Information provided by Quicken Loans
One of the smartest things you can do with your home's equity is to put it right back into your home. It's a clear win-win: You enjoy an improved living environment and enhance your home's value at the same time.
But not every project will increase the resale value of your home. It's best to stick with the ones that will give you the biggest return.
Here's how Remodeling Magazine rates top jobs in terms of one-year return on investment (ROI):
Project: Minor kitchen remodel
ROI: 88%
Average Price Tag: $8,655
Project: Second-story addition
ROI: 83%
Average Price Tag: $73,553
Project: Bathroom remodel
ROI: 81%
Average Price Tag: $9,135
Project: Bathroom addition
ROI: 81%
Average Price Tag: $13,918
Project: Family room addition
ROI: 75%
Average Price Tag: $30,960
Project: Major kitchen remodel
ROI: 71%
Average Price Tag: $31,090
Project: Deck
ROI: 55%
Average Price Tag: $8,022
Home Improvement Tips:
Don't over-improve. It's difficult to recover the investment in a home that is already more valuable than most others in the neighborhood.
Keep whimsy in check. Eclectic tastes likely won't appeal to mainstream homebuyers.
If you'd like to learn more about refinancing your mortgage, please visit Quicken Loans or call 800-251-9080 to speak to a refinance expert who can answer all your questions.