As the summer home selling season approaches, home owners
considering planning to place their properties on the market should know about
remodeling projects that return the most value and increase selling likelihood
with better curb appeal or popular features.
Housing market data reveals that small, smart remodels
reward home owners with better return on investment and can help update a home
for a better sale. Review these top five remodeling projects and begin planning
during National Home Remodeling Month.
1.
Add a deck.
Building on a wood deck returns 82 percent of the expense,
according to Remodeling magazine’s
Cost vs. Value study. Decks built from composite material also offer a hefty
return. Home owners and prospective buyers are attracted to outdoor living
space where they can relax and entertain near the comfort of indoor
conveniences.
2.
Replace vinyl siding.
Improving curb appeal with small enhancements can increase
the likelihood of a home sale. Refreshing the exterior with new siding updates
the look of the home and is a necessary home maintenance task. Vinyl siding
replacement returns a national average of 81 percent of the investment.
3.
Replace windows.
Updating windows can also return a solid portion of the
investment (78 percent for wood frames and 77 percent for vinyl). New,
energy-efficient windows also helps reduce energy leakage from the home and can
bring down heating and cooling bills. A recently expanded federal tax credit
can help defray the cost for purchasing and installing qualifying windows.
Visit www.nahb.org/efficiencytaxcredit for more details.
4.
Remodel the kitchen.
A minor kitchen remodel can improve the look without costing
a bundle, and yields an 80 percent return. Considering replacing cabinetry
fronts, countertops, and flooring. Installing low-flow faucets and
energy-efficient appliances can also reduce water and energy expenses.
5.
Remodel the bathroom.
Payback on remodeling a bathroom can reach 75 percent with
new fixtures, tile, toilet, vanity and lighting. Low flow toilets consumer less
water and can decrease the monthly water bill.
Smart remodeling projects for improving the home can attract
buyers and make the home more comfortable.
