Smart Remodeling Investments still pay. I was on the phone with a customer of mine yesterday who purchased a home last year. It had an unfinished lower level and needed some TLC. He had an expanding family and needed to maximize living space. He finished the lower level, invested in a new HVAC system for the lower level, and modestly updated a kitchen and bathroom. According to a recent market analysis, he appears to have increased the value of his home close to the dollars he spent on improvements.
Investors know that remodeling pays but you have to be smart about where you spend your dollars. According to this year’s Cost vs Value Report by Remodeling magazine, the best return on your investment often comes from the most logical and utilitarian choices. Adding more livable space, inside or out, appears to add the most bang for your buck. Putting on a deck, finishing an attic space into a bedroom, finishing a basement, a md range kitchen remodel, residing and putting in new windows as well as something as simple as putting in a new front door, topped the list for return on investment. Every Realtor will tell you that next to location, curb appeal and home condition are the most critical factors in getting the most for your house when the time comes to sell.
You can find the report at:
Thank you to Ron Draluck/Certified Mortgage Planner - Fidelity Mortgage for allowing me to reprint his article on my blog.
Thanks for the link Janice. I like to save these references and mine had become out of date.
Aloha & best wishes.
Glad I could help. And, thanks for reading my post.
Janice