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Which Home Renovations Are Your Best Investments
f your refrigerator and "heart of the home." Whether
stove are still a matching entertaining or spending time
shade of avocado green, or with the family, the kitchen is
you are forced to share a likely "the place to be."
bathroom with your three teenage
daughters, it may be time to look Kitchen remodeling can range from
into a home renovation. installing granite countertops or
tile floors to adding built-in
Though remodeling can cost a appliances, an island or changing
pretty penny, it can provide layout.
significant returns when it comes
time to sell your home -- if you Says Mary Johnson, residential
do it right. specialist with Premier
Properties in Naples, Florida,
Certain home renovations are a "The younger buyers, especially
win-win situation, providing the baby boomers, want a modern
enjoyment to you, the homeowner, kitchen with the cooktop stove
and then making your home more and nice cabinets, not to mention
marketable, and worth more, in wine coolers and subzero
the future. Other renovations, refrigerators. I think it does
however, can set you back make a difference. Even if it's
thousands with no guarantee of just a cooktop stove, they walk
future payoff. in and say, 'Oh, it's a remodeled
kitchen!'"
Smart Home Renovations
Estimated Return on Investment
1. Kitchen (ROI) at Resale: 92.9
percent, according to a 2004
Kitchens have replaced living survey by Remodeling magazine.
rooms and family rooms as the new
2. Bathroom (Remodeling) "You can't lose by adding a
bath," Johnson says.
How does a couples' walk-in
shower, new skylights, Jacuzzi ROI: 86.4 percent for a
tub or vaulted ceilings sound, midrange addition (approximately
for starters? According to $20,000). 80.1 percent for an
Harvard's Joint Center for upscale addition ($40,000 or
Housing Studies, a mid-range bath more).
remodeling (which costs an
average of $10,499), will add 4. New Siding
$10,727 to your home's value. The
ROI based on these numbers? 102.2 New siding can give a major
percent. facelift to your home, and the
return you'll receive is one of
" ... If money's tight, just the highest out there.
replacing the water fixtures
helps," says Johnson. ROI: 92.8 percent.
ROI: 90.1 percent for a 5. Add a Room
mid-range remodel, according to
the Remodeling magazine survey. At the top of the list are family
rooms and bedrooms. Doing so can
3. Adding a Bathroom be expensive, as it often
involves extending walls,
An extra bathroom will always add rearranging rooms or adding
extra appeal to buyers with box-bay windows, but the
families. If you're not sure you investment will likely pay off in
have the space, consult with a the future.
contractor.
ROI: 80.6 percent for a family
room ($50,000 or more makes your house worth $300,000
investment). 82.7 percent for a when it's sitting in a $100,000
bedroom (costs about $35,000). neighborhood?" asks Israel Ramos,
a real estate agent in Phoenix,
More Renovations Not Arizona.
Necessarily Better
Be sure that your home
Before you begin any major renovations will add to the value
projects, it's important to of your home, but be aware that
assess your home's value and the getting too extravagant may not
neighborhood it's in. It is bring the return you're
possible, through a lot of expecting.
renovations and money, to boost
your home up so high that you're "Don't exceed the ceiling for the
no longer in the market. neighborhood, or you won't get
your money back," Ramos says.
"Are you going to do work that
About the Author:
This article was provided by the world's #1 most popular and trusted holistic living e-newsletter -- FREE to you right now at http://www.SixWise.com! The old way of thinking: "holistic living" pertains only to personal health. The new way of thinking: "holistic living" means prevention of the negative and adherence to the positive in all SIX practical areas of life: relationships, finances, career, home environment, safety and health. With the http://SixWise.com e-newsletter, you will get holistic wisdom from the world's top experts in all six of these areas -- completely FREE with a simple sign-up (and a guaranteed no-spam policy!) at http://www.SixWise.com.
Source: www.isnare.com
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