Designing a home renovation project is fun, but you should also be thinking about getting a return on your investment on your renovation. Costs add up quickly and some projects pay off more than others.
They may not be what you dream about when saving money for home upgrades, but basic repairs like a new roof and siding pay off. Potential homebuyers aren’t looking to purchase a home with a leaky roof. However, a siding replacement will recoup up to 92.8% of its value, while roofs and windows bring back around 80%. That is money well spent.
Kitchens and Baths
Bath and kitchen renovations are often solid investments which see a solid return on investment. Depending on the market and supply and demand of homes in your area, a new kitchen or bath could recoup anywhere between 150 – 200% of its investment. Potential homebuyers are looking for quality craftsmanship, custom finishes, and top of the line materials. As the saying goes, to make money you have to spend money.
On average, every additional 1,000 square feet of space in your home will increase its value 30%. Bigger bathrooms are the best investment, while adding bedrooms and general living space is also a solid return.
Getting a return on your investment on your renovation is important. But you should also be aware of your neighborhood and the local real estate market. You don’t want to price your home too high for its location and right off the market. That’s why we’ll work with you and homeowners in Exeter, Kensington, Stratham, and throughout the Seacoast on plans to help maximize your investments. Contact us for a free quote and to get your project started today!