Everyone wants to get the most bang for their buck when they do some remodeling to add value to their home. Here are some suggestions to increase your home's resale value.
Home Remodeling Projects with the Highest Return on Investment:
1. The Kitchen – Whether it’s a major overhaul or a simple makeover, putting a fresh face on your kitchen is your best investment. Maximize your return by limiting your project cost to no more than 20 percent of the value of your home. Expect an 85 percent return on your investment.
2. The Bathroom – An outdated bathroom can spoil a sale. Current trends have homeowners installing large showers instead of garden tubs. A major update could cost less than $20,000, but it should yield an 80 percent return.
3. Decks – A new deck can cost a few thousand to tens of thousands of dollars, depending on size and materials used. Before you build, look at other homes in your area and build accordingly. If the deck is in good shape, your return could be more than 80 percent.
4. Siding – If your home’s façade is siding and it’s not in good shape, replacing or repairing the siding can bring instant freshness. You’ll likely spend at least $10,000, but you should get at least 80 percent back.
5. Window replacement – The energy efficiency of new windows is a clear benefit to switching out older windows, but in some cases, it’s a safety feature, too. Costs depend on the number of windows you’re replacing, of course, and the type. Expect a return on your investment of at least 70 percent.
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