The Best Home Improvements For Return On Investment

I bought my first house for just myself for around the price of a new pickup truck. After going through a divorce and the financial mess that ensued, I was finally ready to jump back into being a homeowner. Unfortunately, I had neither the credit score nor the down payment for the ideal property. To end up with exactly what I wanted within my budget, I had to find the cheapest house in the best location I could afford. I settled on a 900 square foot brick bungalow outside of the city limits, but still within commuting distance and with access to the light rail for weekend trips to downtown shopping and clubs. I had the home inspected before closing, which – due to some foundation issues – enabled me to negotiate the final price down to $42,300 … and the seller paid all closing costs. Because of my thrifty negotiations, I had a budget of nearly twice the purchase price of the home for renovations. $80,000 sounds like a lot for renovations until you start adding up the costs; foundation repair, roof repair, replacement windows, bathroom remodels, kitchen upgrade, landscaping, etc. I felt the way to get the most bang for my buck was to choose the items which had to be done for safety and then to finish the basement as added living space.

Delegating the Tasks

I’m a go-getter and not intimidated by many home improvement projects, but reinforcing a foundation is something best left to professionals. After a lot of comparison shopping, I contracted the foundation repair out for $22,000. The bid included a 20-year warranty which guaranteed the basement would never leak again. To the pseudo-professionals (my brother and his buddies), I left the roof repair. I paid for the materials, paid them each $100, provided a couple cases of ice-cold beer and ordered pizza for dinner. Once the home was safe and stable, I focused on the subterranean interior. An architect friend of mine helped me draw out the current dimensions, utility lines and windows, and then presented me with several choices. I could leave the basement mostly open and turn it into a “man cave” or I could add a family room, bedroom and bathroom to maximize my return-on-investment. I chose the second option and decided to make the lower level a guest or master suite.

The average cost for Personal Loans in Jamaica to finish a basement in my area, per square foot, is somewhere between $30 and $50, depending upon finishes and options. My basement was 700 square feet, so I was looking at a cost of between $21,000 and $35,000 for the basement of my dreams. Of course, that cost is if the job is contracted out. I was determined to get the job done the way I wanted (closer to $50/square foot for finishes) at less than the basic remodel by a contractor cost. I chose subcontractors for plumbing, egress window installation and electric, but decided I would do all of the framing and finishing work myself. By framing the walls, installing drywall, painting, tiling and various other projects, I was able to complete my whole basement, complete with sitting room, bedroom and ¾ bath for just under $20,000. That includes the cost of quality Pella windows and hardware from Reflect Window & Door– one company selling Pella window hardware online.

Hard Work Pays Off

I had now spent more on repairs and remodeling that I spent on the home in the first place, but in for a penny, out for a pound; I decided to get the kitchen upgraded with granite counter tops, new cabinet doors and hardware, and new appliances including a gas range with separate in-wall electric oven. After that ordeal, I had just enough of my home fund left to remodel the master bath and the guest bath, replace the windows throughout, and add some sod and greenery to the front yard. Once I was done with my year of projects, I asked my real estate agent to come appraise the house. I had originally paid around $47 per square foot for the house, then another $78,000 to upgrade and expand the living space by 700 square feet, adding another bedroom and a bathroom. All in, I had just over $125,000 invested in my home.

The real estate agent’s assessment was the moment of truth – was there any way I’d ever get out of the house what I’d put into it? After taking a tour and measurements and researching comparable homes, my agent estimated the value of my home at $185,000! She said the most important project, other than safety concerns, was the basement remodel and complimented me on remembering to include egress windows and add a closet to the bedroom, which qualified the basement as actual living space and added considerable value. I was thrilled. I made $60,000 in that year by improving my home.

The guarantee is the resource for which the advance is taken out, so the insurance for a home loan is the home, while the vehicle makes sure about a vehicle credit. Borrowers might be needed to set up different types of insurance for different kinds of made sure about credits whenever required. Visas and mark advances are unstable credits. This implies they are not upheld by any guarantee.

About Emma

Emma Logan is the content coordinator of Beverly Lahaye Institute. She’s been freelancing for many years and now focuses on WordPress development and blog design