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Renovations with big returns
Considering a renovation, but not certain it’s worth the money? If you’re going to be selling your house in the next couple of years, how much of your investment you get back is an important consideration. Should you remodel a bathroom? Add a family room? Or just paint?
Check out the following selection of home renovations and alterations and their respective costs and potential return on your investment.
|Bathrooms – Bathrooms are high on the list of all prospective homebuyers. They want new fixtures and bright, attractive rooms. Remodeling an out-of-date bathroom can easily run up to $10,000, but can get you 90% – 105% of that money back when you sell your house. In addition to the appearance, the number of bathrooms is important. Gone is the day when families shared one main bathroom. Adding an extra bathroom can cost $14,000 – $20,000 or more and will get 81% to 85% back.|
The Kitchen – It’s not just at parties that people gather in the kitchen. It has replaced the living room or den as the focal point for families and entertaining. Homebuyers want an up-to-date and comfortable kitchen. Bringing your kitchen up to snuff can involve anything from repainting the cupboards to new appliances or a full renovation and redesign of the space. But be careful: the really expensive jobs tend to recoup less of their cost. A $15,000 to $20,000 alteration usually fetches about 85% to 90% of what you spent on it whereas a $40,000 to $55,000 renovation earns back 80%.
|Family Room Addition – Adding a room where the kids can play or everyone can watch TV is essential for most homebuyers. Extending the house and then equipping the room with shelves or storage space easily puts you back $45,000 to $55,000 and can make 75% to 85% of its cost.|
Deck – One of the smaller alterations you can do to your house is adding a deck. Often becoming an extra exterior room, a deck can be a great place to entertain, eat or just relax. Depending on size and complexity, a deck can easily come in at $5,000 or $6,000 and increases your house price by about 75% of its cost.
Painting – So the grey and pink looked great when you painted the ground floor all those years ago, but it will scream last century to anyone else. If you’re thinking resale, go for neutral colours and you’re likely to get back all of what you invested.
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