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Top Remodeling Projects Whether You are Staying or Selling
Home equity lines are easy to get from banks and you can finally do all those home improvements you wanted to and you might as well add value as you go. If you are really ambitious, you can get a house design or house remodel plan software and see what the opportunities are with your home.
Certain upgrades will add more value than others. One thing to remember is that you don't want to over-improve when remodeling your home, espeically if you are thinking of selling in the near future. It's best to keep remodel projects in the range of the other fine houses in your neighborhood.
Any remodeling project that you plan for your home should be able to stand a "resale and return on investment " test if you have any intention of selling the house in the next few years. Some projects (i.e. a kitchen remodeling project) have exceptional return while others (installing an in-ground pool) have little or no return on your investment. Below is a list of return on remodeling projects listed in Today's Homeowner:
- Minor Kitchen Remodel: Average Cost $8,395, Return 102%
- Bath Remodel: Cost $8,563, Return 77%
- Deck Addition: Cost $5,927, Return 73%
- Siding Replacement: Cost $5,062, Return 71%
- Home Office Addition: Cost $8,179, Return 69%
- Window Replacement: Cost $5,976, Return 68%
While return on investment varies based upon your particular home and housing market, the 2006 Cost vs. Value report shows that siding, kitchen remodeling projects, and window replacements are more likely to result in a bigger payday when you home is sold, regardless of where you live.
Results show the highest percentage of cost was recouped by upscale siding replacement projects, using fiber-cement - clocking in at 88-percent based on the national average, but midrange siding projects using vinyl followed close behind at 87.2-percent.
Returns varied for window replacement projects between upscale and midrange, even when both categories used wood products. The highest return was in the midrange for wood, coming in third overall and recouping 85.3-percent of cost according to the national averages, but vinyl showed a better return in upscale projects, recouping 84.7-percent, though midrange projects were just a percent behind on average. On average, all window replacement scenarios recouped between 83.7-percent and 85.3-percent of job cost at the time of resale. |
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