With the current tumultuous housing market, it is perhaps more important than ever to apply your time and money to remodeling the areas of your home that need it the most. Various studies have shown the top 15 remodeling updates, and how much of your investment you can hope to recoup at resale.
The Top 15 Remodeling Favorites
- Coming in at the big number one, is a minor bathroom remodel. Avoiding anything too elaborate and only updating the key elements is proven to pay you back 102 percent on your investment.
- Landscaping follows close behind at a return of 100 percent. Again, this is assuming your investment is well-planned and moderate at best.
- The kitchen is one of the most important rooms in the house, and a conservative kitchen remodel will average 98.5 percent return.
- Curb appeal and exterior improvements including fresh paint, new siding, and an attractive entryway will bring a return of around 95.5 percent.
- Interestingly enough, an attic bedroom conversion comes in at Number 5 with a 93.5 percent return.
- A major bathroom remodel comes in at 93.2 percent.
- Following on the heels of the major bathroom remodel, is a major kitchen remodel at 91 percent.
- A deck, patio, or porch addition will bring 90.3 percent.
- Capitalizing on that extra basement space will bring 90.1 percent.
- Replacement windows will bring 89.6 percent. Although, with rising energy costs, this figure may increase.
- A family room addition comes in at a conservative 83 percent; not a huge return, but still worth the effort.
- A drastic drop to 72.8 percent, developing a bonus room doesn’t seem like the greatest use of your money. Perhaps this is because a bonus room can present many possibilities to each buyer, that many will welcome developing to meet for their own purpose.
- Living room additions will bring a 66 percent return.
- At this point, the pros verses the cons are about equal at 52 percent to update a bedroom.
- Living room updates, including walls and floors, is at a meager 40 percent.
It is important to keep in mind that these statistics are based on nationwide comparisons; each area varies as to the rate of return. It is interesting to note the recurrent theme that minor or conservative renovations are generating greater returns in the current market. Hopefully, this information will aide you in planning your renovations! As always, only choose a qualified contractor to execute the work you envision for your home.