If you are like most people, your home is one of your biggest assets. Maintaining and renovating your home makes living in it a pleasure. And if you play your cards right, your home improvements will also be reflected in the value of your home when it is time to sell. The challenge is to know where to spend your dollars.
There are several types of remodeling projects that will give you more bang for your buck. Not only will you love the results for yourself, you’ll also recover much of your investment at resale time. According to Henley Wood’s 2014 Costs vs. Value survey data for people living in Portland, Oregon, you should consider the following home improvements to maximize your return on investment and increase the value of your home.
Curb Appeal
A good first impression can definitely boost the value of your home. For instance, according to the survey’s Portland, Oregon data, when you sell your home you can expect to recover:
- More than 90% of the cost of replacing either your entry door or your garage door.
- More than 81% of the cost of replacing your windows.
Also consider re-paving your walkway or driveway for an immediate lift, as well as some low-cost cosmetic landscaping.
Basement renovation
How much use are you making of your basement? Invest in remodeling your basement, and you can recover 86% of the costs at resale. Consider proper insulation, drywall and a coat of paint to brighten up the space.
Then, why not transform your basement into a media room, or even a man cave? Remember that adding a bathroom to the basement can significantly boost the value of your basement remodel. This is especially true if you have a separate entry point to your basement, which presents rental income possibilities for future buyers.
Upgrade Kitchens
Our kitchens are the heart of our homes, and where we tend to spend most of our family time. A beautiful upgrade to you kitchen will enhance all of those treasured family moments. The great news is that a kitchen remodel is also likely to significantly boost the value of your home.
According to the survey, if you live in Portland, Oregon, you are likely to recover 78%-82% of your mid-range kitchen remodeling investment at re-sale.
Upgrade Bathrooms
How many of us have inherited dated bathrooms with cheap or even chipped bathroom fixtures? According to the survey, if you remodel your bathroom, you can recoup more than 75% of your investment at sale time.
Consider better lighting, replacing your fixtures, and introducing his and her sinks. Cramped for space? Try adding storage space with a recessed vanity. You may also want to consider some extra perks like a whirlpool tub, steam shower, or heated floors.
Build a Deck or Patio
Building a new deck or patio is a great way to take advantage of those wonderful, summer days. It’s also a great way to increase the value of your home. According to the survey, if you live in Portland, Oregon and build a deck or patio, you can expect to recover 68% to 79% of your investment at sale time.
Keeping Your Home in Top Shape
One of the best ways to reduce the value of your home is not to properly maintain it, so that it deteriorates over time. A leaky roof, for example, can cause extensive damage to the inside of your home. Replacing your roof is a great way to preserve the value of your home and you can expect to recover more than 72% of your investment at sale time.
Low-Cost Improvements
Low-cost improvements such as new rugs and a great paint job can go a long way toward improving the appearance of your home. Just be aware that the unusual paint color you love might be a turn off for future buyers, so consider staying away from bold colors.
Now that you have all the facts, why not set up a renovation plan and budget? You can beautify your living space, while you protect your investment. Just be sure to select a reputable contractor you can trust.
Source: Henley Wood’s 2014 Costs vs. Value survey data for people living in Portland, Oregon
