If you want to get a return on your home improvement then you might have to take some risks. Your house serves as the greatest asset you can own, and with a few simple tricks, you can surely increase the value of your property before you think of putting it up for sale.
Home improvements can increase the value of your home when you make the decision to sell it. However, it is only profitable when the amount you spend on remodeling is less than the increase in value received.
In the 2019 Cost vs. Value report of Remodeling Magazine, the average cost of remodeling projects is compared to their resale value in Florida.
If you own a home in Davenport, FL, you can upgrade your house to meet the requirements of buyers and effectively increase your returns.
Throughout this article, we list down remodeling projects that will bring the highest returns according to the findings of the report. Note that we looked at Florida results, so this quick quide is great for those that own a home in Kissimmee or Clermont or anywhere in Florida.
Give Your Home A Grand Entrance
As the old dictum goes, ‘first impressions are the last’; similarly, a buyer’s decision to purchase your house would largely depend on the exterior of the house.
An ordinary entrance does not create the impact you are hoping for. Your entrance should stand out in terms of its aesthetic, and create a lasting impression on your buyer’s. Your grand entrance remodel could be as minor as a paint job, or as major as a complete replacement.
Doors these days come in many materials, as well as shapes. Traditional wooden doors have diversified into steel and fiberglass options, which allow for greater creativity when texturing. Additionally, the front of your house should be designed keeping in mind its exterior look.
Picking a suitable color for the door can be a challenging task. Benjamin Moore suggests choosing a bold color, which is in contrast to the rest of the house exterior. Bold and bright colors make a strong statement while complementing the overall architecture of the house.
According to the above-mentioned Cost vs. Value report, the project would approximately cost $3515, and the resale value will go up to $3420, giving you a profit of 88.6%.
Maximize Your Master Suite
A master suite generally has more space than a master bedroom and is the epitome of a self-contained living area.
You may need to apply for zoning variances from the local authorities, allowing you the permission necessary for the addition of such an extension to your house. For an appealing master suite, you can opt to include a walk-in closet, along with a dressing room and a luxurious or functional bathroom, depending on your budget. Homeowners today look for luxury when buying a house and one way to do that is by bringing a spa-like feel. You can do this by adding free-standing tubs, benches and polished chrome fixtures.
The master suite should integrate utility with glamour, through its setting as well as textures; such rooms are usually inclusive of a sleeping, working and sitting area. Consider adding a sofa or two with a coffee table, and even an outdoor area if the structure allows.
The project would cost you around $118,891, and the overall cost you can recover from adding a master suite is 60%.
Raise or Replace Your Roof
The exterior of your roof protects the inside of your house from moisture and harsh weather conditions. If your roof was constructed several years ago, you should check for traces of mold and structural damage, which could cause health problems before putting up your house for sale.
Before making a purchase, a potential homeowner will make sure to check every nook and cranny of your house for damages that could turn into a liability for them. After a roof remodels, the resale value of your house will rise to $16,491. The most common type of roofing in the USA is asphalt shingles. Hanley Wood Media’s Cost vs. Value Report approximates the cost of an asphalt shingle roof remodels at $21,454.
Check for traces of damage to the shingles. Keep a lookout for cracked or broken shingles; bent shingle edges generally entail leaks.
The cost of a roof remodel is quite high, and most of it is attributed to labor wages. Any type of construction on the roof requires manual labor, which is fairly expensive to hire.
However, you can still recoup 76.9% your cost, which is deemed a great investment to make before selling. (Read More Tips About Selling Your Home).
If you invest money on projects such as grand entrance remodeling, master suite addition, and roof replacement, you can increase the resale value of your house by $70,000.
The above-mentioned home upgrades improve the worth of your house and also recover remodeling cost by 80%, which is a worthy investment to undertake in the long run.
Not interested in doing any renovations? Check out the links below for new construction homes in the area.