In today’s economy, more people are choosing to tackle many home improvement projects themselves. But before you set out to remodel, it’s important for you to understand which home improvement projects will give you the best bang for your buck when it comes to enhancing your home’s value.
In general, the most profitable home renovation projects that will yield financial reward when selling your home include kitchen remodels, bathroom renovations, high-upgrade appliances, master suite renovations, landscaping remodels, window replacement and storage enhancement. In fact, the kitchen and bathroom remodel projects have been shown to typically yield a 75-90% return on investment when selling your home.
The renovation projects or house features that have been shown to either hinder resale or offer poor investment return include pool installation, small garage, poor home layout, old appliances, poor roof, lack of maintenance, inspection problems and unusual custom designs. Finishing off a basement has been shown to only yield an approximate 50% return on initial investment. In addition, adding fireplaces or decks and installing a hot tub or pool have been shown to only yield a 10% return on investment.
Before you spend the time and expense on a lengthy home improvement project, you might first consider whether the project will help or hinder the home’s resale value. You might even speak with a local real estate agency to find out what kinds of projects (in addition to those listed above) offer the best return on your investment. That last thing you want to do is spend tons of money on a project that could potentially leave your house sitting on the market because the renovation doesn’t appeal to the masses.
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