If you are looking to begin a fall home improvement project, be sure to choose a project that will bring you a return on your investment. Consider the home improvement or renovation project an investment in your home’s future value. You may someday move from your current address and look to sell the home. If you choose home improvement projects wisely and spend your money well, you will receive a greater return on your initial investment when it comes time to sell.
Not every project is as valuable to your home’s overall worth. Some projects are better for your home’s value than others, while a few projects are likely seen as a waste of time and money. Be wise on your next project and choose one that numbers suggest will bring you the largest benefit years later. Here is a rundown on some of the best and worst home improvement projects you can choose.
First, the two best projects you can choose are bathroom and kitchen renovation. These are considered extremely valuable. They are big influencers when potential buyers are looking at your home, and they certainly make it more livable for you on a daily basis.
Second, right below bathroom and kitchen renovation or remodeling are two less invasive projects that still promise to add good value to your property. Interior and exterior paint jobs are viewed as highly valuable. These are relatively easy projects, though they can still become fairly costly.
Third, two valuable home improvement projects are new roofing and replacement or repair of the heating, ventilation, and air conditioning system. The numbers suggest that these projects bring decent return on your money. Of course, they may also be highly necessary for living so you may not have a choice in the matter. Inclement weather may demand a new roof or the replacement of the HVAC system.
Finally, while certain projects may be highly favored by homeowners, they may not bring a high return on your investment when you sell your home. These are considered less valuable home improvement or renovation projects. They are certainly not useless, but they may not realize you the greatest value as you go to sell your property. Two examples of less valuable projects are window replacement and extensive landscaping. Window replacement may be necessary, but it is not seen as returning a large benefit in terms of property value. The cost can be out of proportion to the value received. Likewise, landscaping may beautify the property and make it less attractive, but this is hard to place a value to. It certainly depends on the eyes of the beholder. Therefore it is seen as a more risky investment, although perhaps highly valuable to you.
Armed with this information, it’s time to choose your next home improvement or renovation project wisely. Not every project promises to return the greatest value to your property. Also remember that spending wisely, even in the extremely valuable projects, is necessary for you to realize the later benefit.
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