Home Remodeling: Best Bang For Your Buck
2020 07-09 | NFM TV
Remodeling your home should make it more livable and enjoyable. But not all home improvements are created equal. If you go overboard, it may end up costing you. In this month's Mortgage Explainer, learn which home improvements give you the most bang for your buck.
Full Transcript is Below:
- [Narrator] Remodeling should make your home more pleasant and livable, but not all home improvements are created equal. Transforming a living space to match your vision is one thing, going overboard with an upgrade can end up costing way more than the value it returns. So which improvements give you the most bang for your buck? Here are our top three. First, minor kitchen remodel. Having a nice kitchen is a big factor in whether buyers are interested in your home. A minor kitchen remodel can include a new paint job, new cabinet fronts, new countertops, energy efficient appliances, resilient flooring and more. The return for a minor kitchen remodel is around 80%. Before you renovate your kitchen, look at what is outdated and needs to be upgraded. Second, bathroom. Just like a kitchen remodel, consider which changes will make the greatest impact. New countertops, wall mount lighting, a walk-in shower or a neutral colored painting are good options. The average return for a bathroom can be 102%. If you only have one full bath, consider adding another. Having multiple full baths is much more appealing to buyers, especially families. Third, deck. With a homeowner's ever increasing love for their pets and the outdoors, wooden decks are a great addition to your home. Having a deck helps create a living space in your backyard and can increase your home's value with an average return on investment of 75%. Home improvements are a great way to maintain and build your home's value. Remember, just because the changes you want do not have a high return doesn't mean you shouldn't do them. Make remodeling choices that increase the joy of living in your home. But it if you are thinking about selling your home soon, consider ideas that can give you the best bang for your buck.