Projects that Payoff
TOM: While some home improvements boost home value, others have the same payback as a losing lottery ticket. Here’s how to find projects that payoff. Hi, I’m Tom Kraeutler.
LESLIE: And I’m Leslie Segrete with today’s Money Pit home improvement minute.
TOM: Tackling a home improvement project doesn’t always add value to your home. Before you begin, carefully consider the cost and motivations behind your latest renovation idea.
LESLIE: There are two reasons to make major home improvements: pleasure and necessity. If you’re not planning to move for a decade or more, you can put enjoyment first. But if you’re improving to add resale value, focus on more strategic changes.
TOM: Projects with the best return on investment include kitchens, baths, and window replacement. You can also improve home value with less expensive additions like a new deck or patio, or even Energy Star appliances to make projects that payoff.
LESLIE: Before any project, do your research and get a realistic cost estimate. It will help you with your cost-benefit analysis and selection of a project contractor. I’m Leslie Segrete.
TOM: And I’m Tom Kraeutler. For more Money Pit home improvement tips, visit moneypit.com.