Thinking of starting a new home renovation project but want to know which projects will let you recoup the most money when you sell?
All homeowners have a list of renovation projects they would love to do for their home. The problem is that if you plan on moving in the future, it’s nice to know you will be able to recoup some or all of the project costs when it comes time to sell.
Certain home renovation projects are great investments as well. Other home reno projects will provide little ROI for your investment, though they may increase the enjoyment of your home while you are living in it.
So what projects should you choose?
If you plan on selling your home within the next 5 years or so, it makes sense to choose renovation projects that will allow you to recoup some or all of your money.
If you plan on living in your home forever, then ROI may not be your first thought. Your main concern is how this renovation project will increase the enjoyment of living in your home.
As far as rooms in your home, remodeling your kitchen is always a good investment as it’s the cornerstone of your home and one of the most important rooms in the house. The costs to remodel a kitchen can vary, based on finishing, size, and appliances you use.
Adding an extra bedroom in your home is also a great ROI project. Extra living space is always needed, so turning your attic or basement into a legal sleeping space can add value to your home as people will pay more for a 4 bedroom home than a 3 bedroom home.
Adding extra living space such as a sunroom can also increase the square footage of the home and allow you to sell your home for more when the time comes. It should be a 4 season (or at least 3) to get the most resale value out of the project.
Adding additional garage space will also be appealing for families that have lots of toys, like boats and motorbikes. An upscale garage can get you extra money when you sell if you are selling to the right family.
So when you plan out your next home renovation project, be sure to take into consideration the costs involved in the project as well as the expected returns you may see when it comes time to sell your home.