Top ROI Remodel Tips
The Lawhead Team would like to share with you some top ROI home remodel projects that will help you get the most bang for your buck.
Building a bigger and better kitchen, bath or bedroom will help you get the most return for your remodeling job money. According to Remodeling Online’s latest Cost Vs. Value Report, homeowners who updated and expanded their most frequented rooms enjoyed the best ROI for their home remodels.
This report is a result of responses from 300 real estate professionals in 60 markets nationwide. When asked what level of ROI a given remodeling job would provide if the house was sold within a year of the work, kitchen and bath remodels along with second-story, bath, family room and master suite additions were rated tops.
Curb Appeal – This is the impression your home’s exterior conveys. Curb appeal is what will get a prospective buyer inside to see your new master suite and remodeled kitchen you just completed.
Excellent Work – Make sure to get referrals to licensed contractors that specialize in the work you need completed. Interview several contractors and keep in mind you should go for quality over cost. Just because a contractor has the lowest bid, doesn’t mean he’ll do the best work.
Remodel to Existing Standards – If you remodel your kitchen so it is above standard compared to the other houses on your block, your home may sell faster and at a better price than comparable homes with the original kitchen work, enhancing your ROI.
Newness and spaciousness are key. Take a look at what gives you the top returns for your money if the remodel is done within a year of the house being sold:
|Home Improvement Job||Cost||Resale Value||Cost Recouped|
|Minor Kitchen Remodel||$17,928||$15,278||85.2%|
|Window Replacement (Wood)||$11,040||$9,416||85.3%|
|Window Replacement (Vinyl)||$10,160||$8,500||83.7%|
|Major Kitchen Remodel||$54,241||$43,603||80.4%|
|Attic Bedroom Remodel||$44,073||$35,228||79.9%|
Source: Remodeling Online/Hanley-Wood.