Renovations - Getting the best return on your investment!
A question that comes up quite often when talking to our client is "we want to renovate our home but we want to know where our money is best spent to get the highest return". According to the National Association of the Remodeling Industry, painting brings you the highest return which is also the less costly renovation you can do to your home.
Renovation Average Cost Resale Recovery
Paint $700 200% plus
Add a Bathroom $10,000 96%
Add a Fireplace $4,000 94%
Kitchen (minor) $8,500 79%
Kitchen (major) $24,000 70%
Bathroom $7,500 69%
Add a Skylight $4,000 68%
New Siding $7,500 67%
Add Insulation $1,750 65%
Addition $35,000 62%
New Roof $4,600 61%
Deck $6,000 60%
Greenhouse $17,000 56%
New Windows /Doors $12,000 55%
Add a Swimming Pool $24,000 39%
Source: National Association of the Remodeling Industry
Renovation Average Cost Resale Recovery
Paint $700 200% plus
Add a Bathroom $10,000 96%
Add a Fireplace $4,000 94%
Kitchen (minor) $8,500 79%
Kitchen (major) $24,000 70%
Bathroom $7,500 69%
Add a Skylight $4,000 68%
New Siding $7,500 67%
Add Insulation $1,750 65%
Addition $35,000 62%
New Roof $4,600 61%
Deck $6,000 60%
Greenhouse $17,000 56%
New Windows /Doors $12,000 55%
Add a Swimming Pool $24,000 39%
Source: National Association of the Remodeling Industry
It's important to remember when your doing renovations, keep it tasteful and neutral to satisfy all tastes. Also guide your renovations towards the potential target market that will be looking to purchase your home. Most of the time the budget is a major factor, so keep it within your spending limits and don't be the castle on the street.
Happy renovations!
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