Home Improvement – That Adds Real Value
You may be well-settled into your home without plans of changing it anytime soon, however, carrying out some home improvements can make it easy for a FAST CASH SALE whenever you are ready. What you need to know is that certain Home Improvement projects have a larger financial value than others. That’s why you need to read ahead and understand which home repairs will rake in more value when selling a home for cash. This is a starter list which has been compiled based on the value they can add to your property.
Renovating your home is a numbers game. How much do you have to spend to fix up your home and what will it get you in return? When is it worth it to spend more on high-end finishes to get a better return on investment (ROI)? What are the best renovation projects and features that will appeal to the widest range of buyers when you decide to sell?
Home buying and design style are intensely personal choices, and not everyone will love the changes you make. However, using Zillow Talk, Zillow Digs keyword analysis, and data from the Zillow blog we pulled together some averages of home improvement projects. The results? By swapping out certain elements in your home, adding keywords to your listing, and playing up certain aspects of your house, you may be able to increase your resell value and sell your home faster. Not all of our suggestions below had an impact on the house sale price and time on the market, but they could be great investments for you.
Home Improvement | Home Improvements | Home Improvements Ideas
The kitchen is the heart of the home, and how it appears can make a buyer decide whether or not you are worthy of receiving a check on closing day. You may very well end up recouping between 60% and 120% of your investment if you make the right updates in this special room of gathering.
Remodeling a kitchen could mean knocking down a wall, extending it into the yard, or simply changing the existing space to be more efficient and updated with modern touches. Look at the appliances you have in your kitchen, spending a little to replace them with energy efficient ones will boost your home value.
Some people spend as low as $5,000 on kitchen remodeling while the price can also be as much as $75,000. The more you spend on your kitchen, the lower the chances of recouping the value. How much you spend will often be determined by the size of the room, as well as the neighborhood where your house is located. Certain locations have expectations on which materials should be used. In addition, the cost may be determined by what the property will be used for. Is it an expected rental property, or is it a dream home for a lucky buyer?
Some quality features that would give the kitchen an updated and expensive feel are:
- Island with a flat-top grill and/or an added sink.
- Stainless steel energy efficient appliances.
- Recessed lighting and dimming.
- Separate pantry for added storage.
- Added cabinets, and hidden storage features.
When you are done with a kitchen update, it should inspire you with a feeling of openness and cleanliness.
National average cost: $18,856
Return on investment: 82.7 percent
As Remodeling Magazine defines it, a minor kitchen remodel consists of replacing cabinet fronts with raised-panel wood doors and drawers, along with new hardware; replacing wall oven and cooktop with energy-efficient models; replacing laminate countertops; installing a mid-priced sink and faucet; and repainting and replacing flooring.
The kitchen is always a good place to invest money, because it’s the heart of the home, Kmiecik said.
“Whenever I take buyers to look at a home, we spend most of the time standing in the kitchen, sitting at the table, getting a feel for how this kitchen will fit into your lifestyle,” he said. “It definitely adds value. Just be careful not to overdo it.”
A major kitchen remodel, meanwhile, would cost $54,909 and has a 74.2 percent ROI.
Add an Extra Bathroom
An en suite bathroom is a major luxury feature to have right now. Nonetheless, if your home has just a single bathroom, you can add an extra one to increase the property value with minimal effort. Rest assured that you will see the return on your investment when it comes time to sell your house fast.
There will always be potential for an extra bathroom, as 18 square feet is what is needed for a half bathroom, and 30 square feet for a full bathroom (35 if you crave a bathtub). With the bathroom addition, you should recoup at least 80% of your investment while reducing the amount of time spent on the market.
The cost of a bathroom addition will be determined by the extent and luxury, just as it did with the kitchen improvements.
How can you make the bathroom a special place?
- Adding a jetted tub and a large tiled shower in a full bathroom will give the new buyer a feel of awe upon entering the room.
- Multi-directional shower-heads – spraying the bather from the top and the sides is a luxury feature that any buyer will absolutely love.
- Higher end property? Try adding a bidet? His and her bathrooms? Add a urinal to his and make him feel at home.
National average cost: $16,798
Return on investment: 74 percent
Remodeling Magazine’s quoted cost includes updating an existing 5-by-7-foot bathroom and replacing all fixtures, including installing a porcelain-on-steel tub with ceramic tile around it, new shower, standard toilet and new tile floor.
Acquire Energy Efficient Insulation
A home without energy efficient insulation costs more to live in – not only long term, but monthly as evidenced by the gas bills for drafty houses. Updating your home for energy efficiency will not cost you an arm and leg. Instead, it will make your home appealing to potential buyers.
Small changes such as an extra insulation to your attic will save you close to $2,500 yearly and doesn’t cost much to fix. We’ve seen some insulation improvements costing in the range of $200.
Check your windows and doors, socket and electrical switches, basement, attic and every other little opening. Look for holes, cracks, and worn materials. Some of these areas may not seem that important, but they can be a cause for major heating or cooling loss. Not to mention, they can invite unwelcome critters into your home. In addition, a house that is not properly sealed can end up with water damage.
Consider using a spray foam insulation as your air-tight solution. Using an open-cell foam will out-perform your old fiberglass insulation and stop any leakage in its tracks. There are some things to consider when using the spray foam insulation however.
- Make sure that you haven’t been shorted. With a closed-cell spray foam, it can be harder to detect whether it has been applied enough. Open cell foam will fill the framing completely and efficiently to show you right away if enough of it was applied.
- Check to see that there aren’t any missed spots. The insulation won’t be effective if corners or attic spaces were not sprayed.
- See if the contractor has a warranty on the work, in case of a bad batch of foam which could cause it to contract from the framing. It does not happen often, but when it does, it can leave the area with a serious problem.
While there are some occasional pitfalls to spray foam as outlined above, know that they do not happen very often. The pros outweigh the cons, and can provide an energy savings for years to come.
In the end, you’ll have added enough value to your house than you spent. You’ll also feel much more comfortable without the unwanted drafts giving you the chills.
Outdoor relaxation areas have become more desired and popular in recent times. Potential buyers often check if homes have this feature. Make your deck and backyard usable and appealing, which will help in convincing potential buyers that they will be able to entertain and relax. You can recoup 60% to 90% with a deck addition, and it will cost you a little above a thousand bucks.
To make the deck a more enticing feature, turn it into a wraparound, or include built-in features for entertaining or cooking. You can transform it into a multi-seasonal space by including a retractable awning or covering, or an enclosed space with retractable walls.
National average cost: $9,539
Return on investment: 87.4 percent
Only two years ago, wooden decks recouped about 70 percent of their value, having dropped during the recession. But with the economy improving and outdoor spaces becoming more popular, buyer interest is again piqued by a quality wood deck out back. The cost assumes a 16-by-20-foot deck with built-in bench and planter, stairs and railings.
A composite deck will also pay off, but not quite as much. A composite deck costs about $15,437 nationally and has an ROI of 74.3 percent.
When looking to cash out your equity in a home, you need to have a realistic expectation of what the market demands in regards to value. Every buyer is different, and each individual will have their take on what constitutes quality living.
It’s important to take many things into account, such as the location of your property, and what kind of updates will return a value or speed up the sale. One thing is for sure…Updated homes sell fast in the retail market. Updating a home is not for everyone however, and this those cases, you can sell your house fast to a cash home buyer.
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Home Improvements: Under $100