Home Renovation That Pays
A home improvement project can add to your enjoyment and your
home's value.
So you've decided to brave the dust and dirt and inconvenience—not to mention
the expense—of a renovation project.
If it's because you've always wanted a basement family room or extra bathroom
and it will enhance your quality of life, go right ahead. But if you are
planning to sell soon and think the renovation will increase the resale value of
your home, hold on.
Studies suggest that most renovation projects do in fact increase the price of
the home at resale. However, the increase is typically less than the cost of the
project.
According to Hanley-Wood LLC's 2003 Cost vs. Value Report,
homeowners recouped:
-
84 percent of the cost of an upscale bathroom addition when they
sold their homes, and 95 percent of a more modest one
-
79 percent of the cost of an upscale kitchen renovation, and
almost 75 percent of a more modest one
-
79 percent of the cost of a basement remodel (including large
entertainment area, full bath and an additional bedroom-sized room)
-
About 77 percent of a master bedroom suite, whether high-end or
mid-range
-
104 percent of a deck addition
This report contradicts the common wisdom that kitchen and
bathroom renovations pay for themselves, while basement renovations don't. It
also suggests that you should renovate primarily for your own enjoyment and
accept that your project will pay for itself only partially when you sell.
One thing the report doesn't take into account is how renovations affect the
marketability of your home. Real estate agents say that a gleaming kitchen with
state-of-the-art appliances, cork or hardwood flooring, stone countertop and
lots of cupboard space can sell a house the instant a prospective buyer sees it.
Conversely, a cramped, ill-lit kitchen with outdated linoleum and harvest gold
appliances might actually scare buyers away. It screams money pit.
Bathrooms are another big draw. Both quantity and quality count. A house with
two or three baths with quality fixtures and finishes will sell much faster than
the same house with one bathroom with moldy grouting and ancient fixtures.
If you can't afford to renovate, update and refresh key rooms instead. Replacing
an old countertop, repainting cupboards and walls and installing new door pulls
and lighting can make a big improvement in your kitchen for a very modest price.
Similar touches increase the appeal of older bathrooms, too.
Fresh paint throughout your home is another low-cost, high-return project–it
makes everything look cleaner and brighter, and buyers love a house they won't
have to redecorate immediately.
If you are looking for a renovation contractor in Maryland, Virginia or the Washington, D.C. area, please call us today at 301-440-0086 or complete our online request form. |  | Our Services  Get some around the house tips from our monthly newsletter.
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