What Home Renovation Projects Add the Most Value?
Seldom do buyers find a house that they do not want to remodel or change in order to make it the home of their dreams. Home renovation is common, but which changes are going to put money back in the bank when it comes time to sell?
One of the biggest payoffs is the kitchen. Research indicates that owners can recoup around 60 percent or more of the cost. This is, of course, as long as the new design does not go overboard. A fresh coat of paint in modern colors can go a long way in updating how the kitchen looks.
In order to receive the best return on the remodel investment, owners should make sure that the new kitchen style is in keeping with the rest of the home. It should also fit well into the neighborhood.
While the home renovation might not include a remodeled bathroom, putting in an additional bathroom when the property only has one can be a huge benefit. Research shows that owners can get back approximately 80 percent of the cost.
When determining where to put the new bathroom, owners should first look at reclaiming underutilized spaces, such as closets or under the stairs. For a half-bath, the area should be no smaller than 18 square feet. A full bath including only a shower needs to be no less than 30 square feet. Owners who want a tub should look for a space of at least 35 square feet.
Deck additions are a unique house renovation project. By adding a deck, the owner increases his or her outdoor living space, making the backyard a more desirable location. In fact, owners can expect to recoup as much as 65 percent of the overall cost.