There are plenty of ways to alter a home, from simple improvement projects to the high-end additions. Should you pay for a kitchen overhaul, adding an island, granite countertops and stainless-steel appliances? Or would you be better off painting the room and sticking new doors on the cabinets? Will a new deck raise the value of your home or simply be a perk you enjoy as long as you live in the house? ROI (return on investment) should play a part in your remodeling plan. In a nutshell, it's how much money you could recoup when you sell.
There are many factors to consider when making the decision to give your house a face-lift. Location is always a key issue—not only the neighborhood, but which part of the country. Some improvements are popular with buyers regardless of the region, while others seem to be in higher demand in certain areas of the U.S. More often than not, sellers can get back a substantial percentage of their outlay for a variety of well-executed improvements in different parts of the country if they keep the market in mind.
Kitchens and bathrooms generally tend to recoup their cost. Those are widely appealing to the marketplace, and they tend to be more standard in form. If you're looking to get your money back when you sell, it's a good idea to avoid designs that are unusual. Buyers look for a place they can move right into and call their own. When you detour too far from the values of the typical home buyer, you shrink the pool of potential buyers. Features that are really customized to the homeowners may not appeal to as wide an audience.
Remodel to existing standards. Look around at other houses in your neighborhood to see what is popular. If the average home in your neighborhood has 2.5 baths and your house has 1.5, adding another bathroom could net you a better return than the average when selling. Check into what renovations net the highest return in your region and use that information as a basic plan for your remodel.
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