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Great Investment Ideas for Your Home |
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Written by Mabelle
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Wednesday, 19 July 2006 |
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Doing a midrange bathroom remodel can get Americans back the most money on average, according to Remodeling's 2005 Cost vs. Value Report. In 2001, U.S. homeowners spent $104.6 billion on remodeling projects, estimates Harvard's Joint Center for Housing Studies.
Kermit Baker, director of the remodeling futures program at JCHS said that financing costs were very low for people who were choosing to finance a project. Putting some money in your home seemed like a fun way to spend money but also a good investment. Home equity loans, a major financing vehicle for Americans looking to upgrade their properties, became more expensive.
No longer can homeowners slap improvements onto their properties, secure in the knowledge that they will recoup that money, and maybe substantially more, when it comes time to sell. There are plenty of ways to alter a home, from simple improvement projects to gilding-the-lily additions. Every year for nearly two decades, Remodeling magazine has published a survey detailing how much money homeowners in different parts of the country can expect to recoup from renovation investments.
Doing a midrange bathroom remodel or a high-end siding replacement can get Americans back the most money on average, according to Remodeling's 2005 Cost vs. Value Report. Once they sell, homeowners can expect to recoup an average of 102.2 percent of their investment for a midrange bathroom renovation and 103.6 percent for siding replacement. For an upscale kitchen makeover, which involves installing custom cherry cabinets and other luxurious amenities, the average recouped value is lower (about 85 percent) than for a minor kitchen-remodeling project (98.5 percent), which is much less extensive and expensive.
By Mabelle Sese
http://realestatepress.org |
