Home Improvement Investments that Make Cents
The Washington Post published an article entitled Projects that Pay that provides recommendations on home improvement projects that give the most bang for your buck at the $1,000, $10,000, and $20,000 thresholds.
$1,000
- Painting- On a per Dollar basis, painting is perhaps the most potent small-scale home improvement project. If you do it yourself, an average sized room will cost less than $100.
- Minor landscaping projects- The article suggests that you address a neglected lawn, add trees, or cut back overgrown shrubs. Since your landscaping shapes a potential buyer's first impression of your home, the money will be well spent.
$10,000
- Create an outdoor living space- Build a deck or patio. If you already have a deck or patio, why not add an outdoor kitchen or a fireplace?
- Overhaul a powder room or small bathroom- Change out the vanity, mirrors, and toilet. Add marble or granite.
- Upgrade lighting- Add recessed lighting or upgrade the electrical panels and circuits so that they can handle more power. The article mentions that not a lot of thought goes into many builder-built houses, making homeowner customization necessary to achieve desired results.
- Create Parking- This may not be applicable, but if you have the ability to create a parking space on your property, why not do it? Parking is extremely valuable.
$20,000
- Make significant changes to the kitchen- A $20,000 budget may not allow for a complete kitchen remodel, but you can make significant improvements such as adding granite counter tops, cabinets, or new floors.
- Renovate the master bathroom- You can completely renovate the master bathroom.
- Upgrade doors and windows- Though not as glamorous as the previous items on the list, the Post article mentions the importance of quality windows and doors. A window upgrade could start to pay for itself in energy savings.
- Major landscaping overhaul- For $20,000, you can afford some significant landscape improvements such as a water feature, a larger deck or patio, or more plants and trees.
According to CalculatedRisk, home improvement investments are holding up fairly well despite the recession. The blog looked at indicators published by the US Bureau of Economic Analysis as part of the release of the 2008 Q2 GDP data. Their conclusion- so far, home improvement investments are holding up better during this housing slump than in the slumps of the early 1980's and early 1990's.
Jon
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