Home remodeling: What's it worth?

Since closing in May on a 4,200-square-foot house in Detroits Indian Village, Joe Danley and his wife, Melanie, have been transforming it into the perfect space for their growing family.

The couple refinished the hardwood floors, painted walls and ceilings and even sandblasted the brass hinges, locks and fittings in the house, which was built in 1914. Bathroom remodeling is next.

This house has proven to be a much bigger undertaking than we planned, but we wouldnt change it for the world, Joe Danley said.

With the home remodel season under way and the housing market on the rebound, more people are tackling home improvement projects and getting a better return on their investment than in recent years, industry experts say. Whether the work is intended to make a house more comfortable to live in or to boost resale value, some projects can pay off more than others.

Graphic: Remodeling, what's it worth?

The two big remodel areas that you see all the time, that probably give you the best return and bang for your buck, are generally thought to be a major kitchen remodel and a master bathroom remodel, said Lee Schwartz, an executive vice president with the Homebuilders Association of Michigan.When you think about kitchens and bathrooms, they contain the most components that you can upgrade.

About 30% of home improvement projects are undertaken with the goal of increasing resale value, Schwartz said. Most people remodel simply to make their house better suit their own needs.

Its tough to get (any remodeling project) to pay off 100%. ... It depends on what youve done, how much youve spent and what your market is, Schwartz said.

Ann Zaniewski

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Home remodeling: What's it worth?