Home Renovations: Bigger Jobs, Better Returns
It is that time of the year again when the weather warms up and becoming perfect for your home’s springtime remodeling and renovations. But if you are renovating your house for resale, which renovations will give the largest returns?
According to a study, as much as 100 percent of the total cost of a renovated bathroom or kitchen can be recovered during the sale. Major renovations done by professional contractors generally offer higher ROI compared to DIY projects. According to Diane Usher of Royal LePage, kitchen and bathroom remodeling projects are still the top choices for higher real estate returns. But she also warned that contracted jobs should be approached in a more prudent way to ensure decent return. Spending should be relative to the property’s value. For instance, to install a $50,000 kitchen in a $200,000 condo will not do you any good.
Home improvements made by homeowners such as updating light fixtures or replacing old carpets, are great ideas but are less efficient in turns or ROI compared to other projects. Here are some of the most popular DIY home renovation costs and their approximate ROI.
Carpet replacement with floor laminates (1000 sq.ft). $2000; 50 to 100 percent
Interior painting. $1000; 50 to 100 percent
Exterior landscape grooming. $2000; 25 to 50 percent
Installation of fixture lights. $2000; 60 to 70 percent
Replacement of hardware and knobs. $2000; 75 to 100 percent
Installing a deck or fence. $5000; 50 to 75 percent
Updating entryway. $3000; 50 to 75 percent
On the other hand, here are some of the contractor assisted home renovations and their approximate returns.
Kitchen renovations: $15000 and above; 75 to 100 percent
Bathroom renovations: up to $8000; 75 to 100 percent
Installation of a powder room: below $5000; 80 to 100 percent