If you're ready to renovate, why not incorporate some of the best home remodeling investments into your plan? You may already be planning them without realizing that they're improvements that won't just make your home a more beautiful and pleasant place to be, but will increase its market value.
Some of the best home remodeling investments are the kitchen, the bathroom and the exterior of your home. Other projects like a home office or den should be done with an eye toward your comfort and taste more than the return you might get on your investment, because homeowners may not even recoup the total cost of the remodeling, let alone more, when selling after renovations.
You might think that doing a complete kitchen remodel and adding the most expensive appliances and materials would be the best investment, but chances are that you won't even get 100% of that returned when you go to sell the home. The best kitchen upgrade as far as an investment is a pretty minor one. With a minor remodel, you can usually get over 100% of your cost back during a sale.
A midrange bathroom remodel, rather than an upscale one, is even more likely than a kitchen remodeling project to give you a return on your investment. But the best home remodeling project if you're looking to get even more when you sell is a siding replacement. You might get your investment back if you replace siding with new, but to get a big return choose a high-end replacement that costs more than the siding currently on the home. In almost all parts of the country, a high-end siding remodel is one of the best home remodeling investments you can make.
On the other hand, a room addition is unlikely to give you a return. The high cost of an addition contributes to this, so if you're looking to sell you're much better off spending your room addition budget on the exterior of your home or on bathroom remodeling. Also, if you have a budget for new roofing, spend it elsewhere. It's unlikely you'll recoup all of your roofing investment, especially in the Midwest where you're likely to only make back about 70% of what you spent.
Unless you live in the Western United States, a basement remodel or addition of an attic bedroom are unlikely to help you financially. In the West, these things can bring a return of 105% to 108% on the investment, on average. Throughout the rest of the country, however, you're unlikely to even hit 100%. Window replacement is another remodeling job you can skip, because it's rare to get even 100% of that back in a sale. In the West, however, you could go 2% over your investment.
Of course, these are averages. No matter where you're located, you could earn less or more than investment, depending on your local market and housing fluctuations. Even the best home remodeling investments don't guarantee you'll make a return. But by investing in those types of projects, you will at least make your home more desirable to buyers.
Photo Credits: High Peaks Resort
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Remodeling a current home instead of buying a new one is a popular decision among homeowners in today’s economy and housing market. It’s also a wise choice, for when the time comes to sell, the return on investment for many remodeling projects is significant, especially in the kitchen.
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