Remodeling Your Home: Where to invest
Remodeling Your Home: Where to Invest (Added: May 06, 2011)
If you're thinking about remodeling this year, there's a laudry list of investments to remember to get the most on your return. (more)
Painting the walls a neutral color can add to 110% return of investment.
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Published: May 06, 2011NORTH CAROLINA --The Annual Angie's List Project Poll shows nearly 90 percent of homeowners are planning projects this year, but which projects are worth the time and money?
"When it comes down to it, you don't want to over invest," said consumer advisor Angie Hicks. "You don't want the most expensive house on the block, so know what your neighbors have."
The average price of a home in the Triangle area is $229,000. Keeping that price in mind, if you're planning to move within the next few years -- keep things simple.
"It's not the time to think about big remodeling jobs because you're just not going to get a good return," Hicks said. "You want to think about improving cosmetic things that improve curb appeal -- fix leaky faucets and fix the little things."
Curb appeal is the first thing you see and will help you sell your home faster and add value.
"Water, seeds and fertilizer are great things this time of year," said Mike Montpetit, a realtor with Town and Country.
Montpetit provided a breakdown on percentages of return of investments:
Curb of Appeal = 110% return
- Trimmed bushes
- Fresh mulch
- Flowers
- Power-washed siding
- PaintPainting/Carpets = 100% return
- Neutral colors
- Clean or new carpetFlooring = 70% return
- Wood on first floor
- Tile in full bathBathroom Remodel = 64% return
De-clutter/Deep Clean = 90% return
Montpetit also said ceiling fans are a bonus.
Montpetit said when renovating, always keep in mind flash value -- that means anything you touch in your home.
"For example, if someone sees oil-rubbed bronze or granite fixtures, it may only cost a few hundred dollars at Lowes or Home Depot, but the return would be a perceived maybe thousands of dollars."
He said whether you plan on staying in your home for five more years or selling it in five days, the kitchen is where you'll get the biggest return.
Changing the appliances to higher-efficiency stainless steel, installing granite counter tops and adding brushed-nickel fixtures are major investments.
The fixtures can bring in an 80 percent return.
Montpetit also said people are moving back into outdoor living spaces.
"[Add] any type of grilling feature so you can actually turn it into a dining space."
Screened porches, backyard patios and a six foot privacy fence with gates will bring a 60 percent return.
Montpetit said some updates are too trendy, such as a theatre room He said that's very 2005ish and you won't get a good return on that investment. People are watching they shows on their computers or flat screens all over the house.
And if you're planning on staying in your home awhile, Hicks suggested breaking the project into phases so you can spread the cost over a few years.
On average, smart choices will yield about 70 percent return on investment.
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