This Is The Perfect Time For Inexpensive Home Improvements
Gone are the days of $75,000 kitchen remodels and 1,000 square foot additions, but it is the perfect time for home repairs and modest upgrades.
Online, March 24, 2010 (Newswire.com) - The gradual improvement in home values has homeowners turning their attention to maintenance, repairs and modest remodels instead of luxury kitchens and humongous additions. The trends now are for projects that provide the highest return on investment (ROI) and curb appeal to improve resale values.
With more than 11 million mortgage holders underwater-owing more than their homes' value to the bank-home equity loans are unavailable to finance extravagant projects. Instead, low-end kitchen remodels are preferred and provide a better ROI. A recent survey by Remodeling Magazine revealed an 83% ROI for the budget kitchen re-do, compared to only a 68% pay back for high-end remodels.
Homeowners who have been holding onto their homes until the real estate market improves are reluctant to invest any more than is required to sell their houses. HomeGain.com surveyed more than 1,000 Realtors nationwide to find the least expensive projects they recommend to home sellers in a buyer's market.
The Realtors' top five recommendations and their return:
• Clean and declutter: Estimated cost $200; estimated return $1,700; ROI 872%
• Home staging: Estimated cost $300; estimated return $1,780; ROI 586%
• Lightening and brightening: Estimated cost $230; estimated return $1,300; ROI 572%
• Landscaping: Estimated cost $310; estimated return $1,500; ROI 473%
• Plumbing repairs: Estimated cost $385; estimated return $1,250; ROI $372.
For an investment of less than $1,500, homeowners can expect roughly $7,500 and a faster sale.
Any real estate agent will attest to the importance of a clean and up-to-date kitchen when selling a house. Instead of expensive kitchen remodeling, real estate agents make the following recommendations:
• Apply fresh neutral paint.
• Replace faucets and cabinet hardware.
• Improve lighting and window coverings.
• Choose solid-surface counters instead of quartz or granite.
• Choose engineered wood flooring over tile.
• Tile only the back splash instead of the entire wall.
• Replace only cabinet fronts instead of the entire cabinets.
• Update black or white appliances with more modern looking stick on stainless steel panels.
Improved curb appeal is essential and can be accomplished with pressure washing. Inexpensive landscape improvements require only a couple visits from professional landscapers to edge walkways, trim shrubs and trees, fertilize established plants and replace sod where necessary.
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