| The
annual report is the result of responses from 300 real estate
professionals in 60 markets nationwide. Remodeling Online asked
the pros what level of return a given remodeling job would provide
if the house were sold within one year of the work. On the
average nationwide, kitchen and bath remodels along with second-story,
bath, family room and master suite additions were rated tops.
Experts say newness and spaciousness are key.
"You get the value because it's all new. People spend
a lot of time in certain parts of the home the kitchen, the
bedroom. Even though they are unconscious for most of the
time in the bedroom, they want to know it's nice when they
wake up. It's all just psychological," said Ken Willis,
president of the non-profit League of California Homeowners,
an Ontario, California-based home remodeling, real estate
transaction and financing information portal with 12,000 members.
"Large is in vogue. You get value simply by having more
space," Willis added.
From a minor kitchen remodeling job's return of 88 percent
to a 71 percent return on both a major kitchen remodeling
job and a master suite addition, here's a look at what gives
you the top five best returns for your money. Maintenance-related
jobs are excluded. For periods longer than a year between
the remodeling work and the home sale, expect smaller returns. |
