Sometimes your best financial investments are the ones you make to your home. You may have loved your home when you first bought it, but not the wall paper and the wood paneling is just a little out of date. Maybe you bought the home a little on the low side of the market with the intentions of gaining a little sweat equity and although you intended to begin the remodel, it just got pushed off a bit. Either way, there are some things that will bring a better return on the investment made in your home.
I believe that my home is my castle and when I am in my castle I love to be comfortable! I also like to keep my investment in my home protected. So, what are the best returns you can get for the money? You can find a plethora of sources and opinions, but I have collected some information to consider.
Remodeling Job % of Cost Recouped*
Attic Bedroom 75 – 155%
Master Suite 70 – 130%
Family Room Addition 75 – 135%
Minor Kitchen Remodel 100 – 110%
Major Kitchen Remodel 95 – 108%
Bathroom Addition 85 – 90%
Two-Story Addition 80 – 85%
Bathroom Remodel 60 – 80%
Basement Finishing 55 – 65%
*These ranges are approximations based upon quality of work the acceptability of designs
Consideration to the reason for the improvement is important to what should be done. If you are staying in your home you may chose project that will allow maximum enjoyment for your home. If you are planning on selling and would like to maximize your homes appeal and sales price then the project may differ. For instance, minor kitchen remodels are one of the best return projects that can be done to increase the value of your home. Re-facing the cabinets will give the up-to-date look without the total cost or time to replace the cabinets.
Whatever your thoughts are about the project, make sure that the quality is the best available for the budget and do not be afraid to test your skills on things that can be easily fixed. Sometimes you need to have the professionals do the work. Either way, when the project is finished you will be proud of the improvement and your remodeled home!