Homeowners undertake home improvements to either improve their home’s resale value, or their own enjoyment of their house. The best home improvements are those that deliver on both objectives.
Americans will spend nearly $141 billion on remodeling in the first half of 2011, according to Harvard’s Joint Center for Housing Studies. If you are among the many homeowners opting to renovate rather than move, you may be wondering what renovations are likely to give you the best balance of enhanced resale value (return on investment) and immediate enjoyment.
One of the most popular rooms to renovate is the kitchen, where most families spend the bulk of their time. According to Remodeling Magazine, a minor kitchen remodel costing approximately $21,000, will return about 78 percent of its value on resale. A larger kitchen renovation, costing approximately $58,000, will recoup about $41,200, or 72 percent, depending on your demographic. Consult a realtor, or a local appraiser to analyze your specific home.
Once you've decided to renovate, several local businesses can help at all levels. on Main Street offers paints and wallpapers to completely change the look of your kitchen walls, or simply to add a trim or final touch. If you prefer a major renovation or to build an entirely new kitchen, in the same block of Main Street works with a team of designers and craftsmen to help owners install new cabinets, counters, stoves and ovens. They can also design new kitchens that work within your existing space.
There are many different options (and price points) available today in terms of cabinets, counters, appliances, backsplashes, flooring, lighting, something to fit every budget. The kitchen is the heart of the home, a major factor in determining the resale value of a home, and a renovation, if necessary, can add new life to a house.