No matter how many homes you’ve had, you’ve probably made each one of them your own in some way. Perhaps you’ve painted rooms. Maybe you’ve done some landscaping or added other outdoor decorations. And perhaps you’ve even dug deeper and done some renovations. In fact, a lot of people — about one-third — plan to do a remodel to their homes in the next five years. They may be planning this because they want to make a home their very own, or they may be looking to add value to their homes.
Remodeling, of course, is one step, and that’s different than just general upkeep. Those need to be done without delay. But when you’re considering renovations, you may want to consider the potential payback — meaning, the value that you might get once you sell the home. How do various remodels shape up? This graphic explains it.
See also: Additional Tax Reform information