Once spring cleaning has come and gone it is time to start those home improvement projects. If you are like my wife and me, you have a laundry list of improvements you would love to do to your house. For example we want to replace the counters in our kitchen with quartz, replace flooring throughout the house and do some backyard improvements. We often do these projects for our enjoyment and not for the purpose of resale value. Although, being a numbers guy I like to look at the entire picture and figure out if a certain project is worth the investment.
I did some research and found this site that gives you a good estimate of the return you can expect to receive on a home improvement project. I am pretty happy to find out that a minor kitchen remodel will return on average 72.1% of the investment at resale. If you plan to do a minor remodel of a bathroom you can expect to receive back 62.2% of the cost. Improving your landscaping is a good investment for the purpose of enjoyment, but it doesn’t payback when it comes to resale. I was not happy to hear this because I plan to put in a water feature.
Make sure to take a look at other homes in your neighborhood prior to making any improvements. You don’t want to spend money on something that is extravagant and doesn’t fit the neighborhood because you will never be able to recoup the cost. This is could also affect your ability to sale the house. Good luck with those home improvement projects and have fun. Maybe using the bad investment excuse will get you out of doing some of those honey do list items. We can all dream right?
Are they any home improvement projects you plan on doing this summer? Do you think of the return on investment when planning those projects? Let me know in the comments below.
“A house is not a home unless it contains food and fire for the mind as well as the body.”
– Benjamin Franklin