This is Part 2 of the Series - Top 15 Home Updates that Pay Off. Part 1 of the Series was published on October 24, 2018.
#9 Basement Remodel
Average return at resale: 90.1 percent
The average basement remodel costs just over $51,051 and returns $46,010, so you’ll recoup about 90 percent of the cost.
What do you get for $51,051? A 20 x 30 entertaining area with wet bar, a 5x8 bath, recessed lighting and a laminate floor.
Remember when finishing walls, you should keep your drywall panels a half-inch away from concrete floors, so they don’t absorb moisture.
Always fix flooding problems first. Add French drains, bigger gutters or re-slope the yard to keep water out. Test to make sure the fixes work before investing time or materials in a basement.
Want just the wet bar? Buy 10 linear feet of cabinets, a laminate countertop, a stainless steel drop-in bar sink and an under-counter refrigerator for about $2,500.
Cover concrete floors with an easy-to-install modular subfloor so floors won’t be cold. Add carpet squares with a traction backing for an amazing transformation.
In the West, basement remodels return 108 percent of cost, in the Midwest, 73 percent.
#10 Replacement Windows
Average return at resale: 89.6 percent
Replacing ten 3x5 ft. windows runs about $9,700. On average nationally, you’ll get back $8,700 when you sell, a recoup rate of nearly 90 percent.
Big city window replacements pay off. The average homeowner recoups more than she spends on replacement windows in San Francisco, Seattle, Orlando, Miami, Chicago, NYC and Boston.
For hot climates, there’s low-e glass that reflects heat. And for maximum efficiency, add argon gas inside the pane to prevent heat and cold transference within the window.
Replacing windows doesn’t pay in all hot climates. You’ll recoup only 62 percent of your cost in the Las Vegas desert.
#11 Family Room Addition
Average return at resale: 83 percent
The average family room addition costs $54,464 and adds $45,458 at resale, a recoup rate of 83 percent.
The highest recoup rates occur in high-cost Western markets.
A sunroom counts in the home’s square footage only when the room is heated and cooled for year-round use.
A sunroom adds value only in upscale neighborhoods. It won’t bring in higher bids in lower-end neighborhoods.
An addition shouldn’t be obvious. Make sure it has an open transition. A wider interior doorway and more substantial steps visually connect the addition to the rest of the house.
#12 Bonus Room Updates
Average return at resale: 72.8 percent
Converting a 12x12 ft. bonus room into a home office costs on average $13,143 and brings in $9,569 at closing.
If you’re selling, know your target market and decorate to please them. Families use bonus rooms differently than empty-nesters and singles.
Add electric outlets for your computer and recessed lights. Kitchen cabinets or bookshelves organize the space above your desk. Put a rolling file cabinet underneath.
Glass doors add a finished look to any bookshelf.
Check local zoning before you build a studio to rent.
Budget $2,500 for a mini-kitchen.
Adding a full bath costs an average of $22,977 nationally. You’ll average $19,850 back if you sell, a recoup rate of 86.4%. Return rates go above 100% in big cities like NY, San Francisco, Orlando, Seattle and Washington, D.C.
#13 Living Room Updates - Decor
Average return at resale: 66 percent
It costs around $1,350 for staging and updating living room decor with new light switches, outlet covers, floor registers, crown molding, chair rails and drapes, plus fresh flowers and accessories.
Details add dollars. Crown molding gives a room a crisp, clean finish that buyers love. Choose molding that complements window trim and floorboards. Prices start at around $1.40 per linear foot.
Shift furniture away from the walls to make living rooms feel larger and more contemporary. Create a seating area around a feature you want buyers to notice, like a dramatic fireplace.
If you’re staging your home to sell, don’t move excess furniture and clutter into the garage. Rent a storage unit for about $1 per square foot per month.
New window treatments are a cost-conscious way to add a punch of designer color. For low ceilings, create the illusion of height by positioning drapes and valances higher on the wall.
#14 Bedroom Updates
Average return at resale: 52 percent
Cost for new lighting will vary from $100 - $500.
For a romantic design touch, swap the old light fixture for a small chandelier. The formula for sizing a chandelier: Room width + Room length in feet - chandelier diameter in inches.
When doing dry wall repair, less really is more. Using as little joint compound as possible makes it easier to even out the surface when sanding later.
Scale your window treatments to your room size. Cost to rent wallpaper steamer: $20; new bedding and window treatments: $300.
Hardwood floors are hotter than ever. Pull up worn carpeting and refinish old floors to let the wood shine. Sanding hardwoods is physically demanding and if you do it wrong, you ruin the floor. Hire a pro to do the sanding and then do your own staining and sealing to save money. Cost $1 to $1.50 a foot. Fill carpet tack holes with Color Putty.
#15 Living Room Updates - Walls and Floors
Average return at resale: 40 percent
For only $25, freshen the living room walls with a coat of paint in a light, neutral color. And don't overlook the trim — brighten it with a high-gloss white paint and caulk any open seams between the molding and ceiling and baseboard and wall.
On average, quality hardwood flooring ranges from $3-$8 per square foot. For a 200 square foot area, expect to spend about $1,200 if you install it yourself. Tack on another $3 per square foot if you have it professionally installed.
Sanding hardwoods is physically demanding. Make a mistake and you ruin the floor. Hire a pro to sand and then do your own staining and sealing to save money. Cost is $1 to $1.50 a foot. Fill carpet tack holes with Color Putty®.
If you have carpet in the living room, either have it professionally cleaned ($100-$150) or replaced if it's torn, stained or has an unrelenting odor (on average $10-$30 per square foot).
Always test popcorn ceilings for asbestos before you start (find an accredited lab at The National Institute of Standards and Technology. Asbestos was used in textured paints manufactured before 1977.
Buy a new wood or stone mantel for as little as $500.
Source: https://www.hgtv.com/design/real-estate/top-home-updates-that-pay-off
As usual, should you be interested in buying or selling a home, or for any further information regarding your home, please contact me, Karen Borden, your North Alabama Real Estate Professional!
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