Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Tuesday, September 21, 2021
Are you looking to renovate your living room, kitchen or bathroom... or replace your siding, roof, windows or deck? Are you curious about how each of these projects will affect your home value?
Will spending the money on these major home renovations increase your home value by more than the cost of the renovations?
Almost certainly, no.
In almost all cases, you will spend more on these major home renovations than you will see in an increase in the value of your home after the renovations.
According to the Remodeling 2020 Cost vs. Value Report the amount of your cost that will be recouped through an increase in value ranges from 50% to 70% for almost all of the home improvement projects they analyzed.
So...
- If you spend $50K on a home improvement project, you are likely to only see a $25K to $35K increase in your home's value.
- If you spend $100K on a home improvement project, you are likely to only see a $50K to $75K increase in your home's value.
This lower than 100% return on investment on major home improvement projects often ends up being acceptable to many homeowners who are completing these home improvement projects -- because the balance of the return of the investment is their enjoyment of the utility or feel of the space that they have improved.
Check out the actual numbers on each home improvement project by visiting CostVsValue.com.
