Will Remodeling Your Home Increase It’s Value?
The answer is yes. If you’re like most homeowners, you would like to know how much the value of your home will go up as you upgrade it. You might have considered changing the siding on your house, or perhaps you’re considering remodeling one of the bathrooms. As mentioned, the good news is that upgrading your home will increase its value, but you generally won’t be able to recoup the full amount you invested. When you upgrade your home, you’ll also get to enjoy the added comfort from upgrading.
When selling your home you’ll get some of the money you spent back through an increase in the resale value, but how big a percentage of the original costs you get back will depend on several things. First, some remodeling projects allow you to recoup a higher percentage of costs than others. For example, changing the vinyl siding on your home will on average cost $12,013 and allow you to recoup 80.7% of that amount, while remodeling the bathroom will allow you to recoup an average of 70.0%. On top of that, your choices during the remodeling process will also affect the future resale value.
To help you understand whether or not your next remodeling project is a good idea, Contractor Quotes has published an infographic that looks at popular remodeling projects and what you need to be aware of if you want to recoup a high percentage of your costs. After studying the infographic, you’ll hopefully feel more prepared to start the project!