It’s a new year so perhaps it is time for some new home improvements. However, before doing the renovations you have been dreaming of doing, you should look up what the return will be on your investment if you plan to sell your house in the next five years. Remodeling the magazine just released their annual Cost vs Value report so you can figure out what’s best to do. For this report, researchers analyzed 29 popular home improvements including how much contractors charge for the jobs and how much contractors charge for the renovation jobs and how much the improvement will boost the market price on the house.
Craig Webb, the editor of Remodeling, notes that the value for more expensive renovation projects rose significantly over the past year which means that the housing market have become healthier. He, also, stated “when the market is hot, realtors are more likely to give value to more expensive renovation projects, because they expect that the market will stay hot and people will pay the price. When the market is cool, realtors tend to put less value on those big-dollar projects, because they have concerns about whether the house will get sold in any state.”
The renovation with the highest return is adding an attic fiberglass insulation which brings about a whopping 107.7% increase. A minor kitchen remodel will give 80.2% return. A garage door replacement will give you a 76.9% return. A wooden deck addition will give you a 71.5% return. And last on the list is a bathroom addition which will only provide you with a 53.9% return.
Check out the article on Realtor: