If you're thinking about remodeling your kitchen, or finishing your basement, you probably want to get your investment back when you sell your home. But when it comes to payback value of home improvements, some are definitely more profitable than others. As a general rule, kitchen and bathroom projects usually get a nice return on investment, typically 90% or more.Things like adding rooms or finishing basements tend to pay back the least.Finishing a basement usually returns less than 50%, so it's not a project likely to show profit at selling time.

There are a number of factors that go into determining how well a project will pay back. Payback value depends a lot on the current market conditions in your area. If the market is hot and homes are selling fast, you can expect a higher payback value than you would get in a slow market.   

The type of project you do and how it fits in with other homes in the area can have a big influence on payback too. If you put your money into the wrong type of improvement, you won't get your money back. But if you're smart about what you do, you can make money. The payback will be better on improvements that are in demand and conform to neighborhood standards. Adding a second bathroom in a neighborhood where most homes have two bathrooms will give a high return on investment.  Building a large addition that makes your home twice as big as the other homes on the block probably won't pay back very well. Likewise, the popularity of a project will factor into how much it pays back. An improvement heavily customized to your wants and needs won't pay back as well as something more common to other homes in the neighborhood.

Another factor to consider is the cost of the improvements. If you can do the work yourself, you can save significantly on the cost of the project and greatly improve the chances of getting a good return on the investment.

Well, I hope that answers your questions for this topic...

To find the value of your home with a FREE, over-the-net home eval, please visit: http://www.newyorkmarketvalue.com/

 

3 Comments on Vincent, Which home improvements give the best paybacks?

SEP
03
2007
410,156 Points 5 Featured Posts Outside Blog Called Shot Master

There is a good flyer offered by NAR online which is helpful to give to potential clients, and Brian Buffini has a good one, too!  Of course!

It's a Good Life!

Fran Rokicki
12:08pm • #1
SEP
05
2007
296,556 Points Outside Blog
Thanks Fran... I love working with educated consumers. I'll be sure to check out the flyers you mentioned.
1:31pm • #2
FEB
25
2009
296,556 Points Outside Blog

Thank you for taking the time to read this post and visiting my blog.

As of this comment I have written 460+ blog post - from Stopping or Avoiding Foreclosure to MLS Market Statics For Brooklyn, Queens, and Long Island; to Loan Modifications and Renegotiating The Terms Of Your Home Loan No Matter What Your Situation Is.

I must admit I was a little skeptical when I first joined this community a few years ago. Since then I have helped LOADS of people to Buy, Sell, and Stop Foreclosures.  I've also been lucky enough to climb the charts and am currently #1... not only for my town but for the entire Queens County. I've even made it to #5 for the state of New York! Wow!!!

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I'm sure that You Know Someone that has been affected by the current market conditions and wishes to remain in their home and/or salvage their credit. So for all of YOU I wrote several articles on Loan Modifications. Let's begin by defining Loan Modifications before you jump over to that post.

Loan Modification- A course of action in which the terms of a loan (interest rate, the monthly payment and/or the term) are altered to meet the existing circumstances of the homeowner. This requires the approval of the lender.

In this post we recap the Top 10 Questions for doing your Loan Modification and we answer the following questions:

  • #1 - What exactly is a loan modification?
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  • #6 - Can my missed payments be added back into my new loan modification?
  • #7 - Will the bank stipulate an interior examination of the property condition?
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You can click here or any of the highlighted hyperlinks to go directly to that blog post and find the most common Loan Modification Questions our full time staff has encountered.

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How To Buy A Shortsale or Foreclosure in Queens - Brooklyn - Long Island NY

Home Buyer Affordability Is Thru The Roof!!! - Check out the video

Buying A Fixer Upper? Things You Need To Factor Into The Equation

First Time Buyer Tips to Put You In Control

Buying A Bargain Property?

How to buy an REO (Foreclosure)

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I know how frustrating it could be when searching for the right information online so I'm always happy to assist and answer any of your questions.

P.S. I also want to take the time to Thank ActiveRain and the creators of this superior online national real estate community.

P.P.S. Feel free to comment AND SUBSCRIBE to my blog to be sure to receive the newest most relevant blog post of interest to YOU.
9:32pm • #3


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Woodhaven, NY

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