As I indicated in my previous email, the most important decision regarding home improvements are how they add to the livability of the home from your prospective. However, your home is an investment and it is important to note how that investment will be affected by various improvements you may undertake.
Of course, improving your home is not soley an investment. Everyone’s tastes and desires are different. Some may want a fireplace in their master bedroom because they will enjoy the ambiance on cold nights. Others may be getting ready to expand their family this will change the use of their home in many ways. Perhaps you are a gourmet cook and your kitchen is your workshop! Regardless of your desires it is good to keep in mind the “financial returns” of various improvements.
According to MSN’s HomeAdvisor,you will receive the following “payback” in valuation for improvements to your home:
| Project | Cost | Average Payback |
| New heating or air conditioning system | $2,000 to $4,500 | 100% heating; 75% air conditioning |
| Minor kitchen remodeling | $2,000 to $8,500 | 94% to 100% |
| Add bathroom | $5,000 to $12,000 | 92% |
| Add a family room | $30,000 | 86% |
| Remodel bathroom | $8,500 | 94% to 102% |
| Add a fireplace | $1,500 to $3,000 | 75% |
| Build a deck | $6,000 | 73% |
| Build a pool | $10,000+ | 44% |
| Install or upgrade landscaping | $1,500 to $15,000 | 30% to 60% |
| Finish basement | $3,000 to $7,000 | 15% |
While this list may not change your mind with regard to undertaking a home improvement, it may very well effect the decision as to how much money you would like to invest in a particular project.
If you know anyone else who would benefit from this type of information, I would be happy to forward this list at your direction. Just contact me.
