During difficult times of economic slowdown and falling home prices, each and every penny spent on home improvement should be well planned and thought out. It might not be the best idea to over invest on home renovation and improvement given that the return on this investment is not going to be commensurate with the value of the investment that you make towards home renovation. Data suggests that the average return on home improvement has been showing a declining trend. Last year figures suggest that the return on home improvement had dropped to app. 70% which indicates that for every 1 USD spent on home improvement, the appreciation in your property would be to the tune of 70 cents.
However, there still seems to be several reasons to go for home improvement. There are several home renovation options available but the ones that seem to be the most preferred ones for the investors based on the return on their investment are Upscale siding replacement, Adding a wooden deck, Minor kitchen remodeling, Replacing windows, Midrange bathroom remodeling, Renovating an attic into a bedroom, Finishing a basement, Adding a second room, Adding a garage and Adding an upscale bathroom
The home renovation ideas may broadly be classified into minor, mid-range and major investments depending on the amount required for the task. A minor facelift would typically cover things such as charging the flooring, tiling work, shower doors, replacing faucets, and fitting new doors and windows. The mid-range changes would include remodeling the bathroom, installing a new counter top with sink and putting a new toilet with a new tub surround.
If however, you are someone who shall be staying in this for the rest of your life and have always dreamt of those high end home improvements, more often than not you are likely to go by your heart and desires rather than your head. You very well know that you are not going to gain any return but you don’t care less. Be it that extra stylish gourmet kitchen, a hot tub, building a pool, an outdoor kitchen or fire space, these ideas certainly make s style statement.
Home improvement ideas that make your home more energy efficient, beautiful and comfortable would make your living even more enjoyable. Fuel efficiency and energy saving measures have always been in the top performing home improvement ideas because of the associated “green” factor. Simple ways to make your home more eco friendly and energy efficiency measures like fitting UPVC windows and wall insulation would go a long way in reducing your energy bill. The other home improvement idea that is a hit with most people includes home security measures. This is one aspect most people consider a necessity and yet provides a good return on investment. There are plenty of options to finance your home renovation. The rates charged by various lenders towards home improvement usually move in line with home loan rates.
