It’s safe to say that virtually anyone who’s ever embarked on a home renovation project has asked this question: will this upgrade ever pay me back when it’s time to sell my house? There’s no definite answer to the question as different upgrades bring varying rewards. It sure pays to know, though, which ones have been proven to substantially pay its investment back.
Front porches – If your house doesn’t have a front porch yet, do yourself a favor and call reputable Chicago porch builders like DAL Builders. Front porches serve as the preliminary area which greets guests as they arrive, and they make more sense if they provide a good place to rest and chill out. Like a few specific home upgrades, though, front porches are subject to strict building regulations.
A second floor – Bungalows are nice on their own, but they can still be made much better. Adding a second floor costs about $155,365 on average, but about 71.8 percent of the money will be paid back on resale. According to John Kmiecik of the National Association of Realtors, any additional living space will significantly add value when it’s time to sell—all the more reason why an extra floor with space for at least two bedrooms and a bath makes good sense.
Basement conversions – When talking about basements, one would probably think of the damp smell that lingers in these spaces, but it shouldn’t always be that way. Basements hold some of the biggest renovation potentials of any unused home space, and if the remodel is done right, can pay back anywhere from 50 to 100 percent of the total investment. Just think: some of the swankiest game rooms, hobby spaces, and man caves are almost always converted basements.
Kitchen remodels – Kitchen renovations, even minor ones (i.e. replacing old cabinets, drawers, and appliances) can bring forth good ROI. Minor remodels can have an 82.7 ROI, while major remodels may have a 74.2 percent ROI. However, experts provide a word of caution. For instance, splurging on fancy appliances in small homes generally will not pay back much, if at all.
All the aforementioned upgrades are recommended by experts. If you have a pretty outdated kitchen, then update it. If you don’t have a front porch, then have one added; or if you do have one but is in need of refurbishing, call on trusted Chicago porch repair pros as soon as you can. Not only will these changes help improve your home’s resale value, they will also make your abode a better place to live in.
(Source: renovations that give you a Return on your Investment, ThisOldHouse.com)