Defining home improvement
When you’re calculating the potential return on investment of any home improvement project, you need to consider more than just the cost. Your ROI calculations should also take into account the emotional satisfaction of a project, such as how it will affect your enjoyment of your home.
Here are a few home improvements that meet all the criteria for a great investment not only when you sell but while you’re living in the home:
In the realm of home improvements, adding skylights is one of the least expensive upgrades you can choose for the functionality and appearance benefits they provide. Skylights, which are particularly popular in kitchens and baths, admit more natural light into a home — which always is appealing to buyers — so when you’re selling, rooms with skylights will appear bigger, airy and more inviting. While you’re still living in the home, you’ll reap the psychological and health benefits of more natural light and ventilation.
A minor kitchen remodel of around $20,000 returns nearly 80 percent of your investment when you sell your home, according to Remodeling Magazine’s Cost vs. Value Report.
Remodeling your bathroom can recoup 70 percent of the investment cost when you sell your home, according to Remodeling Magazine. Since bathrooms are far more important than their practical purpose, an improved bathroom can realign how you feel about your living space.
Just as you would never take a job based only on the salary, you should never undertake a home improvement solely on its monetary value. Instead, consider all the elements of ROI — from cash to emotion — before deciding how to spend your home improvement dollars.
This article is courtesy of Brandpoint.