FINANCIAL FRIDAY: Is That Home Renovation Project Worth It?
Where should you start?
HUNTSVILLE, Ala. (WAFF) - Homeowners often spend a lot of money on renovations expecting to recoup more than they likely will. But some projects offer better returns than others.
Updated kitchens and master suites are often appealing to new buyers. But take other factors into considerations, such as the maintenance of the home and the price of homes in the surrounding neighborhood.
WAFF talked to Melanie Brooks. She’s a Broker with Redstone Family Realty and President of the Women’s Council of Realtors. She offered these tips:
- ·First determine how much you have to spend, and how much time you are willing to be under construction. Once that decision is made, you can begin your wish list.
- A professional remodel of a kitchen should bring a 90-100% return on value and you may not need to change the layout.
- Bathrooms are an excellent project to tackle. Master bath suites will bring a 90-100% return on investment. One thing to consider is keeping at least one tub in the house.
- Small changes can increase the value of a home. New appliances and flooring add 60-80% return on investment. Other things such as paint, which is really necessary, may only increase the desirability. That will still help a home sell better.
- Bottom Line: Unless you are planning to move soon, get renovations or updates to your home that you will enjoy now!
For more ways to save be sure to tune in at noon every Friday for WAFF 48′s “Financial Friday” segment.
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