Interior Home Improvements Can Prove Cost Savvy for Homeowners
January 3, 2012 - 174 views
The 2011-12 Remodeling Cost vs. Value report, released by The National Association of Realtors, listed 35 home improvement projects that are the most likely to experience recouped costs and raise the overall value of a home. “Interior renovations, especially in high traffic areas like kitchens and bathrooms, can have a valuable effect on the house as a whole,” says Austin REALTOR® Brian Talley. “Choosing which projects will have the most benefit is the first, and sometimes most difficult, step, but a report like this one and the help of a licensed REALTOR® can make all the difference in investing your money well.”
Interior renovations can range from small to major and may consist of simply painting kitchen cabinets a fresh color, replacing ceiling fans, or pulling out and rebuilding entire bathroom fixtures. Austin homes for sale also range greatly in the years they were built, with some neighborhoods, like Travis Country, being built up in the mid 1970’s, to communities like Davenport Ranch, which were initially built up in the 1980’s but continued to see construction through the turn of the new century. This abundance of construction styles in both the exterior and interior of homes offers many opportunities for modern and luxury upgrades to be made in Austin homes.
In the report, three interior remodeling projects were considered to be the most worthwhile investments for a homeowner to undertake. These included:
- A midrange attic bedroom, expected to return 72.5% of costs upon resale is the least expensive way to add a bedroom and bathroom within a home’s existing footprint.
- A minor kitchen remodel, expected to return 72.1% of costs, can be a relatively inexpensive way to give a dated kitchen a desirable facelift.
- A wooden deck addition is expected to recoup 70.1% of costs, in addition to providing the current homeowner with a peaceful, sunny retreat.
Not all improvement projects are expected to have a high rate of return, despite how desirable the finished product may be to the current home owner. These projects include a sunroom addition and a home office remodel, both estimated to recoup less than 46% of costs on average.
“Resale value is just one factor among many that homeowners need to take into account when making a decision to remodel,” said president of the National Association of Realtors, Moe Veissi. “The desirability and resale value of particular remodeling projects also varies by region and metropolitan area. A REALTOR® can help homeowners decide what low-cost improvement projects will provide the most upon resale in a particular market.”
To speak with an Austin REALTOR® about Austin homes and remodeling, contact Regent Property Group founder Brian Talley today.
