Is Your Home Improvement Project Worth It?

As the weather turns to Spring, homeowner’s start to think about home improvements.  Several years back, we did a major home improvement to our home and we had to make some tough decisions about what improvements to make.  Do we make changes that will make our lives easier?  Do we do something that would bring added value to the home?  These are the tough decisions we had to make as homeowners.

First, do the improvements that will ward off problems.  For example, it’s better to replace a roof than to wait until it leaks.  Once it leaks, you have to repair interior water damage on top of replacing the roof.  In my opinion, regular maintenance and preventative maintenance are your top priority.

But what about the other things you want to do around your home.  According to Remodeling Magazine, here is a chart about average cost and what portion of that cost can you expect to recoup in value.

Which home improvement projects pay off?

Project	Job Cost	Resale Value	Portion Recouped
Entry door replacement (steel)	$1,162	$1,122	96.60%
Minor kitchen remodel	$18,856	$15,585	82.70%
Window replacement (wood)	$10,926	$8,662	79.30%
Basement remodel	$62,834	$48,777	77.60%
Major kitchen remodel	$54,909	$40,732	74.20%
Bathroom remodel	$16,128	$11,688	72.50%
Roofing replacement	$18,913	$12,777	67.60%
Backup power generator	$11,742	$7,922	67.50%
Home office remodel	$28,000	$13,697	48.90%

SOURCE: Remodeling Magazine 2014 Cost vs. Value Report, mid-range projects

So, what if the improvement you want, isn’t just something that will make the house look or feel nicer. I personally don’t think the choice is as easy as picking the project most likely to recoup your expenses.  The first question you need to ask yourself is, “How long to do I expect to live here?”

If you are planning to sell in the near future, then recouping your expenses is a major factor in your choice.  Talk with a realtor and discuss what improvements will increase your home’s value and recoup your money.

But what if you are planning to live in the home for a long time?  Then choose the project that will make your life more enjoyable.  If you are handy and have the time, you can do some improvements yourself.  A fresh coat of paint always makes a home look better and most people can do this themselves. If you want to tackle a bigger project yourself, then your home improvement store can be a big help with how-to classes.

In case you were wondering, we did some major improvements – renovated the kitchen, remodeled a bath, added an additional bath, updated the electrical, etc.  We worked within a set dollar budget and did a lot of the work ourselves.  Bottom line, think about what you want to do, and do your research first.  Your kitchen remodel may be affordable if you reface the cabinets instead of replacing them. It’s something to think about.