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Improvements That Increase Your Home’s Resell
Price
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by: Nicolette
Dial
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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.
About the author:
Nicollette Dial is a freelance author who comes
from a family of contractors. She contributes to
several home improvement websites, including http://www.allhardwoodflooring.info
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