Homeowners invest a tremendous amount of money and time in renovating their homes and I am one of them. I have no plans of selling so the renovations I do on my home will be mine to enjoy for many years to come. But if you are thinking of making some upgrades and do plan on selling in a couple of years, you need to keep in mind that you won't get the majority of your money back when it comes time to sell.
Here is an example of some renovations with estimated cost and resale value:
Roofing: Cost $23,232 Resale Value - $14,689
Finished Basement: Cost $68,253 - Resale Value $41,918
Kitchen: Cost $22,267 - Resale Value $16,802
Bathroom: Cost $17,620 - Resale Value $10,773
These estimates are averages taken from the 2010-11 Cost vs. Value Report for the New England Region. This will give you a sense of the type of return you can expect based on the renovations you make on your home. For a more in depth report and explanations as to how they arrive at these figures, visit the web site at http://www.costvsvalue.com/.
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