Over the course of a year, property owners in the US spend a combined total of approximately $180 billion on home renovations alone. With the typical home improvement project now costing upwards of $3000, it is more important than ever that these major alterations and adjustments actually end up adding value to a home and not taking from it.
This should always be a major concern for homeowners, particularly when it comes to choosing materials and deciding upon the scope of a project. It is important to determine whether or not the property is likely to be passed on within the next few years, whether or not the intended renovation will have to be upgraded or enhanced before this happens, and whether it is likely to appeal to future buyers.
With some home renovations clearly worth more than others these days, it can be tricky to work out which category yours belongs to – use this handy guide to make sure that your project is a good idea.
Upgrading Garage Doors
It might come as a surprise to find that upgrading an old garage door is a good way to add value to your property. If you invest in a solid and reliable door, it will not only significantly increase the level of security associated with your home, but it will also offer additional monetary value to the property – considering the fact that a good garage door can cost anything from $1500-3000, you really do want it to add worth.
Installing Window Shutters
In the same way that a garage door upgrade adds value through extra security, installing high quality window shutters is a guaranteed way to add worth to your property, because they make it look more visually appealing. In fact, you can expect to receive a return of as much as 85% of the original investment if you pick wooden shutters that match the overall style and design of your home.
Renovating The Kitchen
In 2010, 3.5 million American property owners invested their hard earned cash in kitchen renovations. This kind of home improvement project can be a great idea, but only if you have a clear and carefully constructed plan of action. In other words, the style and design of the fixtures and fittings should match the rest of your home, the materials should be of a reasonably high quality, and you should only take on the job yourself if you know for sure that you have the necessary skills.
The value of any home renovation, particularly in terms of investment for the future, lies with the quality of the work and its relevance to current trends. Whileit can be difficult to predict whether or not a certain type of design feature will still be in demand in 5or 10years, additions like security installations, window fittings, and structural enhancements are almost guaranteed to add value. The trick here is to pick projects thatwill not date, degrade quickly, or require a lot of maintenance.