Home Improvements - Will They Pay You Back What They Cost?
‘Millions of homeowners have taken advantage of low mortgage and home equity loan interest rates to make home improvements or remodel their homes over the last several years. When they sell their homes, many of them are unable to recoup the money they put into the improvements. Not all home improvements are created equal, so how do you know which ones will pay you back the money you put into them?
Home improvement payback values vary widely by region and even by neighborhood. In general, expect to recoup less of your investment in a slow real estate market than you would in a hotter real estate market where houses are appreciating rapidly in value.
One of the most popular projects, finishing your basement, has one of the lowest rates of return,. The average payback for finishing a basement is less than 50% of your costs, so if you spend $10,000, you can expect to increase the value of your home at resale by less than $5,000; the other $5,000 comes out of your pocket.’
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