Monday, January 13, 2014
REMODELING PROJECTS WITH THE MOST PAY BACK
Remodeling and updating rooms in your house can improve the enjoyment of your home as well as increase the quality of your investment. Having a home your are proud of and enjoy everyday can be priceless, but not all projects have the same financial payback. Below are some projects that not only improve the look of your home, but also tend to have a high return on your investment.
1. Give Kitchen Cabinets A Fresh Look
Re-facing your kitchen cabinets is an easy cost-effective upgrade that will cost between $6,000 and $15,000. Small kitchen upgrades can recoup 85% of the cost if you decide to sell the home.
2. Update Kitchen Counter Tops
Have your kitchen countertops seen better days? Natural stone counter tops, such as granite, have dominated the market for some time, but cheaper, traditional materials are now making a comeback.
Improved laminate countertops are the more affordable options at $25 to $50 per linear foot. For a more expensive designer look, concrete or recycled glass might be attractive options.
Roofing is labor-intensive, so it's not cheap. The typical cost of laying a new roof on a mid-sized house is between $12,000-$15,000. Slate costs more.
But most roofing shingles now come with a 20-year warranty, and upgraded shingles often come with a 30-50 year warranty. A new roof can make a big difference in the curbside appeal of your home. Just as important, having a sound roof can prevent other maintenance problems that can lead to very costly repairs. Most roofing upgrades will recoup around 63% of their cost when you sell, according to experts.
4. Modernize Bathroom Sinks
Bathroom sinks and vanities have become home fashion statements of late, with the rising popularity of sleek stand-alone bowl sinks or sturdy, under mounted vanities. Replacements can cost anywhere from $1,000-$3,000, plus installation.
Faucets range in price from $200-800. If you can afford the extra cost, consider going for it. When you sell your home, your upscale bathroom remodel should return around 70% of your investment.
5. Swap Out Toilets
Toilets fit over present plumbing, and are fairly easy to install. Toilets cost between $200-$800. Tub prices run between $350-$1,200. A big catch: removing the old units generally costs between $300 and $700. But a midrange bathroom upgrade like this will typically recoup 78% of your costs when you sell your home. When considering a new toilet, shop for modern units that conserve water.
These updates can be done with limited disruption in the normal use of your home. It is important to hire a licensed and bonded contractor to make sure the improvements are done correctly and that you are not liable for any injuries that might occur while the work is being done. Then just sit back and take time to enjoy your new look.