More and more homeowners are pulling the equity from their home, and taking the funds to improve their properties. One of the biggest questions homeowners have is, “What is the right home improvement to maximize their return on their investment?”
It is too often a homeowner makes a mistake when it comes to their addition. A sun room for instance, yields a poor ROI. The wrong fixtures can also be a mistake. So, where is the return to be made?
There are areas to focus on, which include neutral paint applications- this is one of the greatest returns on your investment as the average paint job costs $700 and the return on investment is anywhere from $1500 to $2K, curb appeal and key room additions.
There are few investments that give the return of a good paint job. You’ll find that even with some of the top investments there’s only a 75 to 80 percent return. Garage doors and outside decks, for instance, are a good addition, but the return is generally about 75 percent.
According to Remodeling Magazine’s 2013 Cost vs. Value Report, it states that the average home improvement projects yields a 50 percent. It is important before you break out those hammer and nails to know which projects will pay off.
The first thing you’ll need to consider is where you live. Obviously, if you live in a state that only experiences sunshine a few months a year, than a swimming pool isn’t the best choice. But, if you live in an area like Florida, a swimming pool will likely be a good ROI.
Your home is a big investment, and there really isn’t any addition that isn’t costly. Like any major decision, you should consult a professional appraiser to discuss what plans will add to the value of your home.
Aside from what’s been mentioned, key rooms also yield a higher return on investment. For instance the master bedroom, kitchen and bathrooms.