That's what everybody wants to know. If you redo your kitchen, or add a deck, will it pay off when you sell the house some day? Will the investment get you more attention and money?
I've though like this lately as I went through the process of renovating my blog with a new look and feel. In fact, it was a lot like renovating a kitchen. First I had to decide what I wanted it to look like when it was finished. Then there was the time when I was still "living" in my old blog format and keeping that up while working to construct a new look. Finally, the day came when the new version was complete and the old blog look faded into memory. As for that first question - will there be more attention? - that is still being answered.
It's hard to know if a blog redo will pay off, but it's not hard to get an idea about whether making big changes in your home will pay off. Each year, RemodelingOnline publishes a Cost vs. Value Report. They review the cost of 25 different remodeling projects and then combine that with data collected from more than two thousand REALTORS® on resale values. The results are in chart form - one for the country as a whole, and one for each of nine regions of the United States.
Of course, when you decide whether to renovate, money is not the only issue. Maybe you need more space, and the decision is between adding on and moving. Or perhaps you are simply tired of that black and white bathroom tile. Whatever the reason, eventually cost is an issue. That's when it helps to have an idea of whether you'll make most of your investment back when you sell.
Nationwide, the projects that return the most at sale are kitchen remodeling - either minor or major - and bathroom remodeling. When you look at the chart by region, though, you see differences. In the Mountain Region, basement remodeling returned about 86% of the investment, about the same as a bathroom remodel or minor kitchen remodel. But if you're deciding between building an addition, and moving, it could help to know that the best return was for a two-story addition, recovering more than 88% of the cost.
Of course, you need to use your own good sense before starting any home improvement project. Ask for recommendations from friends and family for reputable and quality contractors they have used. Be sure to get everything in writing, including verification of insurance, and read the contract carefully including all that tiny print on the back.
Whatever your renovation plans, remember that the return on investment is not only measured in dollars. Factor in the convenience, comfort, and enjoyment you and your family will have for as long as you live in your home.
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