Better Home and Gardens just released the results of a national survey asking two distinct sets of homeowners what they want to change in their home for 2018. Whether winter is coming or you’re considering projects in another season, some home improvements are more urgent than others ‘”saving you money immediately or preventing devastating damage. Sometimes it only takes ten minutes or less to make simple changes around the house that boost your living space. However, even though making improvements to your current house or flat often works out a lot cheaper than trading up to a larger home, many projects still require a significant financial outlay.
At $5 to $11 per sq. ft., installed, fiber-cement siding is more expensive than paint-grade wood, vinyl, and aluminum siding. Still, it’s a solid investment. If you should decide to sell your house, you’ll recover 83% of the project cost, according to the Remodeling Impact Report” from the National Association of REALTORS®. Your home loan amount depends on your annual income and ability to repay the loan. You can increase your home loan amount by adding an earning co-applicant.
If you’re serious about treating home improvement as an investment, taking out a loan may be for you. Even small repairs can mean a massive boost for the overall worth of your home. But please remember, if your intent is to treat it as an investment, then the projected increase in value needs to be greater than the cost of loan. Some of the most surprising and biggest loses from home improvements when selling are adding an extra bedroom (-£16,500), extension (-£18,000) and refitting your bathroom (-£2,250).
You can drop a huge chunk of cash on home maintenance projects like replacing your heating and cooling unit, hot water heater or even your septic system. Unfortunately, even when these features are brand-new, most buyers aren’t willing to pay more for them. Buyers expect functional features like these to simply function, and they don’t feel like they should pay for wear and tear that occurred in the home while you owned it.
Invisible improvements are those costly projects that you know make your house a better place to live in, but that nobody else would notice – or likely care about. A new plumbing system or HVAC unit (heating, venting and air conditioning) might be necessary, but don’t expect it to recover these costs when it comes time to sell. Many home buyers simply expect these systems to be in good working order and will not pay extra just because you recently installed a new heater. It may be better to think of these improvements in terms of regular maintenance, and not an investment in your home’s value.