More and more people are contracting local home builders from Duluth, MN and other areas to have their homes remodeled according to their whims. If you’re looking to join them, though, you’ll have to consider one important thing: your prospective project’s payback potential. Will the amount you’ll shell out be recouped some time down the road, or will you be undertaking the project for no gain at all but personal satisfaction?
When it comes to return on investment (ROI), different home improvements offer varying values. There is, however, a concept that is backed by accurate statistics and trends. A report released by The Appraisal Institute, the largest professional collective of real estate appraisers in the nation, claims that it’s not a major bathroom, kitchen, or living room overhaul that gives better ROI, but rather minor upgrades.
What are these minor upgrades, then? Remodeling magazine has the answer. According to the magazine’s Cost vs. Value report for 2015, these include simple projects such as replacing your front door, sidings, garage door, and windows to name a few, and above all else, there stands replacing your old wooden door with steel, leading with an estimated 98 percent long-term ROI. Furthermore, there’s no high-end remodel whatsoever on the list—only midrange remodels for bathrooms (77.1 percent) and kitchens (81.8 percent) made the cut.
You might ask, “Why the door? What’s so special about replacing it?” The answer to your question is quite easy. According to experts, replacing your front door gives you the best bang for your buck since it can easily transform the look and feel of your home’s exterior, and it can also contribute to curbing energy loss. Plus, with all the benefits this project entails, it also comes in as the most affordable of all the upgrades you can get.
This doesn’t mean, however, that you can now forget all about making spaces such as the bathroom and kitchen look stylish as possible. In virtually every housing market, one of the first things buyers would look at is either the kitchen or the bathroom, according to Remodeling magazine editorial director Sal Alfano. Looking for numbers to back this up? Consider this: the Minneapolis housing market is one of only five that offered at least 100 percent returns on bathroom remodels alone.
While considering remodeling projects, don’t forget to think about energy savings. If you remodel your home and have the house torn apart, it would be a good time to seal it up and insulate properly. This can have an immediate ROI in terms of money, comfort and safety.
So before calling forth remodeling contractors in Duluth, MN such as Lakeside Advanced Builders, be sure you know which project will give you the best ROI possible. It’s perfectly fine to beautify your home, sure, but nothing sounds better than a good-looking home that actually pays you back in the long run.
When Does It Pay To Remodel Your House? Huffington Post, August 18, 2015
Minor Home Improvements Offer Best Return, Appraisal Institute Says, AppraisalInstitute.org
The 10 Home Improvement Projects With The Highest Return On Investment, LifeHacker.com, February 25, 2015