Remodeling your home can be a great way to make your current space fit your lifestyle but it is important to remember that certain investments can boost your value while others are more about what YOU WANT. According to Remodeling magazine’s 2016 Cost vs. Value Report, you will, on average, get back $.64 of every dollar you spend. This number depends greatly on what the project is.
So, how can you determine which projects provide you with the most value. Here is a list of their 5 best and 5 worst returning projects.
Adding insulation to your attic may not have your friends and family drooling but your return is top if you’re a dollars and sense person. The extra blanket can really save money on energy and make your space more livable winter or summer.
New manufactured stone veneer, can enhance your curb appeal and the return is still attractive.
The worst return is the bathroom addition at 56.2%. While the cash back isn’t great the livability factor may be highest if you have had to wait with legs crossed while someone is struggling with a “bad hair day”
Take-home lesson? If you’re looking for a general rule of thumb, it’s that less is more: Lower-cost projects generally reap bigger returns, with four of the five projects that cost less than $5,000 ranking among the top five for money back when you sell.
The bottom line may be to determine who you are doing the investment for. You and your crew or a new owner!!