Before you can start on your home remodelling projects think of the return on investment you are bound to get in case of a resell. Most home improvements add to the value of a house, but others have a low Cost vs. Value rating that is not beneficial to the owner.
The resell value of most homes vary, and to better understand what your home is worth, check for its market value and the value of houses around it. Once you get an estimated value, budget for your renovations based on these figures. The best projects to select are those with high cost versus value.
So, how then do we define the concept of cost versus value?
The Cost vs. Value concept helps to justify the cost of a home improvement project and the benefits it brings to the owner. For example, garage renovations are an excellent remodel idea, but their cost vs. value rating is low. On the other hand, replacing your front door with steel is a value-adding project with cost recoups of approximately 74.9%.
So, for a homeowner that is looking to add value to their home, what projects should you focus on to ensure an increase in the cost versus value rating of your home?