A variety of trade magazines for contractors and builders have tracked common home improvement projects over the last decade and have collected and analyzed extensive data to identify the best long term remodeling investments a home owner can make in today’s market.
These winners all have the following in common.
GOOD BUT NOT NECESSARILY THE ULTIMATE QUALITY
DO NOT REQUIRE EXCESSIVE FUNDS
MOST IMPACT FOR RESALE, COSMETICALLY AND FINANCIALLY
- Replace Your Front Door
- Kitchen Upgrade
- Deck and Patios
- Transforming an attic into a bedroom
- Garage Door Replacement
- Replacing an aging front door with a new steel door instantly enhances curb appeal and will yield the best payback.
The cosmetic improvement will transform the look and feel of your home. In addition, old doors can be responsible for a significant energy loss.
A steel door will not only be visually pleasing and energy efficient, it greatly increases security, keeping out uninvited guests
This is also a relatively low cost project. The “2015 Remodeling Impact Report” reported that a new steel front entry door, on average, should cost around $2,000 fully installed, with the consideration that up to 75% of these initial costs may be recoverable at resale.
“I cook with wine. Sometimes I even add it to the food.” – W.C.Fields
We all know that the kitchen is considered as the hub of the home. The ROI on a kitchen upgrade is relatively modest. The average kitchen remodeling project expects a return of 67% on the $30,000 national average cost of a kitchen improvement, however the real value is the enjoyment factor and the resale benefits.
Enjoy alfresco dining and entertaining? According to a 2014 Home Trends Survey from the American Institute of Architects, we are a nation that embraces outdoor living, especially decks and patios.
Such additions require the least financial investment to expand living space, costing between $8 – $35 per square foot – in comparison to $150 plus per square foot cost of a building extension.
“An uncle of mine emigrated to Canada and couldn’t take his guitar with him. When I found it in the attic, I found a friend for life.” – Sting
Renovating the attic to create an additional bedroom or a romantic boudoir is not only an exciting project but a wise investment. Gaining living space without extending your home’s footprint keeps building works to a minimum and also provides a significant increase in your home’s value. There are building codes to navigate and an average cost of $65,000, however the results justify the investment in so many ways.
If you are thinking about selling your home, garage door replacement provides a great boost for your home’s curb appeal for a minimum cost. The replacement cost for a two car, steel embossed garage door requires an average cost of $2000, realizing a healthy 87% ROI on your investment. The never ending catalogue of cosmetic enhancements will ensure that your stands out from the crowd.
For further advice for home sale preparation, marketing your property and for current market trends in the Washington DC metro area, please contact Marc Cowan, Marc of Distinction Homes, RE/MAX Realty Services on 202-476-9790
or [email protected]