Is Renovation Right For You?
June 5, 2007 by Smooth Moves Lady
Filed under Homeownership
Whether you’re a new homeowner or a long-time resident, making major home repairs or improvements can significantly add to your personal enjoyment, and increase your home’s resale value. However, knowing which investments will increase your enjoyment and which will give you the biggest return on investment value can be tricky.
If you’ve already decided that you want to put in that swimming pool for your enjoyment, you should go ahead and do it! However, if you’re planning on selling your home soon, it might be wise to think of how much of that investment you’ll get back. Here are a few facts from recent studies showing how much of an investment sellers get back for their renovations.
The Best Choices:
The Highest Resale Payback:
- A new air conditioning or heating system is worth up to 100% of its cost in most areas of the country.
- Remodeling your kitchen or bathroom offers a more than 90% return on investment in resale value.
- Adding a deck can add up to an 86% bump in resale value.
Replacing the windows in your home can produce 60- 70% payback.
The Lowest Resale Payback:
- Remodeling the basement or upgrading landscaping, generally only offering a 30- 60% return.
- Experts say that putting in a swimming pool usually provides only up to a 40% return on investment.
Whether you do the work yourself or hire a contractor, making renovations to your home can be a source of pride and pleasure. But remember, renovations should be fit for your lifestyle and pleasure if you plan to continuing living in the home!
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