Friday, March 10, 2006

Does it pay to remodel?

If I remodel my kitchen and then later sell my home, what kind of return can I expect on my investment? Or what can I expect if I add a new bath to my home? There has got to be some research, right?

Fortunately, there is.

The following is a General Guide to Home-Improvement Returns:

Project National Average
Minor Kitchen Remodel 81%
Bathroom Addition 72%
Bathroom Remodel 71%
Family Room Addition 71%
Major Kitchen Remodel 70%
Master Suite 68%
Two-Story Addition 62%
Siding Replacement 60%
Window Replacement 56%
Deck Addition 54%
Home Office 50%

Keep in mind home trends vary in each part of the country. A home office might have higher value in those areas where people tend to have longer commutes and are more likely to work from home, ie the East and San Francisco, New York. Also, don't over-improve your home so that it would far exceed the highest sales price in your neighborhood.

Keep on dreaming of ways to make your home shine!

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