Getting the best return on your real estate investment
By Mike Carroll
Regional Sales Manager
If you are thinking about doing some renovations around your house, even if you are not planning on selling this year, you may want to consider how they will affect the resale value of your home. Understanding the resale value will help you prioritize which project you start with as well as determine the net cost of the renovation. If you need to pay $10,000 for a project but have an expected 70% return on investment it really only costs $3,000 – not to mention any savings you may occur through energy bills or government reimbursements.
You can ask almost any real estate agent and they will tell you the importance of the first impression of your home. The term ‘curb appeal’ is used all of the time across the industry. The first impression is usually done in the first 60 seconds a potential buyer looks at the house – and lasts forever, and that first 60 seconds is usually spent outside. Rotting windows, faded doors, and failing gardens are all things that may deter a buyer from choosing your home without them even realizing it.
Numerous studies will agree that top renovations as far as resale value goes are; Entry Doors, Vinyl Siding, Vinyl Windows, and Garage Doors followed by bathroom, kitchen and basement remodeling. One may have expected kitchen and bathrooms to be at the very top, but first impressions, as well as personal preference and countless home improvement tv shows are leaving home buyers to tackle these renovations afterwards.
Over the years the top renovations for return on investments have been, for the most part, fairly consistent, with an expected increase of an additional 10% on the resale value for replacement vinyl windows and front doors for various reasons; the unpredictable and extreme weather we have been seeing, the rising energy costs and a growing interest in social and environmental responsibility that has lead buyers to demand greener homes.
If you are thinking about a home renovation project, call Lifestyle Home Products now at 1.800.465.0593 to book a free, no obligation, in-home consultation to discuss your many options and find the best project for your home. Book before June 30, and you could even WIN $2,500 towards your new home improvement project!