Remodeling a bathroom, new siding, adding a stall on to the garage or building a deck, it seems there is always an improvement we have planned for our home. It’s no secret these kinds of projects can change the look and feel of our home or maybe help us make better use of our living space. What we may forget to consider is the return on the investment to expect from a particular renovation or expansion project.
Investment Versus Value
It is a misconception to believe every dollar you spent on your home would increase its value by an equal amount. As important as it is to maintain your home and keep it updated to protect your investment, a home improvement project may or may not dramatically change the appraised value or the tax assessed value of your home. With that said, there are some improvements that tend to have a better return on investment than others. Kitchen remodels, a master bath and the addition of a garage tend to top the list.
Salability
When it comes to the ability to sell your home, there are a number of improvement projects that can enhance your homes curb appeal and increase your odds of getting it sold. It makes sense a deck or patio and landscaping fall into this category. Buyers are also attracted to the ‘maintenance free’ aspect of a home. Investing in siding, windows and doors which require little to no upkeep may have its benefits.
Investing in your home through home improvement projects is a good idea. Ensuring you spend your improvement dollars on projects, which have the capacity to pay you back, is an even better idea.
