As a homeowner, remodeling your home may seem like a good way to increase your home equity while making your home an enjoyable place to live. However, renovations can be costly, and it is therefore important to consider if the costs are going to outweigh the benefits before embarking on the project. Here is a quick look at some projects costs vs. values to guide you.
Entry Door Replacement (steel)
Replacing your front-door with steel is the top-ranking home improvement with an average of 96.6% cost recouped after selling the home. The average rennovations cost is $1,162 while the resale value is $1,122. There are several other DIY you can use to renovate your front door to improve the curb appeal such as repainting, installing a number or replacing the knob without spending much on contractors.
The kitchen is a great place to start. Remodeling your kitchen with high-quality fixtures, like granite countertops and stainless-steel appliances with cost vs. value of 83 percent of the cost with an average cost of $18,856 and estimated resale value of $15,585. However, you should avoid using cheaper materials and if your house is small, don’t splurge on high-end appliances as you’ll never recover the cost.
Hiring contractors to upgrade your damp basement by insulation, installing a laminate floor and drywall to seal off moisture should cost you $62,834. Depending on the quality of the material the resale value is estimated at $48,777 which helps you recoup 77.6% of the cost.
Upgrading the master bath with fiberglass fixtures, countertops, classic tiles, a new vanity and a quick touch-up existing ceramic and porcelain fixtures could help you recoup 60.6 percent return on investment. The estimated cost of the upgrade is $72,538 against the resale value of $43,936.
Remodeling your home to include a sunroom or conservatories is not worth it according to “Remodeling Magazine” because it yields questionable returns with cost vs. value of 52 percent. They suggest remodeling existing rooms to let in the sunshine other than paying hefty prices that will not be recouped.
According to the "Remodeling magazine" remodeling your home office will do very little regarding maximizing your home equity with a cost vs. value of 49 percent.
* Rebates are not allowed in all states. In some states, a gift card or commission credit at closing may be provided in lieu of the Cash-Back bonus. You must register with LeadingRE Heroes before contacting a real estate agent and be represented by the assigned real estate firm at closing to qualify. All real estate transactions are negotiable. Other terms and conditions may apply.
Headquarters: 161 N. Clark St. Suite 1200 | Chicago, IL 60601 USA Fair Housing and Equal Opportunity