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Home Improvement Tips For Raising
The Value Of Your House
By Manbeer
One of the best things you can do as
a homeowner is to use some of your
home equity dollars to finance home improvements. Not only will the
additions make your home more attractive and pleasant to live in, but
certain projects will bring a significant return on investment when the
time comes to sell your home. The following 5 projects have been proven
to add extra dollars to the average home resell prices. The statistics
are courtesy of “Remodeling Magazine.” ROI stands for “return on
investment”
1. Minor Kitchen Remodeling: Average cost = $8,655. Average ROI = 88%.
A minor kitchen remodel usually includes replacing the cabinets and
countertops with higher quality materials or increasing the total
amount of cabinet storage and countertop surface area. It would also
most likely include the addition or upgrade of appliances such as
garbage disposals, built in microwaves, dishwashers, and higher quality
refrigerators.
2. Bathroom Remodel: Average cost = $9,135. Average ROI = 81%
This project would include things such as installing attractive
countertops such as stone, granite, or marble. The fixtures would need
to be upgraded and the shower and bathtubs should be resurfaced. Also,
any tiling would need to be grouted. Other things that could increase
the value of a bathroom remodel would be adding an extra sink basin,
converting a bathtub to a Jacuzzi, or installing additional
showerheads.
3. Major Kitchen Remodel: Average cost = 31,090. Average
ROI = 71%
The major kitchen remodel is very costly and will take much more work
than the minor remodel. The major version will require all appliances
to be replaced. Whenever possible, appliances should be made in
stainless steel. The countertops should be made of stone or granite.
The floors might be replaced with high quality laminate flooring. The
addition of a kitchen island or a centrally located stove could work.
For a major kitchen remodel, you should consult a contractor and
possible an interior designer. This is definitely not a do it yourself
project.
4. Outside Deck: Average cost = $8,022. Average ROI = 55%
The deck is self-explanatory. The larger the deck, the higher the
return on investment will be. The deck should obviously be coated with
a nice looking finish that matches the outside of your home, and needs
to be treated with a high quality water seal.
5. Hardwood Flooring: Average cost = Varies. Average ROI = Varies
The cost and return on hardwood flooring varies greatly based upon the
total amount of rooms and surface area is remodeled. Also, the choice
in the variety of hardwood will impact the value. Certain woods like
Oak and Cherry are more valuable than others. Also, it is very
important to properly maintain your hardwood floors. Flooring that is
scraped, scratched, dull, or water stained can actually decrease the
value of your home. If you have active children, you might want to
stick to carpeting.
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