Boston Condos for Sale and Apartments for Rent
Making Your Home Renovation a Smart Investment
Making Your Home Renovation a Smart Investment
The housing market is very robust, and if you’re like a lot of people, you’re seeing the value of your home increase steadily and significantly. That’s why this makes now a smart time to make repairs, renovations, and remodels to your property.
But it’s important to know what kind of renovations will give you the most return on your investment since not all projects will give you the same payoff in the end. And for some vanity projects, it may take years, if ever, to see that investment pay off as far as adding to your home’s appraised value.
What’s Got the Biggest Bang for Your Buck
No renovation will give you a 100% return on your investment, but when it comes to getting the highest return on your investment, kitchens take the top slot. In fact, in a hot market, a kitchen upgrade can get you pretty close to that 100% figure. But that’s only true if you don’t go overboard with high-end luxury appliances, countertops, and flooring. Modern, stylish, and practical will get you closer to that max ROI.
Finishing that basement to make extra living space, a home office, or a family entertainment room is next. Most people expect basements to be finished when they’re home shopping, so the appraisal value will reflect that. And the price of the materials needed, such as drywall, vinyl flooring, windows, and paint, is relatively low. If you need to add extra ventilation and plumbing, the cost will go up, but you’ll still get a pretty good return on that project if you budget it well.
And finally, improving your home’s curb appeal by replacing windows, painting, and landscaping can mean an 80% ROI. And besides making the outside more enjoyable for you and your family, it will be more appealing to buyers when it’s time to sell.
Conversely, things like swimming pools, hot tubs, and tennis courts, along with luxury rooms like wine cellars and cabanas, will give you very little, if any, return on your investment.
The Hottest Home Upgrade
The home office has become as important a feature in today’s home as the kitchen and bath. Even people who don’t work remotely expect a finished home office when they’re house hunting. This type of remodeling doesn’t require a lot of expense, but it does have to be practical, organized, conducive to work, and aesthetically pleasing.
Paint is the best first step, and it makes one of the biggest impacts on a room. Warm earth tones are good for keeping you from being distracted, while a bold deep blue or green adds a sense of luxury and elegance.
Lighting is an important part of home office decor. Consulting a lighting expert is a good idea since lighting is critical to productivity and mood, and even your health. Natural light will help you stay alert and more productive, so having a room with at least one window to allow sunlight in is essential. Soft lighting in the way of lampshades or light bounced from walls, and ceilings will reduce harsh shadows. And finally, a good desk lamp for more pinpoint lighting can prevent eyestrain and headache.
Get a Warranty to Cover Your Investment
This is a good time to mention the value of a home warranty. Home warranties provide coverage in case home systems or appliances break down. It is an annually renewable contract that can cover breakdowns of your heating, cooling, electrical, and plumbing systems, along with covering appliance repairs. You can research the different types of warranty policies to find one that best suits your needs by looking online for coverage, prices, and reviews.
Making the most of your biggest investment, your home, by remodeling in the most cost-effective way to give you the biggest return for your money is not only nice to have, but it’s also practical. Things like an upgraded kitchen or home office will increase your home’s appraised value, too. And protecting it all with a home warranty makes even smarter investment sense.
Whether you’re looking for real estate in Beacon Hill, a beautiful condo or apartment in Boston, or want the latest real estate news and information about the Beacon Hill/Boston real estate market, then visit Ford Realty Inc.
