Backroom Blog

Are you considering a home remodel and wondering what improvements would offer the best investment in your home?  Before you can answer this question, you will need to ask yourself some additional questions.

Are you remodeling with the intention of selling your home as soon as you are done with the remodel or at the most in a year or two?

Are you remodeling because you love your area, want your kids to stay in the school district they are in, or plan to retire in your home?

If you are remodeling your home, simply to market it to sell at a higher value then you may need to look at the improvements that affect your home value immediately per the Remodeling 2016 Cost vs Value Report (www.costvalue.com).

• Simply replacing your garage door and painting the interior/exterior of your home is ranked as one of the highest returns on investment with an upscale garage door replacement recouping 101.3% of the money you spend.
• Installing or upgrading the insulation in your home will always be a good decision to increase the resale of your home. (the latest average in Tulsa shows cost of improved insulation is recouped at a whopping 121.7%)
• Another simple improvement to make is to replace your entry door with a new fiberglass entry door recouping from 84 to 87% of your cost.
• Installing hardwood floors is also a great home improvement choice to make, if you already have hardwood floors consider refinishing the existing ones.

It makes more sense to remodel for more than just resale value, however, if you are going to enjoy the benefit of a remodeled home over time. For the highest satisfaction, concentrate on remodeling for your family needs and/or what you will benefit from and not solely on the return you will get on a home improvement project. Your value will then be determined by different factors including your own personal enjoyment of your home since the actual financial return will depend on the economy and/or real estate market which is based on a factor that constantly changes.

In almost every real estate market across the country the following popular home remodeling projects below will bring in a very reasonable rate of return on your home improvement.  And in terms of personal satisfaction and enjoyment of your home, the rate of return while not financial, will be immediately beneficial.

• Kitchen remodels: This can include making minor changes such as new lighting, new appliances, changing cabinet hardware or can involve removing walls, redesigning the layout to add a kitchen island, changing countertops and backsplashes, adding a walk-in pantry, new cabinets, flooring and more.
• Bathroom remodel or adding an additional bathroom: Can also be as small as updating fixtures and adding storage to completely replacing all bathroom fixtures, adding a heated tile floor, heated towel bars, changing the vanities and countertops, adding a steam shower, or even adding a second bath.
• Conversion of a basement or attic: To add living space, a guest room, children’s play room, a media room, a man cave, a workout room. A basement or attic conversion may involve adding items such as soundproofing, plumbing and a bar area.
• Changing windows out for newer energy efficient vinyl or wood windows: Whether custom or an upgraded standard window, replacing windows for newer energy efficient in place of older windows will not only upgrade the look of your home but will give you long term benefits lowering energy costs.

 

The most widely given advice to homeowners who are remodeling to “love” their home and stay in it? Spend your remodeling money in the way that will allow you to maximize your enjoyment of your home.