Home Updates that Give You Exponential ROI
If your home is >10 years old, consider replacing the electrical switches and outlets, as well as the smoke and carbon monoxide alarms in your property. The reason is three fold: safety, visual appeal, and enhanced ROI on the resale value of your home. Most single family homes can be updated for <$1,000. Experience has taught us this simple and easy-to-do update can yield a 6X-8X ROI for your home.
Safety: Smoke and carbon monoxide alarms should be replaced every 10 years, however most homeowners forget to do this. Note that just because they still chirp, doesn’t mean they can still detect deadly fumes!). Rather than purchasing separate smoke and carbon monoxide alarms, buy a combo alarm and save money.
Visual Appeal: Electrical switches/outlets and smoke/carbon monoxide alarms that are >10 years old are usually an ugly brown color from years of use, sunlight, and cobwebs. These are unsightly to guests and prospective buyers of your home and suggest a lack of home maintenance and safety.
Enhanced ROI: The actual and perceived enhancement of safety and visual appeal makes guests and buyers feel you have taken good care of your property. Complimented with other upgrades, your home’s perceived value will increase exponentially!
The table to the right shows the cost of replacing electrical switches/outlets** and smoke/carbon monoxide alarms in a typical 4 bed, 4 bath home based upon research (and personal experience) with Home Depot and Amazon.
The table to the right shows the cost of replacing electrical switches/outlets** and smoke/carbon monoxide alarms in a typical 4 bed, 4 bath home based upon research (and personal experience) with Home Depot and Amazon.
To estimate how much you’ll spend. Count the number of switches, outlets, phone/cable covers, and smoke/carbon monoxide alarms. Multiply each figure by the respective cost (see chart) and sum them up. A more detailed cost list is also provided*
Notes:
*This list is not meant to be all-inclusive. **Consult a licensed contractor with questions anytime you take on a DIY project. When working with electricity, ensure the breaker supplying electricity is turned off. Always consult a licensed electrician for advice and expertise as needed. For future sellers… Colorado State Law requires that carbon monoxide alarms be located within 15 feet of every bedroom in the home. Before listing your home, ensure your current alarm setup is adequate.