Photo credit: www.WomansDay.com
Whether you just moved into a foreclosed home that needs work or you’ve decided not to sell and to stay in your home, with the intent of making it a more comfortable living area, remodeling now might be a good idea. There are many remodeling projects that remain to be a good investment and with contractors more available now than at any time in recent years, and building materials such as tile declining in price, now is the time to take advantage if you have the resources. Always remember that it’s not a good idea to exceed your neighborhoods price range when you’re remodeling to increase the value of your home. Keeping that in mind, here are some remodeling projects that retain value:
Remodeling your kitchen remains one of the most popular choices, and there’s good reason for it. In Remodeling magazine’s 2008-2009 Cost vs. Value Report, they found that minor kitchen remodels that cost around $20,000 recouped 95.8 percent of their value in the Phoenix area. The numbers did show that the more expensive the kitchen remodel, the less money it recouped. However, with remodels that cost up to about $100,000, the percent recouped never dropped below 80 percent. When it comes to remodeling your kitchen, it’s good to keep it simple. Try not to customize too much. Stick with updating cabinets, countertops and appliances. The more you try to customize, the less money you usually recoup on the project.
Remodeling your bathroom is also a popular choice. The same report issued by Remodeling magazine showed that bath remodels costing around $14,500 retained about 82 percent of there value. Bath remodels also recoup less with the more you invest. Still the Remodeling magazines report has shown that so far, kitchen and bath remodels tend to retain the most value.
When updating your bathroom, focus on lighting fixtures, and countertops; work everything else around them.
Adding new flooring is great if you’re looking for a good way to cost effectively update you home, flooring is a good place to start. With the drop in the price of tile, now could be a great time to either change your tile or switch from carpet to tile in certain areas of the home. Tile continues to be a popular option in Arizona homes. If you’re looking for something new and fresh, check out polished concrete. Polished concrete is gaining in popularity rapidly.
See more:
Thinking About Remodeling Your Existing Home?
Renovation 101
Home Improvement Center
