Thinking of remodeling your home but not sure you can get a return on your investment? The good news is that some home improvements can net you a nice return, even in this downtrodden economy. Kitchen and bath updates can have a great impact on resale value, as well as improving personal enjoyment in your home.
The right kind of investments to your home can help you in the long run. Recent industry reports show that homeowners can expect to see up to a 71 percent return on investment for a bathroom remodel and up to a 70 percent return on investment for a kitchen remodel. While renovations can be costly, keeping the important elements in mind can help get the best value for your dollar. One way of getting a better return is to use a middle-of-the-road granite color, rather than the most expensive, exotic granite. The cabinetry should always be the bigger investment in a kitchen or bath remodel. Storage and use of space is very important to potential homebuyers. Countertops and backsplashes can be changed easily by the next homeowner, but cabinets are much more costly to change. By being mindful of your use of space, your home becomes more enticing to potential buyers.
Many homeowners have arrived at the conclusion that they may not be moving for a while, due to current market conditions. However, industry experts believe that the worst is now behind us, thus bringing an emerging market prime for updated homes. Typically, the remodeling market follows the patterns of the housing market. With many industry experts believing that the bottom of the market has already been reached, upward mobility in sales, and therefore remodeling, can be expected. Recent reports published by the NAHB (National Association of Home Builders) forecast a 5 percent growth in remodeling for 2011, followed by a 10 percent growth by 2012. By giving your home a much-needed update to key areas like kitchens and bathrooms, your home will be that much more marketable when the housing market becomes more stable.
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Still not sure about that remodel? Keep this in mind: if you are planning to move in the future and don’t do any remodeling to your existing home, but your neighbor, who is also moving has done updates, who’s house is more likely to sell first?
