These Home Improvements Have the Best Payoffs
When you take out a home equity line of credit or dip into your high-interest savings account to undertake a home remodeling job, you want to feel that you’re doing the right thing.
For example, adding an upscale master suite costs an average of about $271,000 but adds only about $137,000 to the value of a home, says Remodeling magazine in its annual Cost vs. Value Report.
Update your kitchen cabinets
A minor kitchen remodel has one of the best returns on investment, Remodeling says: You’ll recover 80.5% of the costs when your home is sold. You don’t need to spend thousands of dollars on new cabinets to refresh your kitchen.
Change out the kitchen sink
Another cost-effective change you can make in the kitchen is to swap out the sink. The kitchen sink gets a ton of use — and a new one can be a major plus when you list your home. Stainless steel sinks are the most popular and durable, according to Consumer Reports. A generous-sized stainless steel sink goes for about $250 to $350.
Replace appliances with next-to-new
High-end replacements for your ancient fridge and other tired old appliances can bring major ooohs and ahhhs at an open house. In fact, a National Association of Homebuilders survey finds more than two-thirds of buyers (67%) want to see stainless steel appliances.
Remodeling With a Home Equity Loan – Things to Remember
Imagining how you’re going to enjoy the new comforts of a home renovation after you’ve been approved for a home equity loan can be relaxing. The expanded living room, bigger bathtub, new game room or whatever else you’ve been dreaming of can seem like a carefree time that you’ll soon be enjoying.
Problems pop up, as they often do with construction projects, and some are out of a homeowner’s control. Other potential problems, however, can be dealt with before they happen by thinking ahead before getting approved for a home equity loan or line of credit
Realize you’re paying higher interest
A home equity loan is given to the borrower in a lump sum, and the interest is charged on the full amount from the beginning of the loan – which are major differences from a home equity line of credit, also called a HELOC.
Check out the contractor
Along with getting referrals from friends and family, check out a contractor’s license with state licensing agencies.
Check the contractor’s insurance
After checking out a contractor’s referrals and past work, and if they’ve been sued for shoddy or incomplete work, make sure they have enough general liability and worker compensation insurance.
remodeling projects for adding value to your home
A new steel door may not sound like the sexiest addition to your house, but it’s one of the financially savviest.
Exterior work on a property, from new siding to replacing windows, dominate the list of projects that offer the biggest bang for your buck. They offer the largest return because a potential home sale can be made or broken on the exterior alone, real estate agents say.
Two-story addition
Remodeling Magazine includes a new first-floor family room and a second-floor bedroom with bathroom in this two-story addition, but any addition of square footage will add value, regional vice president for the National Association of Realtors.
Bathroom remodel
Remodeling Magazine’s quoted cost includes updating an existing 5-by-7-foot bathroom and replacing all fixtures, including installing a porcelain-on-steel tub with ceramic tile around it, new shower, standard toilet and new tile floor.
Basement remodel
Buyers are definitely impressed by finished basements, said. Remodeling Magazine includes in its cost a 20-by-30-foot entertaining area with wet bar and a bathroom. However, finishing your basement may not necessarily add value in an appraiser’s eyes, as an appraiser typically counts living space above grade only, said.
Renovation Essentials
Keeping Your Home Organized
Many people are staying inside to help slow the spread of the new coronavirus, and you may be feeling a little boxed in. Here are a few simple storage and organization tips to help open up your space and increase your productivity at home.
Explore Room Ideas
Get inspired with beautiful images and ideas that help you decide how best to refresh your outdoor space for spring.
Take One Room at a Time
Even though the coronavirus might have you on edge, resist the urge to tear through your house, finding all the clutter and flaws in every room. Instead, start with one room and go from there. Decide which space to tackle first by determining how much time you spend in it.
If your living room is too disorganized to function efficiently, start there. Look for organization solutions that fit within your style and budget. Storage ottomans can double as foot rests and extra seating but offer compact storage for throw blankets. Or if your kitchen is so cluttered you end up burning your food because you can’t find a spatula, bring in drawer organizers. If you’ve stocked up on pantry essentials to get you through the next couple of weeks, consider pantry organizers to help you better visualize your food inventory so you don’t end up wasting anything.
If every room is equally in need of organization, consider starting with your favorite room so you have a place that you love to retreat while you’re working your way around the house. Look for multifunctional storage options that can add to the look and functionality of your space while concealing your stuff. Lift-top coffee tables, decorative baskets, and ladder bookshelves are low-profile storage options that make organizing your stuff easy and stylish. For specific room organization tips, read our guides for decluttering your Living Room, Bathroom, Kitchen, Home Office, Craft Room, and Garage.
things you should expect during a home remodel
Home remodeling can be a great adventure. From start to finish, renovations are usually full of extreme highs and lows. Knowing what to expect during a home renovation can help you prepare for the process.
Noise: Power tools aren’t quiet. If you’re sensitive to noise, find out from your contractor when the noise levels will be at their worst, so you can stay away during that time.
Expense: Even remodels that stay within budget can be costly, and many remodels cost more than expected. When setting aside money for your upcoming bathroom or kitchen remodel, leave yourself a buffer so you can handle the unexpected costs that might arise.
Delays: No one knows what’s going on behind your walls. Asbestos, old wiring, leaky plumbing and other problems can cause delays. Keep in mind that your contractor’s timeline is an estimate, and avoid making firm plans that depend on a specific remodel completion date.
Grime: Demolition, drilling and sawing all create dust that can be difficult to wash away when your project is complete. To avoid a lengthy cleanup at the end of your renovation, move furniture away from the work areas, and cover everything with disposable drop cloths, which are available in your home improvement store’s paint department. Be sure to let the dust settle for a few days after the work is finished before you try to clean anything.
Chaos: Once the remodel gets started, it may be a while before your home looks normal again. Work on your “go with the flow” attitude before the remodel gets started.
Changes of plan: You may be solidly in the middle of your remodel when you realize that some details of your original plan aren’t what you wanted. Keep an open mind and be ready to make changes as necessary.
Decisions upon decisions: You’ll have to make many choices every day throughout the process. Some decisions will be easy, others more difficult. Maintain good lines of communication with your contractor to ensure that your project turns out the way you hoped.
Trips to the home improvement center: You’ll need to make many trips to the home improvement center to buy fixtures, flooring and other items. Leave time for unexpected runs to the store.
Frustration: No doubt about it, remodels can try your patience. Stay calm throughout the process. If you’ve done your due diligence and picked the right contractor, it will all be worth the hassle in the end.
Exultation: Remodels can be a lot of work, but they’re worth the investment. When your remodel is finished, have a party to celebrate the end of a job well done.