Thinking about updating your home, but not sure where to begin? For the best return on your investment, think kitchen or bathroom.
“It’s not dollar for dollar, but those two renovations yield the highest return on investment,” said Mike Correia, BankFive banking officer, appraisal specialist. “On average, a kitchen remodel will yield 65 percent return on investment and a bathroom remodel, 62 percent.”
An appraiser for more than 25 years, Correia said homeowners who are updating kitchens and bathrooms should be mindful of more than just the room they’re working on, however; they need to consider, “What would a typical buyer pay for a typical house in ‘X’ neighborhood.”
Simply put, homeowners need to keep their updates in perspective. “If someone puts a $50,000 kitchen into a house that’s worth $250,000 they’re not going to get back their money,” he said.
Homeowners should also keep updates within the existing style of their home. “Don’t put a Victorian kitchen in a ranch house. Staying within the character of the house will make it much easier for them when they do go to put it on market,” he said. Read More
