Every time you take on a project to improve your home, there is a degree to which that investment is worth the cost. That degree is represented by a percentage; a numerical representation of the degree to which that improvement or renovation is likely to be worth the amount of money you’ve spent. There are many factors to consider when thinking about a resale and choosing wisely, from contractors to projects, is essential. Some of the most lucrative projects are surprisingly intuitive, it seems; basic systems which buyers want to be able to take for granted when they purchase a home. However, several of the flashier projects that one can take on as a homeowner can also be effective at getting your money’s worth.
Frequently the basics are the best. Home improvement projects that deal with basic maintenance like siding, replacing roofs and windows and the like can be very financially beneficial. Remodeling Magazine indicates that the recouping percentages on projects like these tend to be relatively high. These projects can lower maintenance costs for potential buyers; costs that could chew through buyers’ budgets and be extremely draining for them in the long run. The fact is that, though some of these may seem obvious, the ‘wow’ factor of other types of projects; the flashier and more obvious ones; can cause homeowners to overlook these essential basics. That’s not to suggest that other projects in high value areas which make a strong impression are less valuable, it’s just important to also prioritize the basics
Kitchens and Bathrooms
Kitchens and bathrooms are some of the places that potential buyers look at first and want to know the most about when looking at a home. They are also very lucrative investments when remodeling a home. Both minor and major kitchen remodels, especially in prosperous real estate markets can, under the right circumstances, recoup 100 percent or more of the initial investment if the market in which its done is higher end.
Adding more space is frequently a good decision when engaging in a renovation project. One of the more profitable projects is adding an attic bedroom to your home. Additional bathrooms and other additions like sunrooms do not appear to be as profitable for the sellers.
Keep in mind that all of this is dependent on a variety of factors. The location of your home is hugely influential on the value of the aforementioned projects. Though these may indicate some of the most universally lucrative remodeling ideas, they are still based significantly on the housing market in your area. Also your house factors in. The overall value of your home, its condition and the surrounding neighborhood all come into play when considering which projects will be of the greatest service to you. Also, know that much of this is dependent on time period. These values are far from static, they fluctuate with the overall housing market and the values of these renovations has been relatively steadily decreasing in recent years.
As mentioned before, all of this is context dependent. It may be worth your while to hire a professional to assist you in the process of evaluating the best options and/or sell your home for you. Do your research and make the best decision possible for yourself and your family but keep in mind that much of this may vary greatly based on your specific situation.