Smart Remodeling Pays Off
If spring has you thinking about a home improvement project that will maximize the resale value of your home, take a critical look at your kitchen first, then move on to the bathrooms. Updating these two areas will bring you the greatest return on your investment, most home improvement experts agree, with an average return of at least 80 percent and often higher.
According to Remodeling magazine, even a minor kitchen remodeling can help you recoup a high percentage of your expenditures. In 2004, it reported, the national average price for a minor kitchen remodel was $15,273, with homeowners earning back nearly 93 percent of what they spent. Remodeling Online places the return on a similar investment at 88 percent.
Minor kitchen remodeling efforts usually include repainting, refinishing cabinets, replacing old cabinet hardware, laminating countertops, and adding a new energy-efficient oven, a stovetop, sink, faucet, wall covering and floor.
Other remodeling factors that can affect your return on investment include the quality of the work done, if the remodeling job keeps the value of your house in line with neighboring homes, and if the decor matches what is currently popular.
Whatever home improvement project you choose, if you need financing, call TFCU about a home equity loan or HELOC.