Expert tips on boosting your home’s value
Ever wonder what type of home renovation projects can actually boost the value of your property? The latest report from US magazine Remodeling gives you a rundown of the best home additions or improvements to try.
According to the new report released via Business Insider, some of the most lucrative home projects for 2015 included stone veneer, ceiling insulation and garage door replacements.
Furthermore, the 2016 Cost vs. Value Report supports claims that homeowners who decided to renovate their properties prior to home selling offered better payback for 2015. We are seeing something like this also in Australia according to some local real estate agents.
For instance, in the United States, the average return of resale for homes that were renovated was at 64.4%.
Another thing that homeowners across the globe may consider is attic insulation. According to the report, it offered a return of 116%. Stone-veneer cladding came in a close second. It offered 92.9% return while garage door replacements offered 91.5% return. Including a new glass and steel door ranked fourth offering 90.1%. It topped the list in the previous year.
While bathroom and bedroom renovations, specifically the master suite, were considered lowest cost-value ratios, they still offered 50% percent which when combined with other renovation projects can still offer homeowners some good returns.
“Four of the five types of projects that cost less than US$5,000 to do were ranked in the top five for costs recouped. No project costing more than $25,000 ranked better than 15th. It stands to reason that it’s far easier to replace a steel entry door than it is to design, source and build a two-storey addition,” the report said.
Some established replacement jobs will continue to give returns including window, door and cladding projects.
Whereas there are no definite numbers for other parts of the globe, the report did emphasise that a good quality renovation will most likely provide healthy returns and bigger projects also tend to be viewed more favourably by real estate experts. It does not matter which part of the globe you are in, this seems to be the case, including us here in Australia.
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