I know you can't get 100+% back on remodel projects most of the time, but I want to know which of the projects I list will give our home value the biggest "boost". We have about $20k to put into our projects, but after that we will need to get a home equity loan, and right now we have little to no equity. Here are the choices:
1. All new energy efficient windows
2. New kitchen countertops, cabinets, sink, fixtures (our appliances are already SS)
3. Turn our screen porch into a sunroom (will add 400 sq. ft.)
4. New RV/boat carport
5. Finish partially built detached garage (its about 75% finished, just need to finish drywall, re-finish ceiling, and add garage door)
Typically, kitchen & bathroom projects yield the most return on investment. The sunroom also sounds like it would be valuable.
http://www.costvsvalue.com/index.html
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January 12, 2009 at 01:26 am
Kitchen is always the safe bet. Everything else is just a bonus, kitchen is pretty much a must.
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January 12, 2009 at 02:09 am
More squarefootage = more value
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January 12, 2009 at 02:18 am
Typically, kitchen & bathroom projects yield the most return on investment. The sunroom also sounds like it would be valuable.
http://www.costvsvalue.com/index.html
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January 12, 2009 at 02:26 am
Functional kitchen, number of bedrooms, and large bathrooms can only enhance the overall value. Remember that appraisers will only give a value based on the comps and the size of your home (living space) and not how much you pay for the granite and new toilets. Appraisers already knew how much your house is worth (without even seeing the inside of it) because they price it based on what the comparables. Inspecting the inside of the property is just to confirm everything is working and the property has no damage to affect the value.
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