Think Sink

   Think Sink Put your money where your mouth is. When it comes to remodeling your home, that old saying is especially appropriate. A kitchen is one of the best rooms in your home to consider renovating. Your bathroom is next on the list. Whether you’re planning to stay in your home for a while or are looking to sell in a few years, kitchen and bath remodels are great ways to increase the value — and enjoyment — of your home. Quantifying how much a renovated room will improve your quality of life may be impossible, but determining what percentage of each dollar spent on home improvements you’ll recoup when you sell is a little bit easier.

   According to Remodeling magazine’s 2007 Cost vs. Value Report, which surveyed 300 real estate professionals in 60 markets across the nation, the average return on investment for:
  • a minor kitchen remodel (average cost $20,000) is 83 percent;
  • a major kitchen remodel (average cost $55,000) is 78.1 percent; and
  • a bathroom remodel (average cost $15,000) is 78.3 percent.
   Despite these ROI statistics, it’s always a good idea to research the features that are popular with other homes in your neighborhood. If most houses have upgraded kitchens with all the latest bells and whistles, you’re likely to get a better return if you remodel your kitchen. To get a better sense of how a kitchen or bath remodel might shake out given your neighborhood, talk to an appraiser or go to www.cyberhomes.com, where you can enter your address and use the “Refine Value” tool to see how changing different aspects of your home might impact your bottom line. Source: www.costvsvalue.com

Posted by Dale Carlton at 9/13/2008 1:59 PM
Categories: Improvements
 

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