What Home Remodeling Projects Give The Best Payback?

Posted By : Aubrey Mead , on Sep, 2016

 

Regardless of whether you are planning to put your home on the market or not, if you are thinking of a Chicago home remodeling project the inevitable question will arise; “what will this improvement add to the value of the home?”

Some renovations add little, if anything, to the value. In many cases it actually costs more to undertake the improvement than the payback. However, there are many projects that bring considerable “bang for your buck.”

Replacing old elements:

Existing elements, such as windows, doors, siding, etc usually yield a better return on your investment than bigger projects such as a room addition. Although this may be true, real estate agents, people who really know the business are of the opinion that updating a kitchen or the bathrooms will bring a handsome return when the house is sold.

When those rooms in your house that are used the most become dated; the kitchen for example, a buyer walks in and immediately thinks that it is going to take a small fortune to update the room. Certainly, a major kitchen remodeling project can be expensive, but by replacing cabinet doors, install new countertops, sinks, faucet etc and install new appliances can cost a great deal less and have the same impact to the potential buyer.

Area by area:

Whether or not a Chicago home remodeling project will pay dividends often depends on the neighborhood as well as the region. A new in-ground pool will have a far different impact on the resale value of a home in San Diego than it will in Chicago for example.

The project really has to compliment the neighborhood. A kitchen remodel that costs $70,000 in a home in a neighborhood where the homes sell for $100 thousand will not result in a home that will sell for $170 thousand. No doubt it will make you happy but it is not a practical project if you are planning on the improvement to help sell the house.

If you are thinking of a Chicago home remodeling project; either to make your home more attractive to buyers or to enjoy yourself for many years, you will want to deal with a quality contractor. To discuss your remodeling project in detail you are invited to contact Greenside Design Build online at www.greensidedesignbuild.com/home-renovation-and-remodeling

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