Which Home Improvements Pay Off?

Designer Felix Guyon shares a penthouse in a 25-storey building on Nuns’ Island in Montreal, with a stunning view of the Saint Lawrence River. The importance of different maintenance issues varies with geographical location, too. Roof replacement (average cost: $11,376) was very important to buyers in the east, according to Remodeling, where homeowners recouped an average 96.3 percent of the cost. In the Midwest, the average return for the same improvement was just 71.1 percent. Look for spaces that already have plumbing hookups or are adjacent to rooms with running water to save on plumbing costs.

Leaky duct systems can cause a major loss in energy efficiency as they dump conditioned air in undesirable places; like your attic or underneath your house. That means that you are paying to heat or cool the outdoors. In addition, when your cool air goes out, hot humid air comes in through air gaps to take its place. This puts additional strain on your HVAC and makes your duct system a prime target for an energy efficiency upgrade.

Your front yard could be an easy fix. If you have a nice and welcoming front yard leading up to the front steps, you’re more likely to enjoy the scenery around you. Simply adding plants can boost the value of the house up to at least $5,000 depending on the plant. Also, take note not to overdo landscaping; it may become difficult to maintain if it’s too elaborate. Keeping it clean and simple should do the trick.

The first step in developing a home improvement strategy is to seek professional advice. If your renovation proposals are relatively simple, a builder who specialises in this type of work may be able to provide adequate advice and prepare simple concept plans and cost estimates. Many people don’t realize that there are renovation loans that can help pay for your housing upgrades.

In today’s housing market, every dollar counts. Sullivan reminds would-be investors that there are a number of factors to consider before pursuing a house flip, starting with location and thorough knowledge of the property. Just because it’s cheap doesn’t make it a good deal,” he warns. One plus to look for: curb appeal really does help to sell homes. You’ll need to determine the fine line between investing too much in a property and not doing enough, Sullivan advises. Finally, you’ll want to get the project done quickly because your carrying costs will grow and could potentially wipe out your profits, he adds. Some carrying costs include financing, insurance, taxes, and maintenance.