There’s a lot written out there about your best return on investment (ROI) when it comes to home remodeling. As most of us know, a kitchen or bathroom remodel and updated flooring earns you the most bang for your buck. Kitchens generally fetch you about 80-90% ROI, depending on whether you go with new or refinished cabinets, type of counter tops (slab granite or other hard, natural surface vs. tile or laminate) and appliances. For the bathrooms you can earn about the same (80-90%) if you go with higher end finishes which include cabinetry, countertops,fixtures and floors.
After bathroom and kitchen remodels, the numbers begin to drop off precipitously. Room additions (which you don’t see a lot of here in Ahwatukee given our overall lot sizes) only return about 50% on your investment unless you add general living space like a family room, that will get you closer to 70-80% ROI. If you repaint your exterior then put your house on the market immediately, that can earn you about 60% ROI. Swimming pool additions are very low on the list. That’s why I always encourage buyers who say a pool is a must-have to purchase a home that already has one. A basic pool will cost you $30,000 at a minimum and you’ll never get it all back.
Smaller items on the remodeling list include closet organization (i.e. Classy Closets), epoxy garage floors and outdoor landscaping. All of these certainly add quality of life to our living in the home but won’t get you much of a return on your money. However, in a market that’s slow (as we are now) these special touches may set your home apart when it comes to that buyer choosing between your home to purchase and another one.
Contact us if you have questions about your remodeling plans. We’re always happy to help and lend our suggestions!