Sunday, March 11, 2007

Home Improvements with the Most Bang for the Buck

If you are fortunate unfortunate enough to have a mortgage and you aren't certain this house will be the one you grow old and retire in, you may want to know which home improvements will translate into a higher sales price (ie ROI=Return On Investment. Let me tell you, you're in luck. I stumbled across a list earlier today and will include it below.

Based on a article in remodeling magazine (yeah I have never heard of it either so take the numbers below as an article of faith):

  1. Minor Kitchen Remodel 88% (ROI) $8,655 (Avg Cost)*
  2. Second-Story Addition 83% (ROI) $73,553 (Avg Cost)
  3. Bathroom Remodel 81% (ROI) $9,135 (Avg Cost)
  4. Bathroom Addition 81% (ROI) $13,918 (Avg Cost)
  5. Family Room Addition 75% (ROI) $30,960 (Avg Cost)
  6. Major Kitchen Remodel 71% (ROI) $31,090 (Avg Cost)
  7. Deck 55% (ROI) $8,022 (Avg Cost)
Note: Return on investment figures are based on one year ROI.
Link to source here.