Yes. we do have snow on the ground and temperatures are still below the freezing mark, and while it may seem too early in the year to begin thinking about home remodeling and updating, fair weather and the ideal time to begin home projects is right around the corner. As a real estate agent, I am always thinking about resale and too often I walk through a home with customers looking at some of the home remodel projects and we say "what were they thinking?" So, here is a list of projects that show the most return on investment according to the Remodeling 2014 Cost Vs Value report (www.costvalue.com) and a few comments to hopefully guide you through the process.
Replacing siding to a fiber cement siding will cost you and average of $12,484 and get you a return of $8,643 or 69.2%. Many home buyers are looking for an upscale look to the home with not a lot of maintenance, and cement board offers both. A pretty inexpensive way to class up the home and has an immediate impact as buyers drive up.
A nice bathroom remodel will always do the trick to impress, but make sure you have a dual vanity, storage and quality tile work. Return on investment will net you about 65.9%, but when you are in competition with another home and need to get your home sold first, this is a great place to put your home in the lead.
Remodeling a kitchen is always impressive and gives a nice clean feel to the rest of the home, and the kitchen is the soul of the home. When doing a kitchen remodel, however, make sure you don't add too many custom features that cost a lot of money, and keep it to the mid-range level. People want a nice kitchen, but won't pay you back for the Sub Zero refrigerator and Calcutta marble you installed. on average, a mid range kitchen remodel will net you 63.3% on your investment.
Replacing your old windows with new energy efficient windows will net you about 63.5% on your investment. New home buyers don't want to have a major project as soon as they move in, and from experience 9.9 out of 10 buyers look at the quality of the windows when shopping for a home, especially in our market where bad windows can mean thousands of dollars of extra expense when owning the home.
Unless you are planning on living in the home forever, consider limiting your remodel to items like these above, and avoid very custom features that you may only enjoy and appreciate. Avoid creating a floor plan that doesn't flow well because you think adding a bedroom or common space will net you more money. More space doesn't always mean more money when you do go to sell.