As a homeowner, it’s easy to feel overwhelmed by all of the many renovations and upgrades you think you should be doing. However, the truth is that some projects are more important than others. Specifically, you should be thinking about the return on investment (ROI) and immediate impact. With that being said, let’s check out a few upgrades every homeowner should consider in 2016.
1. Freshen Up With New Paint
If your home begins to feel a little outdated and boring, one of the best upgrades you can invest in is fresh paint. A new coat of paint – whether simply refreshing the existing color or going with a new palette entirely – will immediately breathe life into your home.
If you want to repaint your entire home interior, the average cost to hire a professional is somewhere between $3,600 and $6,000. An exterior paint job could run $5,000-plus. The good news is, is that painting is something that you can do on your own – it just takes time. So consider taking a “one room at a time” approach, and slowly knock out a new room each week.
2. Upgrade the HVAC System
If your HVAC system isn’t in tip-top shape, you’ve certainly noticed this summer. A few things are more frustrating than a faulty heating and air system, and it’s important that you upgrade outdated systems sooner rather than later.
The good news is that the U.S. Government has extended the 25C tax credit for high-efficiency heating and cooling equipment through the end of this year. According to Lennox, the tax credit covers up to 10 percent of the cost (up to $500), or a specific amount from $50 to $300. There are also some solar tax credits available if you’re interested in going that route.
3. Insulate the Attic
If you’re looking to get the most bang for your buck, there’s one project you absolutely must take on: fiberglass attic insulation. According to the 2016 Cost vs. Value Report, the average attic insulation job costs $1,268 and increases a home’s resale value by $1,482. That means you’re actually recouping 116.9 percent of the initial investment on the backend. In fact, attic insulation is ranked as the single best project in this year’s report.
4. Remodel the Basement
Basements – they can be a home’s greatest asset or biggest detractor. If you have a musty, damp basement – or one that’s totally outdated and underutilized – it may finally be time to invest in the remodel you’ve always wanted.
The Cost vs. Value Report says a total basement remodel costs an average of $68,490 and adds right around $48,194 in value. That’s a healthy 70.4 percent ROI – not to mention the extra enjoyment you get out of having a useable basement.
5. Add an Outdoor Living Space
With the cooler temperatures of fall right around the corner, it’s a good time to start thinking about outdoor living. Adding a deck, screened porch, patio, or other outdoor living features can be a great way to increase the useable area of your property. A wood deck addition brings a 75 percent ROI, while a composite deck addition has a 64.4 percent ROI.
When considering an outdoor living space, think about seasonal weather patterns and how many months of the year you’ll be able to use it. For cold regions, a built-in fireplace is a nice feature that makes a patio useable well into the winter.
Get to Work!
There’s no need to feel overwhelmed. Tackle your projects one at a time and seek out help from the appropriate professionals when you need it. Not only will these upgrades make your home look great, but they will also allow you to increase the value of your property.
It’s time to get started!
Featured photo credit: Kaboom Pics via kaboompics.com