Want the Most Return for Your Remodel Dollars? Think Small
It’s true, great things come in small packages. The 2015 Remodeling Cost vs. Value Report (produced by Remodeling magazine in cooperation with the National Association of REALTORS® and REALTOR® Magazine) makes clear, small-scale jobs are where it’s at when it comes to getting the most bang for your home improvement buck. Most projects will net you less than a 100 percent return, but all projects are not created equally.
Take for instance that a steel door will add more than its cost to the value of your home, while contrary to popular opinion, a minor kitchen remodel will return less than an 80 percent return of your investment. A shiny new kitchen will provide years of enjoyment and most certainly improve your position compared to other homes, but your expenditure to value ratio should not cause you to beat down the door to the local kitchen showroom if you are selling soon.
The most important thing to consider is what you hope to gain from undertaking any remodel. Plan to sell this year or even in the next five years? Consider making smaller, more incremental changes that will improve curb appeal and how well the home will show to prospective buyers. If you are updating things to suit your and your family’s needs, update until your heart is content. Just be aware you will likely not get all that money back.
Explore the slideshow below to see what projects provide the highest return on investment. Click hear to read the complete 2015 Remodeling Cost vs. Value Report.