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4 remodeling projects worth the investment

by Mehner Weiser Real Estate, LLC.

4 Home Improvements With High Returns

Remodeling your home can be a great way to increase its value and ensure you get good returns when it comes time to sell. But before you go tearing out your floors or adding another bedroom, take note: Not all projects are created equal. In fact, according to recent data from Remodeling magazine's Cost vs. Value report, there's a pretty big discrepancy between which projects deliver high returns and those that don't. 
  
Want to make sure your remodels are worth the effort? Here are some top options: 
  
  • Get a new garage door. It seems simple, but replacing your garage door is the most value-adding project you can take on. On average, it delivers returns of more than 98 percent upon resale.
  • Focus on curb appeal. Upgrades to exterior areas saw serious growth over the last year. Wood deck additions increased over 18 percent in value, while stone veneer installation value was up almost 14 percent. 
  • Replace your entry door. Don't bother sprucing up old doors. Replacing them with steel models can deliver a whopping 91 percent ROI. And at an average cost of $1,471, they're one of the most affordable updates for your home.
  • Upgrade your kitchen. Minor kitchen remodels continue to be a top value-adding project. This year, the average small remodel adds about $17,193 to your home's value and recoups more than 81 percent of your costs.
You might want to rule out projects like backyard patios, master suite additions and major kitchen remodels -- they're notorious for low returns. If you're looking to boost your home's value and increase its marketability, focus your efforts on projects that improve aesthetics and add ease and convenience instead. 

5 Tips to Budget Your Remodel Project

by Mehner Weiser Real Estate, LLC.

5  Tips for Budgeting a Remodel

Determine Where the Money Will Come from

Will you use savings? Or will you take out a home equity loan? Once you determine your source of funding, determine how much you want to spend on the project – and stick to that limit.

Set Your Priorities

Before you pull out a calculator, clarify your reasons for renovating. Divide those reasons into "wants" and "needs." For example, reconfiguring your bathroom so that your current questionable electrical and plumbing will pass an inspection is a "need." His-and-her water closets, a whirlpool tub, and built-in towel heaters are "wants." Setting priorities will help you make decisions as you move through the renovation process.

Step Away From The Computer

Visit showrooms, model homes, and design stores in addition to checking out pictures online. Before investing in materials and appliances, be sure to see and feel them, or samples of them, in person.

DIY Or Contractor?

The biggest question to answer when creating your budget is deciding whether to do the work yourself or to hire a contractor. Doing the work yourself is usually less expensive – unless, of course, something (costly) goes wrong. Using a contractor, however, can mean your project is completed to professional standards and usually in a shorter time frame. Be sure to calculate the value of your time (and your back and knees) and the inconvenience of having a bathroom or kitchen out of use during the project when deciding whether to opt for DIY or a pro.

Expect The Unexpected

Whether you plan to do the work yourself or hire a contractor, add on an extra 15 to 20 percent of your total budget for unforeseen expenses. Added costs inevitably arise, especially if you're dealing with an older home.

If you have questions or are looking for a good contractor, I’m connected with some of the best professionals in the business.

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Contact Information

Photo of Mehner Weiser Real Estate, LLC Real Estate
Mehner Weiser Real Estate, LLC
RE/MAX Dynamic Properties
3350 Midtown Place
Anchorage AK 99503
Bethany (907) 223-1632
Bonnie (907) 223-0005