Renovations??

Question

Is there a site that will tell me the potential "gains" that I will get from doing home repairs?

I know they say if you remodel your kitchen you will get xx% back when you sell...etc etc.

I want to add a room to my house and a wrap around deck, but I don't know if the monies spent would come back to us if we sold.

Thanks.
Dee

Answer 1

About.com has a really good series of articles.
http://homerepair.about.com/od/workingwithcontractors1/a/renovation_roi.htm

The "book" answers you often see are averages, and may not apply to you.

For example: Kitchen = 94% return.

If your kitchen is from the 60s, you may get a 400 or 500% return. If you already have a high end kitchen, you will get a 0% return.

You have to compare your house to others in the neighborhood, and how they compare before and after the updates.

Unless you plan on selling in the next 2-3 years, do it because you need it or will enjoy it.

Answer 2

I added a top level to my house.
Three bedrooms with extra large and walk in closets.
Cut the fourth bedroom for the closets.
Sold thi shouse in three days. All the people loved the space.
Kitchen is also a good investment.
I also renovated the old bathroom and added a new on on the top level that was also a high point of the sale.

Answer 3

Yes, there are plenty of sites that will show an average return, but I can save you the trouble. But for a few exceptions (and not the ones you mentioned) you will not get your money back. So do the additions for your own enjoyment, not for investment's sake. This article from the Wall Street Journal backs up my statement:

http://www.realestatejournal.com/buysell/tactics/20060606-hoak.html

Best of luck.

Answer 4

The HGTV website has some great articles and calculators about returns on your investment.