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Thanks to the sluggish housing market, you may find yourself hanging on to your home longer than you'd planned. If you've got some cash saved up, though, this could be the perfect time to spruce things up with a remodel.
But remember, not all remodels are made equal. Some renovations add value to your home and will return most of your investment when you sell it. Others add no value. Take a look at some of the best home improvements for return on investment.
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Family room or bedroom addition, average price: $50,000
Added living space has always been a good idea, but it's becoming increasingly valuable. It's a pricey project, but you'll recoup about 83% of the cost. Make sure your heating and cooling system can handle the added square footage, however. A low-cost option: Transform your basement from dungeon to bright, new living space by sealing the walls and painting them with waterproof paint.
Kitchen remodel, price range: $15,000–45,000
A kitchen renovation can really break the bank, but if it's done right, you'll get back about 72% of the cost. Cabinetry accounts for about half the cost of a kitchen renovation, so consider less expensive stock cabinets versus custom made. Add or update tile backsplashes or add a breakfast bar for low cost and high impact.
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Bathroom remodel, price range: $7,000–20,000
Just like the kitchen, a bathroom remodel can quickly get out of hand. Mid-range upgrades tend to hold their value better than high-end upgrades, returning about 70% of their cost. Maybe splurge on a whirlpool tub and choose reasonably priced materials for the rest of the room.
Before You Run Out To Pick Tiles...
Keep these points in mind as you plan your budget, and remodel to get the most bang for your buck:
- Don't overdo it. If you put granite countertops in a laminate neighborhood, your return on that investment could be pretty sad. Don't renovate your home to the point that its features no longer fit in with homes in your area.
- Plan for a budget buster. Once you get a contractor's estimate for your project, plan for a budget overrun of about 12%. You never know what you'll find behind that drywall. Prepare for these snags up front so they don't ruin your renovation.
If you're ready to sell your home, contact one of Dave's real estate Endorsed Local Providers. Dave's ELPs are experts in your area and will help sell your home for top dollar. Get in touch with an ELP today!