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Returns on Remodeling

Will a Home Renovation Pay You Back?

This is the most frequently asked question from homeowners, second only to “How much will it cost?”.

The answer is most definitely YES.  To what extent it will yield value to your home is the real question.  The following is a list of the most popular projects and their returns based on national averages from industry sources.

Bathroom Addition - 91%

Kitchen Remodel - 87%

Family Room Addition - 78%

Deck - 75%

Master Suite - 74%

Home Office - 54%

People buying houses typically look first at kitchens and bathrooms.  These rooms are the most costly to renovate, however, and are more likely to pay for themselves.  Adding a family room or master suite should also fare well when you go to resell your home.

An important factor to any of these projects is how they are done.  You will command the best value when it is done to appeal to most buyers and not to just your taste.  Mid-range level projects tend to yield better returns than extremely upscale ones.  Most of all, don’t exceed the ceiling for your neighborhood when it comes to cost and size of your project.  You might not get your money back!

Larry McAllister and his wife Monica live on Floral Avenue.  Larry is a remodeling general contractor and can be reached at The McAllister Group, 704-333-1644.

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