According to the National Association of Home Builders, in 2005 Americans spent an estimated $210 billion doing remodeling and renovating projects in their homes. There are a number of different ways to change a home. You can do projects that just give the room a facelift or go all out and completely change the layout of your home. Whatever you decide to do though, it might be a good idea to take a closer look at your investment and find out how much of a return you can expect to see from your remodeling.
You can check online to find average ranges of return on investments for different home improvement projects. Remodeling Magazine has also published a survey each year detailing different projects and how much of a return on investment you can expect to receive. Depending on the purpose you have for your remodeling project can often change what you do and how much of a return on investment you are looking for.
If you are remodeling something in a home that you plan to stay in for many years, and are looking to remodel just for ease and convenience in your own life, you can afford to do projects that have a low return on investment. If the change is just for you, then it doesn't really matter what the return on investment is as long as you are happy. Be careful however to not update too much for your area. If you renovate too much, you may never recoup the money you spent on the remodel, no matter how long you end up staying in the home.
Remodeling your home to boost value or to sell is different than changing your home so you are happier while living in it. If you are looking to remodel to sell, find projects that will help your home sell faster and it is a good idea to avoid the unusual.
Kitchens and bathrooms are generally the two rooms that will make or break the sell of a home. Choosing to do remodels or updates in these two rooms will almost always recoup the cost and are a worthy choice for any remodel. Often in these two rooms simple changes will give you a big bang for your buck. In the kitchen, simply changing out the appliances can make a huge difference.
The amount of return on investment you'll receive for your project depends on the regional market, the neighborhood and the characteristics of the home. So before dropping a large chunk of change or taking out a home equity line of credit to do a remodel or renovation, do your research, decide why you are changing your home and decide if it will really be worth the money you spend.
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