Home renovations can be tricky. You want to improve your space (and the way you live in it). But you don't want to end up in the red when it comes time to sell. Before you splurge on that chef's kitchen or a steam shower in your bath, make sure your projects enhance your home in the eyes of future buyers as well. Over spending on some projects can be devastating when you get that new job offer, and need to quickly place your home on the market before relocating.
Here are few improvements that Remodeling magazine says will return the most on your renovation dollars. (The examples below reflect 2014 numbers.)
Under $5,000: Functional, secure and energy-efficient entries are chief priorities in this price range. Your best bet is replacing your front door with a sturdy steel unit. Finish it with an antique brass lock-set, and you can expect to recoup 96.6 percent of your investment. A garage door replacement offers an equally respectable 82.9 percent return.
Between $5,000 and $25,000: A wooden deck is tops for a mid-range budget, recouping 87.4 percent of the $10,000 you can expect to spend. A minor kitchen remodel also fares well: Budgeting $18,000 for fresh paint, a new oven, new floors, fixtures, counter-tops and new doors on existing cabinetry typically results in recouping 82.7 percent at resale.
From $25,000 and $100,000: An attic bedroom is a romantic notion, and it offers the best return at this price range. Converting the space into a bedroom and bathroom (with shower) will get you back 84.3 percent of your spend. Likewise, a newly finished basement returns 77.6 percent. Have other plans in mind? Read Remodeling's summary on cost vs. value trends, and jump into your home improvement projects more informed.
If you’re looking to purchase your next home in the San Antonio and surrounding areas you can search for homes in San Antonio on my website, and call Jerry at 210-789-4216 for a personal showing. Knowing who to call for those remodeling or rehab loans with help in your decision to buy that home that needs some tender loving care. See San Antonio’s Cost vs Value Projects for 2014 to help in your remodeling decisions on that next home.
Information provided by Jean Marie Warren with Prime Lending in San Antonio, TX.