Whether you’re remodeling to stay or to sell, it’s good to know where best to put your money. After all, our homes are, most likely, the largest investment we hold. They also provide the benefit of immediate gratification – from personal style and comfort, to the tax benefits.
The two projects that consistently top the remodeling list are bathrooms and kitchens. On an average, remodeling these rooms can cost $15,000 – $60,000, respectively. But the cost is well worth the effort. A homeowner can expect to recoup nearly 65% of this cost if he or she sells within the next few years.
After bathroom and kitchen remodeling, think energy efficiency: exterior siding and windows. In Ohio, these projects actually take the lead for providing the highest return on one’s investment. The advantage is also found in the curb appeal they add to the home.
Remember, though, not every improvement is perceived by prospective future buyers as a benefit. For instance, reducing the number of bedrooms—say, from four to three to expand the master bedroom—may be a long-awaited personal desire. However, it could be perceived as detrimental by prospective future buyers, especially if the other neighborhood homes are predominantly four-bedroom dwellings.
Many factors can affect the return on your remodeling investment, such as overall condition of the home, location and quality of finishes. It’s always advisable to speak your real estate agent or an appraiser before making any major improvements. In addition to giving you better insight into your home’s value, a Realtor or appraiser can provide a list of local and reputable remodeling companies.
For a complete Cost vs. Value report, email or call me direct.