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Though it may not be their primary purpose, our homes are our biggest investment and, when its time to sell, its smart to optimize the return on that investment.
With the real estate market on a steady climb back to solid ground, more people are feeling comfortable enough to explore what options they have in the current market. If youre flirting with the idea of listing your home, its important to make sure your home outshines the competition.
Here are eight home improvement investments that offer sellers the highest return:
A coat of paint gives you a lot of bang for your home improvement buck. With premium brands costing about $35 a can, painting a room is economical and a project that most folks can handle without hiring a contractor.
If youre selling, focus on rich neutral colors inside your home. Its OK to push beyond the standard colors of builders beige and off-white. With a little experimentation and a keen eye, browns, greens and grays can become part of a contemporary neutral color scheme that will highlight the best features of your home and impress potential buyers.
Replacing the siding on your home not only improves its appearance, it can boost energy efficiency too. If you choose vinyl or other siding products with permanent color, gravitate toward neutral colors that will still be classic year after year. According to Angies List, a $10,000 siding investment can return an 80 percent return on investment or more.
Few things turn off buyers faster than the smell of a damp basement. If your homes basement is prone to moisture accumulation, leaks or flooding, call in a professional. Perhaps a simple sealant or patch can solve the problem without a huge budget impact. (If a new exterior drainage system is required, that could become pricey.) Though a finished basement will help sell a home, the single most important improvement you can make to the basement is creating an environment thats clean, dry and ready for further upgrades. But if you do want to go all out, a full basement remodel costs about $60,000 and will give sellers a 70 percent ROI, according to Remodeling Magazine.
Its true: Buyers really do focus on kitchens and bathrooms, and upgrades in these areas pay off consistently. As with any remodeling project, homeowners can choose the level of time, expense and energy they want to devote to a kitchen remodel. If youre on a tight budget, keep things simple. Make sure that appliances are in good working order, countertops arent chipped or stained, the walls have a fresh coat of paint, and basic fixtures like lights and faucets are updated. More extensive renovations that include new cabinetry, floors, granite countertops and stainless appliances can recoup nearly 69 percent ROI, according to Remodeling Magazine.
Like kitchens, bathroom upgrades provide a solid return, typically 68 percent to 78 percent ROI for a mid-range bathroom remodel, according to Real Simple Magazine. If your budget is limited, try cost-conscious solutions like resurfacing an existing tub or sink, installing new laminate flooring, upgrading faucets, adding a deluxe shower head, or splurging on a glass tile backsplash. Small improvements done in a classic and well-coordinated style can make a big impression.
Decks provide an attractive transition between inside and outside. Especially for smaller houses, well-designed patios and decks can provide much-needed extra space for dining, entertaining and relaxing. According to CNBC, deck additions in the $15,000 range average a 73 percent return on investment.
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8 Home Improvement Projects That Pay Off Big
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The Pierce House on Oakton Avenue, built in 1683, has been open to the public since 1968. Photo courtesy Historic New England
Dorchesters Pierce House is a quaint, unassuming structure, nestled in a small lot directly across the street from the Kenny School. A sign on the front walkway is the only indicator of its historical significance.
However, the houses interior tells a different story. Several rooms are set up as craft and teaching spaces, with one room set up using period furniture, some of which belonged to the Pierce family. Wide slabs of wood are laid across the floor, and thick beams hold up the roof overhead.
This is all original beaming, said Ivy Wagner, the Pierce House museum teacher. She explained that most of the original architecture of the house is still in place.
Wagner was a classroom teacher before coming to Pierce House, and she said she loves the working environment, where the teaching material is also the classroom.
The house is a major primary source. Kids need to know where they came from, and this house is important to the history of Dorchester, she said. Its all hands-on learning, and it fits in exactly with their school curriculum.
The Pierce House, built in 1683, went through 10 generations of the Pierce family before it was acquired by the Historic New England in 1968. Used mostly as an architecture study, the house had very limited public presence until the early 2000s, when it was refurbished as an educational site for school children.
According to Carolin Collins, educational programs coordinator at Historic New England, several renovations had to be made before the house was declared safe for children. The siding, which was ridden with asbestos, had to be removed, though a small portion of it remains fenced off in the yard for observational purposes. Over the past few years, the Pierce House underwent several weatherization efforts, including the installation of interior storm windows, weather-stripped doors, and a high-efficiency condensing furnace. In addition to these changes, Collins described the ongoing maintenance work that a historic house like Pierce House requires. The paint needs to be kept neat, the furniture should be in good working order, and ceiling damage due to water incursion has to be fixed.
We try to retain the historic character of the house, said Collins, explaining that replacements for broken objects or furniture are always from the appropriate time period, or historically accurate replicates. Collins emphasized the importance of using these historic homes for educational purposes, and keeping them open to the public so they can remain an important part of the community.
Students who live in Dorchester are able to look at the way the area has changed from agrarian to urban. It provides a tangible sense of the area they live in, and it makes history visible, Collins said. You can walk by the Pierce House and you wouldnt know its history, how old it is, or the role its occupants played throughout history.
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Historic homes offer window into Dorchester’s past
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109 Fifth C Street – Video -
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