Are you getting ready to move or simply want a change in your home? Why not add a super cute sunroom or a luxurious master bedroom. However, if you want to get back your returns even faster, now might not be the time.
Sure, the average price of a home renovation has dropped in the last year or so, but the home equity that you get by doing such a renovation has only boosted about 58 cents on the dollar. That isn’t saying much. In fact, if you’re getting ready to move, you might want to hold off on the hefty renovation.
If you still want to improve your home and recoup your costs a little, focus on the smaller, less costly jobs. Projects involving roof replacement and new front doors are the best bet – you can earn about 64% of your costs back. Full-on remodels usually only make about 57% back.
This trend has made it clear that the price is becoming a bigger determining factor in how people renovate their homes and when. It shows that most homeowners are simply doing what they have to, not what they may want. This also means that many people aren’t fixing up their homes too much before moving out. However, there are some perks to this trend.
As more and more homeowners steer away from expensive home improvement projects, many construction companies are cutting their prices. That means if you want to upgrade that kitchen once you move into the new house, you might be able to do it without breaking the bank!
Jon Huser
