What exactly is the ROI on your home remodel? Find out!
Standard thinking might suggest that the kitchen and bath of your home are the best places to invest prior to selling. There is a report that has become available that may suggest otherwise. A national Cost vs. Value remodeling survey breaks down specific home improvement projects and rates their return on a percentage basis; a helpful resource for those who are looking to add value to their home.
Resources such as this report help allow realtors to advise their clients on best directions to take, and also allows for clients to decide which projects to undertake that are most likely to bring the greatest return on investment.
While adding a sunroom addition may sound appealing, it is likely that an average $72,000 investment will only yield a $33,000 increase in the value of the home, yielding only a 46% percent return. Adding a bathroom may seem like a good idea but an estimated $37,000 in cost will likely only see a $20,000 return.
So what exactly are some good areas of investment? A wood deck addition can get a 77% return. Looking for something relatively inexpensive? A $1,100 steel front door replacement can garner an 85% return. Of course these decisions will need to be made on how necessary they are to improve a particular home.
The Zwahlen team is continuously searching for the best ways to keep our clients informed. We both find this Cost vs. Value remodeling chart a point of interest for our existing, and prospective clients. Keep up with us and the latest trends on our blog and always feel free to comment, and suggest topics that may be of interest to you.