Best and Worst Renovation Projects for Recouping Your Investment
We live in an age where everyone wants the best of everything like granite countertops, open concept living areas, beautiful bathrooms, and luxurious master suites. However, since most of us cannot afford to buy these things in the beginning, we are left doing renovation projects to our homes in an effort to make them look like what we see on HGTV. While not all of us do renovations with the resale in mind, none of us like to spend money on renovations that we won’t recoup later. So here is some of the best and worst renovations projects in terms of regaining your investment.
The best renovations where you recoup at least 80% of your money spent include:
Replacing the front door/garage door
Replacing the siding of your house
Doing a minor kitchen remodel
Doing a minor bathroom remodel
Refinishing the hardwood floors
Replacing the roof
Adding a wooden deck
The worst renovations where you recoup less than 60% of your money spent include:
Adding a bathroom
Remodeling the home office
Adding a master suite
Adding a garage
Adding a sunroom
So sadly, while having a brand new, blinged out kitchen and bathroom are everyone’s dream, don’t expect to regain majority of the money that you invest into the remodel. In terms of resale value, you are better off taking care of the basic home maintenance items like improving the exterior of the house by replacing the siding and doors. All of these things will improve the curb appeal of the house and prevent issues at the time of the home inspection. Also, when doing renovations, try to stay neutral with your design choices and do not go overboard on the design details.
To learn more about the best and worst renovations in terms of regaining your investment, read this Forbes article. Check back next Wednesday for Discover Arlington’s Real Estate Tip of the Week!
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