Renovation Ideas That Pay For Themselves
Congratulations! You are going to battle the dust and dirt of inconvenience through a renovation project. If the reason you are taking on renovating is because you really want a family room in the basement or an extra bathroom, then go for it. However, if the reason behind it is because you are going to sell your home and you think it will increase the amount you sell it for, then hold on a minute. While studies do show such renovations will increase the value of your home, the cost of the renovations can be more than the increase you get.
According to the Hanley-Wood LLC's 2004 Cost vs. Value Report, home owners recouped:
• 85% of the cost for an upscale bathroom addition and 90% for a modest one
• 80% of the cost for an upscale kitchen renovation and 79% for a modest one
• 76 % of the cost of a basement remodel with a large entertainment area, full bath, and an additional bedroom-sized room
• 77% for an upscale master bedroom suite and 80% for a modest one
• 86% for a deck addition
This report counters what most of us have known: kitchen and bathroom renovations generally pay for themselves while basement renovations don't . According to this report it is wise to renovate only if you are doing it for your enjoyment than for resale value. This report doesn't address the issue of how marketable your home is.
Real estate agents claim a kitchen with the latest appliances, hardwood flooring, stone countertops, and plenty of storage space will result your house selling very fast while a cramped kitchen with old linoleum and old appliances can push potential buyers away because they view the home as a money pit.
Bathrooms are another focus area. A home with at least two or three bathrooms that contain quality fixtures will sell much faster than a home with ugly grout and old fixtures. Refreshing your rooms in the home can be an effective alternative to renovating them. Replace old counters and paint the cupboards and walls.
More ideas: sometimes installing new doors can redirect the light into your kitchen. Simple touch-ups in the bathrooms can make them more appealing too. Applying fresh paint is a low-cost way of making your home look cleaner and brighter. Potential home buyers love the idea of not having to redecorate the home immediately. Lastly, a home equity loan is a great way to finance renovations and other home decorating ideas.
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