In the current economic climate, many homeowners looking to upgrade their living accommodations are opting to stay put and renovate their current homes. Although this decision is often driven by the desire to save money and avoid the hassle of moving, even subtle home makeovers can still be quite expensive.
That is why it is important to know which remodeling projects add the most value to your home now and will help you recoup your costs later when you decide to sell.
Based on the latest remodeling 2009-2010 costs versus value report, Remodeling Magazine, kitchen and bathroom midrange remodeling costs will respectively recoup 78.3% and 71%.
So, what to look for in both rooms if resale is your top priority? Go for broad appeal!
– When replacing or adding cabinets, use lighter wood and nothing too contemporary
– Stick with features and finishes common to your neighborhood and the kind of house it is. For example, don’t put granite countertops in a starter home.
– Select up-to-date appliances
Whether you decide to engage into a midrange bathroom remodel or a major redo with new flooring, pedestal sinks, designer tubs, and showers with multiple showerheads, upgrading a bathroom rewards on resale.
A few quick updates include:
– Resurface your cabinet doors and update the hardware
– Add stylish new faucets
– Reglaze worn tub & tiles
– Replace older fluorescent lighting fixtures. Lighting can make a big difference in buyer’s reactions.
However, before spending loads of money on upgrades, consider whether your home is in a declining market. If so, it is less likely that you will be able to recoup your costs.