Determining whether a home improvement will add value to your home can be tricky. There are many factors to consider. Some factors are tangible like the cost of making the improvement. While other factors are less tangible and harder to quantify, like the improved quality of life the home improvement brings you and your family.
I found a great online tool http://www.remodeling.hw.net/2013/costvsvalue/national.aspx which allows you or your clients to easily compare different home improvement projects and see which projects offer the highest payback. Based on this information, the top 3 remodeling projects with the highest return in the Chicago region were:
- Entry Door Replacement (steel) – 82.3% cost recouped
- Fiber Cement Siding Replacement – 78.5%
- Window Replacement (vinyl) – 76.5%
Mid-Range Home Improvement
I hope this information is helpful. If you’re now thinking “how am I going to pay for all this?” give me a call and we can discuss refinancing your mortgage to either take cash out or lower the rate and free up some cash on a monthly basis. I look forward to speaking with you soon!