Improvements made to the kitchen or bathrooms are improvements that pay off the most. When decorating, don't get too fancy or bold-it may make your home more difficult to sell. One of the best things that you can do with your home equity is use it to reinvest in your home. This can truly be a "win win" situation: You enjoy the benefit of an improved living space, and increase your home's value at the same time.
However, not every project will increase the resale value of your home, and some projects give a better return on investment (ROI) than others. Be sure to choose wisely when making home improvements, especially if your goal is to increase the value of your home. Here's how Remodeling Magazine rates home improvement projects in terms of one year return on investment:
| Project |
ROI |
Average Price Tag |
| Minor kitchen remodel (painting, repairs, etc.) |
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 (new floors, new cabinets, etc.) |
71% |
$31,090 |
| Deck |
55% |
$8,022 |
As you can see, remodeling your kitchen and bathrooms are probably the best home improvements you can make to increase your home's value and generate a solid ROI. Our experts at
Quickerlend can provide you with more information on this.
