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    Making the most of your home improvement dollars

    If you are considering spending money on home improvement projects as part of increasing your home’s value, keep in mind that the type of return you will get on your investment depends on a number of factors.  Some of these factors include the value of your home, the value of homes in your immediate neighborhood, the housing market in your neighborhood, how soon you will sell after making improvements, and the scope and quality of the project itself.  The bath is a common target for many homeowners; if you are considering an addition or remodel, consider the following:

    Additional Bath:  Don’t spend money remodeling the bath if you have only one — a better investment is to add a second.  Many older homes have a single bath — a major detraction for home buyers, especially if there are more than two bedrooms.  A National Association of Realtors study found that adding a bathroom increased the sale price of a home by 8.7 percent, more than twice the rate for adding a bedroom.

    Remodeling a Bath:  A bath remodel can often return more than 100 percent of its cost.  According to Remodeling’s 2004 study, a bathroom remodel in a Baltimore home returned 182 percent of its cost at resale.  The Washington, DC market can offer a triple-digit return of a bathroom remodel.

     

    Our next blog post will discuss the value of home improvement projects including kitchen remodels and additions.

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