Whether you are planning on selling your home right now or not, it is always important to consider your home’s resale value. Many homeowners will conduct a home remodeling, with the intent of increasing their home’s value, only to find out that they spent more on the renovation than the value it added to their home. This can be a tough pill to swallow.
Of course not every home remodel is the same, and different remodels can have very different returns on investment (ROI). We wanted to take some time today to give you a couple of home remodeling ideas that will provide a prosperous ROI.
(Note: all figures are according to “Remodeling” magazine’s 2018 Cost vs. Value report.)
Add on a Deck
Who doesn’t love having a deck? Just think of all the fun times that can be had with family and friends barbecuing in the summer. Not only can a deck be fun for your family, but it can be a ton of fun for the next family that moves in too. The average cost of a 16-by-20-foot wood deck is $10,950, and the average resale value added is $9,065. That means you will recoup 82.8% of your cost, a nice ROI.
Remodel Your Kitchen
One of the most common household renovations is the kitchen, and for good reason! Cooking in an outdated or decrepit kitchen can be next to impossible. Consider performing a minor renovation of your Maryland kitchen: updating appliances, repainting, replacing the windows, replacing your laminate countertop, etc. The average cost of a minor kitchen remodel is $21,198, while the average resale value added is $17,193, meaning 81.1% of your costs will be recouped.
Replace Your Maryland Home’s Siding and Windows
When a potential buyer rolls up to your house, the first two things they will see is the siding and windows, which is natural as these are external features. You want to make a good first impression, so you really want these features to pop. Consider replacing your siding. On average it costs $15,072 for 1,250 square feet, and the average resale value added is $11,554, which is a cost recuperation of 76.7%.
Additionally replacing your Maryland home’s windows is a smart move, especially if your current windows are cracked, broken, or outdated. You can also save on costs by replacing your windows alongside replacing your siding.
Why Should I Hire a Professional?
There are many home improvement projects that could fall under the DIY category, but anything as major as the previously discussed renovations should only be performed by a trained professional. Here at Maryland’s Best Remodeling, all of our employees are trained and skilled carpenters and home remodelers We’ve worked on homes of all shapes and sizes, and have renovated just about any room in the house you can think of! Give us a call today, we’d love to answer any questions you may have, and can even offer a free quote.