Three High-Payback Remodelling Projects
Every renovation project should pay back well in terms of adding to the quality of life in your home. After all, a newly remodelled kitchen can bring untold joy – especially if you love to cook!
However, as a homeowner, you’re also hoping that you’ll get some of those remodelling dollars back when you eventually sell.
Which projects are most likely to give you the highest monetary return?
Recently, Remodeling Magazine did its annual survey on this very topic. Their focus was on the U.S. real estate market, but the results likely approximate what you would expect to see here in Canada. Are you thinking of sprucing-up or remodelling your kitchen? If so, according to the magazine’s survey results, you may be able to recover up to 79% of the costs when you sell your home. That’s not surprising. A great looking kitchen is a top selling feature in most homes.
Another remodelling job with a high Return on Investment (ROI) is the bathroom. The survey says you may get back up to 70% of the dollars you put into new countertops, fixtures and accessories.
Have you turned a room in your home into a functional and awesome-looking home office? That kind of remodelling project may pay back about 49% of the cost upon sale, according to the magazine. That’s an excellent return on your remodelling dollars considering that there are so many other benefits to a home office (including possible tax deductions.)
Of course, these are just guidelines based on a survey. You never know for sure how much a renovation or remodelling project will add to the market value of your home – until you actually sell it.
If you’re looking for a professional assessment as to the value of your home, call us today.