The real estate industry is experiencing troubles these days. According to home improvement industry experts, the market will turn around by the end of 2019.
So, if you are waiting for it to recover, you might need to consider kitchen remodeling or an outdoor renovation job. Because any changes you would make in your house would eventually give a huge return on investment.
Here I have enlisted some important home upgrades that pay off some big bucks while you are even short on budget.
A minor bathroom remodel:
A minor bathroom remodels costs usually involve around $8,500. You can replace the tile, tub, floors, sink, vanity, and fixtures. You might get back an average of $12,500 at resale with the recoup rate of 107% almost.
Try using the softener like caulk-be gone to get rid of some old caulk. Thus, you can fill the tub with water when you are done to stretch caulk while it dries.
You can even upgrade wall coverings and apply some fresh and appealing coat of paint. If the walls are damaged, spray on the texture for quick coverage.
Today, there are many homeowners in Florida who spend almost $3,637 for outdoor remodeling projects such as planting trees, adding railing planters, making outdoor kitchens and many more. They pay more than $2,465 on expensive home improvement companies and get nothing in return.
That’s when the homeowners feel confused about using the right techniques for outdoor remodeling. Hence, approaching outdoor remodeling contractors would eventually solve the issues as they can offer some incredible techniques to get a huge return on investment.
Minor kitchen remodeling:
A minor kitchen renovation involves $15,946 for $15,691 at resale with the recoup rate of 98%. It’s best to perform a minor kitchen remodeling when you are looking for a cosmetic update and not some dramatic flooring and wall plan.
According to the ideas discussed by local kitchen contractors, $17,000 kitchen upgrade can cover 34 feet of refacing kitchen cabinets and drawers. It’s also involved a new wall, oven, cooktop, sink and fixtures, laminate countertops and resilient flooring.
According to the average national costs of exterior home improvement projects, the 1,250 sq. ft. of vinyl siding has $7,239 costs. The average return would be $6,914, and a recoup rate will be around 95.5%.
You might need a gallon of different paint that covers 400 sq. ft. of your house.
Choosing the right color combination for trim, siding and door could also save a huge amount. If your old house was painted before 1970, then its better to check for sanding or scraping.
Some upscale and fiber-cement siding costs involve $12,393 and then returns $13,771 at resale with the efficient recoup rate of 104.6 percent.
An average basement renovation costs usually involve more than $61,051 and return $53,010, so you might recoup around 92% of the costs.
with $61,051, you would get a 20 x 30 entertaining hall with the wet bar, a 5×8 bathroom, lighting fixtures, and shiny laminate flooring.
When you are finishing walls, it’s important to keep the drywall panels a half-inch away from the wooden or concrete floors, so they do not get any moisture or dirt.
Replacing your 3×5 ft. windows would usually cost $9,700. On average, homeowners can get back $8,700 at resale, with the recoup rate of around 90 percent.
Some huge window replacement projects have a high pay off rate. The average homeowner usually recoups more than they spend money on window replacement in San Francisco, Seattle, Orlando, and Miami.
For hot climates, there’s Low-E glass that reflects heat. And for maximum efficiency, add argon gas inside the pane to prevent heat and cold transference within the window.
Addition of a family room:
The addition of an average family room usually involves $55,464 and adds more than $47,458 at resale, with the recoup rate of 86%.
If you will add a sunroom, it would also count in the square footage of the house especially when the room is cooled or heated for some year-round use.
Converting a bonus room into a small home office:
Conversion of your 12×12 ft. bonus or spare room into a small home office would usually cost on average $14,143 and brings in $10,229 at closing.
If you are planning to sell, it’s better to know your target market and then redesign to please home-buyers. Families tend to use bonus rooms much differently than small families or singles.
You can consider adding some outlets for the desktop, and attractive recessed lights. Bookshelves or small cabinets would also organize the area above the desk. Putting a rolling file cabinet is also a good idea.
Living room upgrades:
The living room costs involve almost $1,350 for upgrading the living room decor with some light switches, crown molding, chair rails, outlet covers, floor registers and curtain, and different accessories.
More details will add more dollars. Crown molding will give your room a healthy, crisp and clean finish that all the buyers would love. Consider that molding which simply complements all kinds of window trim and floorboards.
In order to give some romantic design touch, its best to swap the old light fixture for a small chandelier. You can apply a right formula for sizing the chandelier like room length + room width – diameter of the chandelier.
While applying some drywall repairs, using less amount is a good technique. Use of a little joint compound would simply make it easy to even out the surface while sanding later.
Its also recommended scaling the window treatments to the size of your room. The usual cost to rent wallpaper steamer involves $20 like new bedding and window treatments have $300.
There are still plenty of techniques involved that can help you increase the resale value of your home and pay off higher amounts. So before applying any of the tricks, scan the points once again to get a high return on investment.