Are you thinking of remodeling your home? Consider the return on your investment before remodeling. Not all remodeling projects yield the same return when it comes to increasing your home’s value.
Updating your kitchen and baths is your best remodeling investment, returning a nearly dollar-for-dollar increase in home resale value. An updated kitchen and bathrooms make your home that much more attractive to potential buyers when you do decide to sell.
By contrast, converting a basement into a family room or adding outdoor recreation facilities, such as a swimming pool or sport court, yield the lowest return on your investment.
Sometimes the cumulative effect of several smaller projects can yield a higher resale value than one or two larger ones. Smaller projects tend to be more cosmetic--new paint, doors, or windows. Larger projects that upgrade or add living space may cost more, but almost always add less resale value for the dollars spent.
Whatever you do, be careful of over-improving for your neighborhood. Remodeling that significantly improves your property over neighboring homes won't return as much when it comes time to sell.
If you have any questions or you'd like additional information, please don't hesitate to call or email me.