Who’s your reno for? Spend your $ Wisely
Recently I had mentioned the importance of matching the renovation to the income bracket and interests of your potential market. So continuing with this thread we can talk a little bit about a couple of projects that offer high returns.
In general kitchens, bathrooms and exteriors offer the highest percentage returns, or in other words these projects tend to recoup 80-90% of the money you spend on them. There is a website www.bankrate.com that will provide accurate numbers on which renovations show the best returns in different American markets.
Kitchens, in the modern home tend to be the focal point of the interior. It is an area to which people naturally gravitate and prospective buyers are going to pay close attention to the layout and appliances. The function and aesthetics of a kitchen seem to leave solid impressions on people.
Bathrooms seem to have the ability to recoup a fair amount of their costs as well. I have no idea why bathrooms recoup costs.
Siding however, we can talk about. Would you leave your child out in the rain for ten years with an ugly coat? A coat that comes apart at the seams and funnels water into their socks? Probably not.
Siding is the same. It is a renovation that, coupled with the roof, protects the rest of your investment from the elements. It has the ability to draw some curb appeal or attention to your exterior while protecting your home from leaks and eventually mildew and rot. At the end of the day it is the renovation that will put the most money back in your pocket.