What do I mean by remodeling? Remodeling includes projects such as the following:
- Remodeling the attic for an extra bedroom (Average project cost: $49,438; cost-to-value ratio 84.3%, an increase of 15.6% compared to 2013.)
-Remodeling (finishing) your basement (Average project cost: $62,834; cost-to-value ratio 77.6%, an increase of 10.4% compared to 2013.)
Although these are very beneficial remodeling projects, you may not be willing to spend those amounts at this point in time. If you are considering selling your home very soon, you may want to look more into replacement projects with the best return on investment. Some of the best replacement projects you can do are replacing the windows, siding, roofing, and the garage door(s). However, the most important and cost efficient replacement project:
- Entry door replacement (steel) - this replacement will return approximately 96.6% of the cost into your pocket. There is a low initial cost to replace the entry door and it adds a tremendous amount of curb appeal (Also, the entry door is the first thing the buyer will notice before walking inside and the first impression is CRUCIAL.)
One more aspect to consider which will add a lot of value to your home, as well as having the largest increase in percentage of cost-to-value ratio: back-up generator. These past years have been a flurry of storms, whether it be rain, snow, wind, etc. power outages have been way to frequent for people's liking. A back-up generator, more than anything else, adds security and comfort to a home. It would be well worth the effort to have one installed on your home.
[chart and statistics research found on http://www.remodeling.hw.net/cost-vs-value/2014/trends]
