Resale-minded homeowners can increase their property values by investing in rehab projects and upgrades. They do however, need to be cautious about over-improving and thus "out-pricing" other homes in the market.
Sid Davis, author of Home Makeovers That Sell, writes that your neighborhood determines what your home is worth. He advises to work within those parameters and don't try to make your house into something it isn't.
What is the percentage rate of return on a kitchen, bathroom, or basement remodel? Let's take a quick look.
Minor kitchen remodels net 98.5 percent in average returns while total high-end kitchen remodels will actually net less in return. An average bathroom fix-up has an investment return of an impressive 102 percent! Downstairs, the average return on a basement remodel is 90 percent since the project can double a home's living space.
Finally, media rooms, which are increasing in popularity are an attractive upgrade for some folks but, experts advise against creating high-end media rooms (for return on investment) unless of course, this is popular in your real estate market.
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