We get this one a lot.
Fact is, there is no remodel project that we know of that will put more money in your pocket than you spend on construction. Sure, a nice remodel adds value to the property, but don’t expect to fully recover the cost of the project. In fact, the number one remodel project for ROI in 2019 – updating the garage door – recoups only 97.5% of the cost, while the average for the top 20 remodeling projects is less than 60%.
The only way to maximize your return on investment is to stay in your house long enough to enjoy the appreciation that time has typically afforded homeowners, that is until sub-prime lenders started passing out Benjamins like Trump jeers at a Bernie Sanders rally.
Here’s our take: If you love your neighborhood or just can’t stand the thought of moving, if you plan — as some of our clients tell us they do — to stay in your home until the cows come home, then remodel away and don’t fret over your home becoming the most expensive house on the block. You’re going to live in it so make sure it meets your lifestyle needs, wants, and desires. On the other hand, if you don’t plan on staying until ol’ Mabel comes back to milk, it probably doesn’t make sense to remodel. You just won’t get your money back. That said, while a new kitchen might not pay you back in spades if you stick a “For Sale” in the yard two weeks after the job is completed, it might make it stand out in the market and lead to a quick sale.
