Nov
01

Renovations with the Best and Worst Return Rate

November 01, 2012

chicago real estate home renovationsFor Chicago real estate owners who are planning to renovate their homes, it may be easy to wonder if all the money being put into the renovation will really pay off. Luckily, remodeling is on the rise and is expected to yield strong returns into 2013. So, what are the best projects to invest in?

First of all, any renovation performed on the exterior of a home such as siding, window or door replacement is always a smart investment. According to Remodeling Magazine’s cost vs. value report, projects with a focus on adding curb appeal to a home are always a great idea.

U.S. News & World Report also conducted a survey on the best remodeling options, and they found that these projects are the best investments:

  • Attic bedrooms can have a positive effect on a home’s selling price, and renovators will most likely receive a 73 percent investment return for the project.
  • Kitchens are often the first part of the house that prospective home buyers focus on, so renovating a kitchen could make for an easier sell and attract higher prices for your home.
  • Master bathrooms with multiple sinks and custom showers are now in demand, so renovating a master bathroom will make a great project. If you have the space, expanding a half bath into a full bath could also be a smart move.

Here are some of the worst renovation choices:

  • Home offices with built-in cabinetry are not a great investment because they don’t allow for enough home owner flexibility.
  • Sunrooms are also not a great renovation choice. They yield some of the lowest return rates, and aren’t a very desirable home addition in a location with rough winters such as Chicago.

Do you plan on adding any of these renovations to your home?

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Jessica Thom

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