Are you still living in the same home that you purchased 15 years ago? If so, have you visited any homes that have been built in the past five years? I know you would enjoy a private retreat instead of a place where you can only lay your head. This would be a place to go relax, read, or soak in a hot bubble bath away from all the chaos. I’m talking about a master suite. Builders know that an immaculate master suite is on the top of buyers’ lists.
So maybe you have seen what all the hype is about. You want your home to look like the new neighborhood down the street. The only question that lingers in your mind is, “Will I get a return on my investment if I sell the house someday?” It’s a great question to ask before a blast-off into any remodeling, especially if the renovating is being done to make a few extra bucks on the sale.
The number one thing that I suggest is, do your research! There are some great materials available to you and believe it or not, Remodeling magazine publishes a study every year that is titled “Cost vs. Value.” The study looks at home improvements throughout the country. They then compile and analyze the data from agents and reveal the national and regional returns on investment for the range of home improvements.
Now, past results have shown that you will not recover your investment if you plan on selling your home within a year. However, there are exceptions depending on the quality of the remodeling, region, and the market itself.
You’re probably wondering what the best home improvements are. Which improvements will get the highest return on your investment (ROI)? For beginners, minor kitchen and master bath remodeling is always a standout. Some easy revamps are: granite countertops, new appliances, paint/replace cabinets, and recovering your floors. These examples are improvements that have a good chance of recouping the majority if not all of your money back. Of course adding a home office, a new bathroom, or replacing windows are going to be riskier, which may be a high return, but a big factor in your return on investment depends on where you live.
If you intend to live in your home for a number of years, remodeling might not be in your best interest for a short term return-on-investment. However, the longer you stay in your home, the longer you can enjoy your improvements that you’ve made. That my friends, you cannot put a price on!