CHICAGO, IL-- Minor kitchen remodels are considered one of the top returns on investment when it comes to home renovation, according to Remodeling magazine's Cost vs. Value report. Entry door replacement (steel), deck additions (wood), garage door replacement and attic bedroom renovations also top the list.
The Appraisal Institute, the nation's largest professional association of real estate appraisers, says it encourages homeowners to consider these cost vs. value factors when making decisions on which home improvement projects to start because not all renovations enhance property values.
"It's very important that renovations stay within, but not exceed, community norms," said Appraisal Institute President Ken P. Wilson, MAI, SRA. "If they don't match what's standard in a community, owners could have difficulty recouping their investment when selling the property. Consumers should be aware that cost does not necessarily equal value."
Other renovations with high returns include window replacement (wood and vinyl), siding replacement (vinyl) and basement remodel.
Factors such has how long the homeowner will be in the home also impact the return on investment. The longer a homeowner stays in a property, the greater the opportunity for a return on investment, Wilson added.
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