Chicago Life and Style.

Your Home. Your Life. Your Style

Great Renovation Idea–and what you will get in return

Seems like everyone knows that kitchen and baths sell homes….right? Well, at least, everyone that has redone their kitchen or bath knows that.  And everyone that hasn’t knows that its the “bones” of the space that matter. I mean, you can change appliances but you can’t change square footage. Right? Or is it location that sells homes? Wait, I thought if you staged it right, you could sell a cardboard box?  Truth is, we all have our opinions and there is some validity in all of them.  At the end of the day, it’s your home and you are probably going to renovate to something you like. If you can stomach making conservative structural choices, there is a good chance that you can put your personal stamp on any room without sacrificing your ability to go “neutral” again when its time to sell.

Here is a handy list of what you are likely to recover on renovations you choose to do. I would caution anyone that if you are looking to get even close to the 100% number, you better have made very fiscally smart and conservative choices on the front end.

Percentage recovered upon resale
Kitchen upgrade: 75% to 100%
Bathroom upgrade: 75% to 100%
Interior painting: 50% to 100%
Roof replacement: 50% to 80%
Replacement of furnace or heating system: 50% to 80%
Expansion (addition of family room): 50% to 75%
Doors and windows: 50% to 75%
Deck: 50% to 75%
Installation of hardwood floor: 50% to 75%
Construction of a garage: 50% to 75%
Fireplace (wood or gas) 50% to 75%
Central air conditioning: 50% to 75%
Finished basement: 50% to 75%
Wood fence: 25% to 50%
Interlocking paving stones on driveway: 25% to 50%
Landscaping: 25% to 50%
Asphalt driveway: 20% to 50%
Pool: 10% to 40%
Skylights: 0% to 25%

In this economy, few people have a ton of money to dump into their homes right before they put it on the market. Well, actually, at any time! It is true that a nice clean bath is a selling point just as an outdated one is a negative. But, you don’t have to spend a ton of money on what is likely the smallest room in your home.  It’s also a good place to try out your DIY skills. Now, that’s easier than ever with this great concept, a bath in a box. I love a good DIY project and I have a toolbox to prove it. But, I have also made several trips to Home Depot in a single day when I discover that I’m just two long wood screws short of what I need, or I have one tube of shiny and one tube of matte caulk.  Very frustrating.  Well, Bath in a Box solves all those issues by sending you-literally-every single thing you need.  Even if you aren’t planning a renovation, check out the website, it’s cool and you can design your own virtual bathroom!

If you are considering doing a renovation because you are planning to put your home on the market–PLEASE–talk to a professional Realtor first. Someone you trust to give you the real deal.  We would all love to sell homes that have gorgeous fancy new kitchens and baths but they aren’t a NECESSITY to make the sale so make sure you explore all your options first.

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