Home remodeling is hotter than ever.
According to researchers at Harvard University, remodeling investment is up 6% over last year, and now makes up a $324 billion market.
According to a survey of remodelers and real estate professionals, there are five remodeling projects that offer the best returns:
1. Your kitchen. Kitchen remodeling can be as simple or as elaborate as you like. However, to maximize your return, keep your investment to under 20% of the value of your home—as is recommended by surveyed real estate professionals. The outcome? A whopping 85% return on your investment.
2. Your bathroom. A thorough bath remodeling project can cost up to $20,000. However, not only will it pay for itself, it should give you an added 80% return.
3. Your deck.Replacing your deck can cost you anywhere from a few thousand dollars to tens of thousands of dollars, depending on the size. The expected benefit will be similar to a bathroom remodeling project—around an 80% return for a fresh, new deck.
4. Your siding. Fading or worn-out siding can turn off potential buyers before they even step foot in your home. Replacing old siding will make it much easier to sell your home, and in addition, it should give you an 80% return on an investment of around $10,000.
5. Your windows. New windows can mean greater energy efficiency, increased thermal and acoustic comfort, and a more modern look. Homebuyers are well aware of this, and they are willing to pay accordingly. That’s why a typical window replacement should yield at least a 70% return on your investment.
Clearly, some of them will make more sense for your home than others. If you’re considering selling your home, then just one of these projects could add tens of thousands of dollars to the price you’ll be able to get.
If you have any questions or want additional advice about which remodeling projects make sense for you, give me a call or send me an email. We can discuss all the details and I can give you an accurate estimate of what these projects could be worth. I look forward to hearing from you!