Add Value to Your Home
Home repair and remodeling projects vary in how much they increase the home’s value per dollar spent on the project. Some homeowners are desperately trying to increase the home’s value before putting it on the market to get a better sale price, while others just want to strategically build equity in the home over time. Either way, stick to the projects with the best return in home value.
Kitchen Remodel
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Buyers care more about the kitchen than any other room in the house. Even if you plan to be in your home for a few more years before selling, remodeling the kitchen now will still increase the home’s value significantly, plus you will get to enjoy the more modern kitchen. Some common projects include replacing fixtures, getting new countertops, adding an island and replacing or refinishing cabinets. On average, every dollar spent on modest kitchen remodeling increases the home’s value by 80 to 85 cents. In some real estate markets, the remodel can have an even larger effect.
Bathroom Remodel
Modest bathroom remodels have a fairly good return in home value on the money spent on the project. Adding a second bathroom to a house with only one bathroom can increase the home’s value by up to $1.50 for each dollar spent, according to Parade. Smaller projects, such as replacing the lighting, faucets, wallpaper, bathtub and vanity countertops, add 80 to 85 cents per dollar spent, on average.
