Home prices are rising and today’s mortgage holders are reaping the rewards. A reward of nearly $457 billion collectively, to be exact.According to Corelogic’s 2019 3rd Quarter Homeowner
Projects That Pay: Home Renovations with the Highest ROI
Not all home renovation projects are created equal. One question that every person asks themselves before embarking on the journey of renovating their home is, “How much of this money will I be able to get back when I sell my house?” While there is no definitive answer, there are a myriad of factors that come into play when deciding on a budget and what areas of your home to allocate the spending.
Considerations such as your home’s current value and the comps of properties in the surrounding area should factor into your decision. According to Space Coast Daily’s “Market Watch,” the median sales price for Brevard single family homes and townhomes/condos is up 1.5% and 10.8%, respectively. Click here to get a free market value of your home.
Selecting remodeling projects that have the highest return on investment will get you the most bang for your buck and a higher value for your home when it comes time to sell. Even if you aren’t looking to sell your home, and would like to refinance, renovations are taken into account when your home’s current market value is assessed by a property appraiser.
Since many remodeling projects can get pricey, it’s important to know which home renovations will add the most value to your home when it comes time to sell. Here are four home remodeling projects that deliver the highest returns, according to Bankrate.