Home Remodeling – What is the Return on Investment
A survey conducted by Remodeling Magazine across 80 cities with over 3,000 responses from appraisers, sales agents and brokers in the summer of 2010 gives a realistic view of what you can expect to recoup from remodeling, upgrades in your home. Please keep in mind these are national averages and return on investment will vary across the Country.
Here are the top five projects.
1. The Front door. That makes sense as this is what buyers see when they approach the home and are staring at it while waiting to enter the house. The key here is to make sure the new door compliments your home. Don’t buy the most expensive door only to find that it looks out of place for the style of the home. Return on investment 102.1%.
2. Garage door – again curb appeal. Some people use garages as workshops so installing one with windows is a nice touch to bring in light. Return on investment 83.9%
3. Siding if relevant. Again the exterior of the home is what everyone sees. According to the article the siding should be cement rather than press board or some other materials and prepainted siding which will eliminate the need to repaint every few years. Return on investment 80%.
4. Kitchen remodel. A complete kitchen upgrade or remodel is great if you plan to stay in the home for a while and enjoy it because this can get expensive.
If you want to update the kitchen to sell the home, you might consider laminate counters as they look like granite. You can resurface the cabinets or replace cabinet doors. Nice up to date kitchens do help to sell a home faster, as that is the main focal room in a house. Return on investment 72.8%.
5. Adding a wood deck will return 72.8%. This is a project that may require permits from your city. If done correctly and in line with the house design is very inviting. The deck is an extra place to hang out, entertain or just get some fresh air!
Other remodel projects and their return on investment:
- Bathroom 64.1%
- Basement 70.0%
- Major Kitchen 68.7%
- Minor Kitchen 72.8%
- Home Office 45.8%
Most people who take on a remodel project or addition to their home do it for their own enjoyment. If you decide to sell your home, a remodeled updated home will sell faster, and generally for list price – if priced according to current market value.
Filed under: Home Improvements
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