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Home Improvement
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Written by Quicken Loans
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One of the smartest things you can do with your home's equity is to put it right back into your home. It's a clear win-win: You enjoy the benefit of an improved living environment and tangibly enhance your home's value at the same time. But not every project will increase the resale value of your home. It's best to stick with the ones that will give you the biggest return.
Here's how Remodeling Magazine rates top jobs in terms of one-year return on investment (ROI): | Project | ROI
| Average Price Tag
| Minor kitchen remodel
| 88%
| $8,655
| Second-story addition
| 83%
| $73,553
| Bathroom remodel
| 81%
| $9,135
| Bathroom addition
| 81%
| $13,918
| Family room addition
| 75%
| $30,960
| | Major kitchen remodel | 71%
| $31,090
| Deck
| 55%
| $8,022
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Home Improvement Tips:
Don't over improve. It's difficult to recover the investment in a home that is already more valuable than most others in the neighborhood. Keep whimsy in check. Eclectic tastes likely won't appeal to mainstream homebuyers. If you would like to learn more about refinancing, click here to visit Quicken Loans. This article is reprinted by permission from Quicken Loans © Quicken Loans Inc. All rights reserved. |
