I get asked all the time by clients "How much value will this add?" with regards to a home improvement or remodel. Generally speaking, I let them know that the only improvements that they will truly get all of their money back for when selling are new paint and new carpet. These are relatively inexpensive items with a large impact - they immediately make a house seem fresh, bright, and new!
Homeowners may have a long wish list of home renovations and projects, and sometimes it seems as if the work is never done. While return on investment (ROI) may not be the biggest consideration in a homeowner’s mind when deciding which projects make it to the top of the list, knowing which projects see the highest returns may be helpful in the decision-making process. If you have been thinking of making some changes to your home, you want to consider the following data when deciding where to put your money.
Happiness in the home can be a part of the ROI, but other cost vs. value factors vary by region and even by room. ROI, as defined in Remodeling’s 2015 Cost vs. Value report, can be broken down as the percentage of the estimated average cost of a renovation project that is projected to be recouped in resale value, as aggregated from real estate and appraisal estimates.
Posts
No comments:
Post a Comment