Home Renovations: What Project Is Actually Worth the Expense?
People will remodel their homes for various reasons. Off the top of my head, I can think of a few. These include:
1. Upgrading to have that kitchen you’ve always wanted.
2. Adding to accommodate a growing family.
3. Updating a home prior to sale.
I know I’ve thought about how much work I wanted to do on my house right before I put it on the market. (Not much.) My home got painted, soundproofed (since it’s near LAX), a few new fixtures, new flowers, and a thorough cleaning.
I did think about seeing if HGTV’s “Designed To Sell” would be interested in doing a remodel on my home. (The producer was willing to take a look at the house to see if it would work for the show. But a commitment of 3-4 weeks of filming and not being able to show my home during that time made me think twice about that idea.)
Weighing in on adding value versus dishing out cash, I was curious to see how much return on investment you get on some common renovations. So I checked out CNNMoney.com’s page, “Will this renovation project pay off?“. They let you look up what common projects cost on average and how much of that you can expect to get back in terms of the value of your home.
Some of the top ROI categories included the following:
Upscale Siding Replacement/Average Cost: $13,149/% Cost Recovered: 88.00%/Value At Sale: $11,573
Minor Kitchen Remodel/Average Cost: $17,928/% Cost Recovered: 85.20%/Value At Sale: $15,278
Vinyl Window Replacement/Average Cost: $13,120/% Cost Recovered: 84.70%/Value At Sale: $11,109
Bathroom Remodel/Average Cost: $12,918/% Cost Recovered: 84.90%/Value At Sale: $10,970
Some projects that showed the least value included a home office remodel (63.4% cost recovered) and a sunroom addition (66.30% cost recovered).
Does anyone have any remodel stories they want to share? What did or didn’t you do before you sold your home?
