Home Improvement Payoffs & MA Home Insurance
Whether you’re renovating a recently bought home or you want to get your house ready to put on the market, you may not know which home improvements make the most sense, and which home improvements you’ll get the most back from. Perhaps you think that a renovated kitchen is absolutely necessary. In reality, there actually might things you should spend your money on first. According to Remodeling Magazine, your basic home maintenance will have you reaping benefits in the long run before you get your payback for a kitchen or bathroom redesign. For example, siding replacement recoups about 93 percent of its cost. Similarly, replacing roofs and windows return at least 80 percent of cost. Here are the Home Improvement Pay Offs you should consider first:
- Kitchens and Baths – This typically returns 100 percent of the cost, even if it is a minor remodel, since these are the most expensive areas of the home. You should keep “traditional” in mind, however, including all-wood cabinets, commercial-look appliances, natural wood or stone floors, and stone countertops. However, if you only have one bathroom, spend the money on adding a second one. Also, if you’re not planning on moving in the near future, spend the money on improvements that will make you happy; not necessarily the future home buyers.
- Home Maintenance – Your main priority should be keeping your home structure sound. You should spend your money to fix water in the basement, an old roof, etc. Buyers do not want to deal with spending money to fix things that should already be prepared for a new family. Remodeling typically comes with the sale (at the cost of the new buyer, not you). If you want to sell your home, focus on home maintenance first.
- Curb Appeal – Keep in mind that if people are not impressed with the outside, most won’t even bother to view the inside. Make sure your curb appeal is strong. If you spend thousands inside, but the outside of your home isn’t very appealing, it will be harder to sell. This also explains why siding replacement has a high return.
- More Space – Adding rooms can return a good investment. For example, a study for the National Association of Realtors shows that for every 1,000 square feet added to a home, the sale price increases by more than 30 percent. Bathroom additions get the highest return, followed by attic bedrooms, family rooms and sunrooms. However, keep in mind that you do not want to be the leading value in your neighborhood.
- Bells and Whistles – Many homes are requesting home theatres. Keep in mind this is not something you can take with you when you move, although you will most likely recoup the majority of your costs when you go to sell your home. Of course, this also depends on the market that you are selling into.
If you’re moving, if you’ve just moved, and even if you’ve been in your home for years, talk to your Massachusetts insurance agent about saving money on your MA Home Insurance. If you haven’t changed your MA insurance in years, you could have some necessary changes to your coverage. You always want to shop around for the best deal possible! Agents at Encharter Insurance can do this for you! Address your Massachusetts Home Insurance policy before you address home improvement options!
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