Sometimes Your Best Financial Tools Are The Ones You Use For Remodeling
Recently my time has been spent scouring through various home improvement projects and trying to 
decide how to best spend the limited available funds to improve the quality and value of our home.
If you have ever ventured into this endeavor, you undoubtedly know how the "I want-itis" can have you spending far more than you ever imagined you would.
I started doing a little research to find out which projects would actually create the most value to my home, and this is what I learned;
REMODELING AVG. JOB AVG. RESALE COST
JOB COSTS VALUE RECOUPED
Minor Kitchen $15,328 $17,209 112.3%
Bathroom $11,025 $12,340 111.9%
Attic Bedroom $41,244 $43,357 105.1%
Replace Windows $10,007 $10,282 102.7%
Major Kitchen $45,242 $45,343 100.2%
Deck Addition $11,873 $11,814 99.5%
Roofing $11,557 $10,769 93.2%
Bathroom Addition $24,560 $22,481 91.5%
Siding Replacement $8,229 $7,510 91.3%
Family Rm Addition $58,081 $52,820 90.9%
Master Bedroom $77,640 $69,425 89.4%
Home Office $13,738 $11,395 82.9%
As you can see, not all projects render the same return on your investment. Some projects may be necessary such as a roof replacement. Even though this project won't necessarily add value to the home, it will help you sell your house faster, and your home won't be positioned as a "fixer" which inevitably welcomes low ball offers.
On the other hand choosing to do a minor kitchen remodel rather than a major one, can actually yield a higher return on your overall investment.
So before you go knocking down walls or digging up your backyard, make sure you decide which remodeling project will best fit your lifestyle needs, along with your financial goals.
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