photo credit: Chad Crowell
Are you considering a move, but your current home value has made that impossible? What home improvements can you do to your current home that will freshen up the look and give you some additional living space? A U.S. News and World Report article compares several options and what would be a better investment for your families castle. You might want an extra bathroom, but would that be the best investment for your home? Even if you lost 50% of your cost of a bathroom remodel, you might argue that it could save your marriage or get those kids out of your throne room.
So what is a better ROI? A bathroom addition, family room, or a deck? Turns out the deck is a better return on investment, with a 85% return rate when you go to sell the home. A deck might now sound as glamorous as a new bathroom, but it will increase your outdoor living space and make your home seem larger. Decks are great for entertaining and can provide space for an outdoor bbq and patio furniture. Also, if maintained properly, decks can last for years.
A bathroom remodel will bring you back 78% of your costs when you sell, but an updated bathroom can be priceless. We just remodeled our guest bathroom and I can tell you that it has brought tremendous value back to our home. The bathroom was used more than our master bathroom, and everyone comments how clean and fresh it makes our home look. The total cost was under $3,000, and I personally think we would get back 100% of the cost.
The current downturn in the real estate market can be an opportunity for homeowners to negotiate construction costs with builders. If you received a quote a year ago, or even a few months ago, you might want to call the company back and try and negotiate. I was buying many of my supplies from Home Depot and then decided one day to stop in a small shop that sold molding. The molding company not only carried the exact same base molding and crown molding I was using, but they offered a weekend discount. On Saturday they give customers a 15% discount, and Sunday’s 20%. I asked the owner why the 5% difference between Saturday and Sunday, and was told football. Guys watch football on Sunday, and they need an incentive to get out and buy molding. I just laughed and enjoyed the 20% discount.
Do you have any home projects planned for 2009?
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