%) of a home's energy is lost through its windows. Replacing old windows with energy-efficient ones ups the overall quality of the house and saves you money on monthly utility bills.
- Remodel Your Basement
Do you have unused space that serves as a black hole of unused items ... like your basement? Remodeled basements make excellent game rooms or guest suites, adding value to your home without adding space.
While a basic step, the value of a good paint job can't be emphasized enough. Hire a professional if you need help and keep the colors neutral if you’re looking to sell.
- Remodel Your Kitchen
Kitchens sell a home, and in this case, size does matter. But a kitchen remodel is a long-term investment; you'll see payback 10 years down the road.
- Remodel or Add a Bathroom
A bathroom remodel can mean making the most of your current space by upgrading fixtures, flooring and lighting. Or add a bathroom and automatically increase the value of your home.
When looking to add value to your home, take into account the other homes in your neighborhood. You want to make sure your home is comparable to the homes in your community and can compete with any new construction in the area. If most of the homes have a modern kitchen, for example, you’ll want to update yours.
For more information, please contact RE/MAX of Boulder 303-449-7000.
RE/MAX of Boulder, Inc. located on the corner of Canyon and Folsom, is nationally and locally recognized as one of the most successful real estate offices in the industry. Nationally, they are one of the "Top 500 Power Brokers in the United States" as listed in both National Real Estate & Relocation and Real Trends magazines. Regionally, for the 3rd year in a row, the company has been named the #1 RE/MAX office in America for Single Office Closed Volume. They can be reached at 303.449.7000 or visit www.BoulderCO.com. Connect with them on Facebook and Twitter, search remaxofboulder.