Friday, January 8, 2016

Remodeling: Cost vs. Value

Happy New Year!

If your goal this year includes home improvement or renovations you will definitely want to ask yourself: "When the dust settles, what are the benefits of a home improvement project?" This question is answered by the 2015 Remodeling Impact Report found in Realtor Magazine.

The report has 3 major sections: return on investment, the joy the remodel brings to a homeowner, and what has the highest buyer appeal (though not necessarily the highest return on investment).

Their findings:

#1 Interior Return On Investment (105%) = New Roof
#1 Project that made owners the happiest = Bathroom Remodel
#1 Highest buyer appeal (but not the highest percentage of ROI) = Kitchen Upgrade

The overall winner? When you look at the intersection of buyer appeal, cost, return, and owner joy, a new roof appears to be the smartest remodeling investment. 

Here is an illustration of their findings:



And your best bet is to speak to a realtor in YOUR AREA who knows the local market and can give you even more detailed advice on what will be a good return on your investment.

If you have questions on how I can help you achieve your goals, please feel free to contact me anytime.

Sincerely,
Chris 
Your Residential Lending Team

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