Bang for your Buck: Home Renos in 2010
If you're like most people, expensive home renovations are not in the budget for 2010. We all have grand ideas of how our homes could potentially be improved, but a brand new top-of-the-line kitchen may not be an option in these economic times. Many homeowners are wondering how to spend their reno budget to get the most return, preparing for when they decide to sell.
2009 brought uncertainty to all aspects of the country's economy, including home renovations, as homeowners chose to invest in smaller, less pricey projects with big returns. According to Realtor Magazine, six of the 10 top renovation projects costed under $14,000.
Remodeling Magazine breaks down the return on investment per geographic area and for specific projects. In the Miami, Fl geographic region (which includes Dade, Broward and Palm Beach counties) the highest return is replacing the entry door. This is a very inexpensive update, costing an average $1,172, which yields $1,470, a 128.9% return. The second best renovation is adding an attic bedroom, which yields an 83.1% return. For a full list of renovations and their returns, visit Remodeling Magazine website.