N.Y. Renovation Services LLC
Phone 212 863 9202
Renovation Projects with Good Return on Investment
The project cost for house remodeling should be based on the value of your home. Investing too much can lead to a poor return on investment or a house valued outside the local market expectations. 15% of the value of the home is a good general rule for a budget renovation. After 15% of the value of your home, it is not inconceivable to get 80% to 90% or more of the investment.
Usually, you can expect a lower return on investment for large remodeling projects more due to increased costs involved in a major remodeling project. If kitchen, bathroom and living rooms have been neglected and dilapidated, then you can expect a lower return on investment, because much of the cost is consumed to a bearable level rather than real improvements.
A 100 % return on investment is possible
Instead of working on the design of that figure, consider livability as an important budget your kitchen remodeling project component. Especially, if you plan to live in the house for some time to come. You might even love your new kitchen so much that you forget any notion of selling and moving.
Consult a real estate agent
You can also consult a real estate agent to get a good idea of how extensive a project to renovate the house thoroughly. A good real estate agent with knowledge of its neighborhood should be able to give a good indication of your remodeling project ideas affecting the value of your home.
Even if your renovation project is for your own satisfaction, and does not intend to sell and move, a real estate agent usually have a good idea of the amount of previous customers spend in remodeling, and the resulting increase in home value.
Consider offering the agent a flat fee for his opinion, if you have no intention of selling. In short, a project to renovate the house can increase the value of your home, and make it sell faster. ROI may or may not be important to you depending whether the project is for your own satisfaction or for the sale of the house. But be careful that your project is not the price of your house in the neighborhood.
You also have the option of making a smaller scale remodeling. A minor remodeling allows you to identify and select specific items in the house that deal with the most prevalent problems. If you intend to stay in your home for years after the remodeling, you can stagger these projects over time to reduce the amount of money you have to spend at any given time.
Remodeling and renovation value of your home can go a lot with small remodeling projects. Choosing the right project at a good time, you can sell your home for a higher price in the future. After the crisis in the housing market, prices and values of different projects changed by market. You can choose a number of renovation projects which you can expect to add value to your home:
The kitchen is probably the most used area of the house. Therefore, you can get a big return on investment. Renovating the kitchen can be an expensive project, but many experts believe you can expect a return of 71% on your investment if you make a complete makeover.
Cheapest option: If you cannot completely remodel your kitchen, another option would be to make just a few changes (cabinet or a counter). Such changes have a return of 79.5%, even if completely remodel.
Replace Coating (Siding)
You can replace the siding on your home with fiber cement for a return of about 87% of its investment. This type of coating requires very little maintenance after being installed and is unlikely to rot or be infested with bugs. Another cheaper alternative is a vinyl liner with high-density foam. This material has many of the same benefits of concrete and offers a return on investment of 80%.
Cheaper Alternative: Vinyl is another material that can help you improve your home. It is preferable in the long term, but offers 81% return on investment. That means work costing $ 10,000 will be added a value of $ 8.100 home.
Raise Wooden Terrace
People are spending less money on entertainment in recent years, so it makes sense to add a space to socialize at home. Another option is a composite deck, made of a wood alternative. Such material requires little maintenance and usually comes with a manufacturer’s warranty. This type of project can produce a 63% return on investment.
If you use wood to build the terrace, you can save money, although this material hard and requires less maintenance. You can expect a return of 81.8% on your original investment if you use wood.
This remodeling will save money for many years. If you replace your current vinyl or wood windows, you can get a return on their investment of 80% and 77% respectively. According to various experts, this is due to cost reductions in gas and electricity services, as hot or cold air cannot escape so easily with these materials. If you plan to sell your home, prospective buyers will also appreciate this remodeling.
The above projects offer an excellent return on your investment. To finance the remodeling, you can use your savings or getting a loan with lower interest rate on your credit union. It can help you plan the financing of these projects without affecting your lifestyle. Think of renovations when planning your future. This is the best time to secure their investment.
Make intelligent decisions about materials and maintain workflow efficiently for a good performance. Good contractors can help control costs for orchestrating the workflow to minimize idle time workers and to ensure that subcontractors enter and leave the project at the time they are most effective. Contractors must work with you to use the appropriate level of quality for the project. A good contractor can help you avoid falling into the trap of spending too much items that have limited resale value.
N.Y. Renovation Services LLC