Remodeling Your Home to Increase Value
In these troubling times when the housing market is stagnant and home prices are down considerably from peak years, it can sometimes pay for homeowners to invest money in their homes with remodeling projects. Remodels can not only help your home to sell, in some cases you can actually make more in the selling price than you spent on the remodel in the first place.
Replacing siding on a home with efficient fiber-cement or foam backed vinyl siding, for example, can bring an owner 80 - 87% ROI (Recovery of Investment) when the home sells. Buyers these days are less into fancy bells and whistles in homes and more into improvements that could help lower monthly utility bills. Replacing windows with more efficient vinyl or wood windows can also help lower heating and cooling costs, and owners can see as much as 75 - 80% ROI.
Remodeling a bathroom or kitchen is certainly a more expensive project to undertake. A remodeled bathroom could cost as much as $50,000 with all the work required. However, a homeowner spending that much on a bathroom remodel can expect to recoup about 70% of that cost, or more than $36,000.
Undertaking a complete kitchen remodel can be a very effective means of attracting interest from buyers. Kitchens are generally the most used home in the home and one of the first things a prospective buyer will look at. Major kitchen renovation usually takes longer than other remodeling options, and can cost in excess of $100,000, but can also be quite profitable. Owners can generally expect an ROI of more than 70 percent when they remodel their home's kitchen.
Adding a deck, composite rather than wood, is yet another way to increase a home's value. With many families forced to reduce entertainment spending, more and more families are looking for homes with entertainment features like decks. The average cost of a composite deck addition is just under $38,000, of which the owner generally recoups $25,000, or an ROI of about 64 percent.
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