How much difference will my home renovation project make to the value of my property?
Are you thinking of renovating your home to help add value? Home renovations can certainly change the appeal of your property to potential buyers. But before you grab a hammer and start making changes, take a look at the list below which shows the average cost recouped (nationally) when compared to the added home value of each project:
Minor kitchen remodel (88%)
Bathroom remodel (85%)
Major kitchen remodel (81%)
Family room addition (80%)
Deck addition (77%)
Master suite (75%)
Attic bedroom (74%)
Siding replacement (73%)
Window replacement (69%)
Home office (55%)
Certain project have a more positive impact on the market value of your home than others. For instance, adding a Jacuzzi (4 jets or more), a permanent hot tub, an in-ground pool, an outbuilding, or vaulted ceilings tend to add value to your home. Other projects such as that above-ground pool, adding ceiling fans, or a garden pond just don't seem to do much when it comes to boosting the value of your house.
As you consider your remodeling project, always remember to renovate with mass appeal in mind, use durable quality materials, and be careful to insure the value of your property is safely within 15-20 percent of your neighbors' property values.
And finally, if you intend on selling your home in the near future, it is always a good idea to talk to a licensed Realtor prior to making any changes to make sure your hard-earned cash is spent in the right places. Your Realtor can provide to you current market trends and how your home renovation should impact the sell of your property in your local market where you live.
Bobby Sutton, Realtor
For more information, contact Bobby at 606.492.5169 or at email@example.com.