Dear JMan, I just purchased my home and am really excited about making some improvements and making it home. Do you have any suggestions as to what improvements will give me the best return on investment?
First off, Congratulations on the purchase of your new home. It is a really exciting time when you buy a house and make it a home. I can say that a safe bet with any home is anything that enhances the curb appeal of the home and of course kitchen and bathrooms. You shouldn’t only consider improving what gives you the most “bang for your buck” as people like to say but also consider what may improve the quality of your life. For example, Let’s say you decide to put in an in ground pool and your family absolutely loves it and swims in it every day. You may only recoup around 30% of what you put in to it but the enjoyment your family received from having it is priceless or cannot really be measured in dollars and cents. The pool in that example has improved the quality of your family’s life. You may also want to consider how long you are going to be there. If you plan to move in 5-7 years then it may not make sense to upgrade to the Triple Pane vinyl window instead of double pane or upgrade to the 50 year shingle on the roof instead of the 30 year Architectural. I am including a Cost Vs. Value Report that is put out every year by Remodeling magazine. It is always broken up by region but this year they even have it narrowed down to individual cities and Rochester,NY was included. I am only including an excerpt from the report for Midrange improvements. The job cost may seem high but you can visit www.costvsvalue.com to see the entire scope of each project. I would mainly go by the % of return to figure out what you can possibly recoup when you decide to sell. I would say to call a Realtor® who is familiar with your area and ask their advice. They will have their hand on the pulse of the market right now and tell you what appeals to today’s discerning buyers. Good luck on your future projects.
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