Thursday, May 19, 2016

Budget Friendly Projects with a Big ROI

Not all home improvement projects are created equal. Some renovations may cost a lot but not add significant value to your home. This list goes in the opposite direction.  Here are some inexpensive home improvement projects that will not only increase your enjoyment of your home, but will also increase the home's value.
  1. High quality ceiling fans: In a recent National Association of Home Builders survey, ceiling fans ranked No. 1 as the most wanted decorative item. If your ceiling fans are outdted, replace them wtih something in th e$400 range - it will make a big difference when it's time to sell.
  2. Trees: Mature trees can be worth as much as $10,000 toward the value of your home. Trees also protect your home from the elements and prevent erosion.
  3. Energy efficiency: Buyers are increasingly interested in saving energy, so any efficiency update is worthwhile. Switching from a wood to gas fireplace is a great start.
  4. Outdoor lighting: Exterior lighting is great for highlighting the accents of your home, and you can typically expect a 50 percent return on investment.
  5. Molding: You can finish a room with crown molding or railing for as little as $1.50 per foot if you take a DIY approach, and it's extremely desirable among prospective buyers.
According to the 2016 Remodeling magazine Cost vs. Value survey, the average return on home-improvement projects was 6.7 percent higher than it was a year earlier.  Simple replacements often provide a better return than major remodeling.  While returns will vary by region, the average national return at resale for projects was 64 percent. 

A sample of return on value for some projects, if the home sold within a year:

     Remodel a bathroom      66%                     Replace the roof             72%
     Build a wood deck         75%                      Refresh the kitchen        83%
     Replace the front door   91%                    

For more information on the Cost vs Value survey results, visit

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