Know Before You Demo
Home Improvement Projects That Pay Back.
January 7th, 2019 / by Lake Area Mortgage
One of the best parts of being a homeowner is the freedom to customize your space. From painting the walls to knocking them down, there are endless opportunities to put your own personal stamp on your home and make it yours. But before you dive into any renovations, you should know what they will cost you and how much of those costs you can expect to get back through appreciation when you sell.
To help make this easier for you, we looked to the latest Remodeling Impact Report from the National Association of Realtors (NAR) to compile a list of the top three home improvement projects with the highest cost recovery for both inside and outside your home. Whether you’re considering buying a fixer-upper or want to make updates to your current home, here are the projects that will get you the biggest bang for your buck.
Projects With The Smallest Cost Recovery:
Now that we’ve covered the most cost-effective projects, you’ve probably noticed that some of the more popular ones — like kitchen and bathroom renos — are missing. That’s because they’re the least economical. That doesn’t mean you should avoid them, but as they say, knowledge is power. With that, here are the projects homeowners tend to tackle first and the amount you can expect to recoup from each when you sell:
Bathroom Renovation/New Bathroom — 50%
New Master Suite — 52%
Kitchen Upgrade — 57%
Upgrading your home can be tremendously rewarding and fun. Knowing what these projects will cost you in the long run can help you prioritize the projects that matter while making smart financial decisions. If you need financing to help make your renovation dreams a reality, Lake Area Mortgage can help!
Please contact us or reach out to your Mortgage Banker to ask about out the Lake Area Mortgage Renovation Loan! Let’s talk solutions!
National Association of Realtors. (2017). 2017 Remodeling Impact Report. Retrieved from https://www.nar.realtor/sites/default/files/documents/2017-remodeling-impact-09-28-2017.pdf