Some remodeling jobs add value to your home; some actually decrease the marketability. Which are the most cost effective in terms of return on investment when you sell your property?
According the the National Association of Home Builders, improvements that yield the highest return are:
Minor kitchen remodel
Kitchen remodeling can really pay off!
In planning your remodeling project, just remember that the above figures may not apply to your particular job. Don't go overboard with gold plated faucets if you expect to recoup 98% of the cost of your new bathroom. Conversely, don't expect a yield as high as 98% if you install a fiberglass tub surround and the least expensive fixtures you can find. Family rooms and home office projects in basements are far less appealing than those built above ground.
When you get ready to sell your home, be realistic about the desirability of the improvements you have made. Sometimes a minor face lift is all that is needed for increased marketability and a faster sale, but not necessarily a higher price. If you are in doubt, have a professional appraiser give you a honest opinion.
For possible tax purposes be sure to keep receipts of materials and contract labor costs associated with remodeling work you do prior to listing your house for sale. Certain items, within specific time limits, may be deducted from the profit from the sale of your home for tax purposes. Consult your tax adviser for the latest information.
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