Home remodeling projects with the best ROI  |
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| Friends and Clients —
Home remodeling is hotter than ever.
According to researchers at Harvard University, remodeling investment is up 6% over last year, and now makes up a $324 billion market. That's a giant amount—more than a quarter of the total real estate spending in the entire country. But out of all the possible remodeling projects out there, which ones actually pay off the most? According to a survey of remodelers and real estate professionals, there are five remodeling projects that offer the best returns:
1. Kitchen
Kitchen remodeling can be as simple or as elaborate as you like. However, to maximize your return keep your investment to under 20% of the value of your home, as is recommended by surveyed real estate professionals. The outcome? A whopping 85% return on your investment.
2. Bathroom
A thorough bath remodeling project can cost up to $20,000. However, it's definitely worth it. Not only will it pay for itself, but it should give you an added 80% return.
3. Covered Patio Replacing your covered patio can cost you anywhere from a few thousand dollars to tens of thousands of dollars, depending on the size. The expected benefit will be similar to a bathroom remodeling project—around an 80% return for a fresh, new covered patio.
4. Siding
Fading or worn-out siding can turn off potential buyers before they even step foot in your home. Replacing old siding will make it much easier to sell your home, and in addition, it should give you an 80% return on an investment of around $10,000.
5. Windows
New windows can mean greater energy efficiency, increased thermal and acoustic comfort, and a more modern look. Homebuyers are well aware of this, and they are willing to pay accordingly. That's why a typical window replacement should yield at least a 70% return on your investment.
If you're considering selling your home, then just one of these projects could add tens of thousands of dollars to the price you'll be able to get. To get an idea of what your home is worth in current market without these renovations, check out my home value calculator that takes into account recent Phoenix sales: Enter your street address here to find out what your home is worth.
And if you want additional advice about which remodeling projects make sense for you, give me a call at (602) 413-8195.
Have a great day,
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Monique Walker
RE/MAX Excalibur
Realtor
Phoenix, AZ
Mobile: (602) 413-8195
Monique@MoniqueSells.com |
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Monique Walker
8510 E Shea Blvd #100
Scottsdale, Arizona 85260
US
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