When Mike Stone's grandmother moved into assisted living, mike undertook a project to upgrade her former townhouse apartment for his own use. The main improvements were the addition of hardwood flooring in the living room, kitchen and dining room as well as adding granite countertops in the kitchen. In the final tally, Mike went about a third over his intended renovation budget, but he more than gains back the overage with the overall value boost to his home. He now has a place that feels like his own.
And, later when it's time to put it on the market, potential buyers will appreciate the quality features Mike has incorporated into the home.
Here's the dollar breakdown in terms of equity boost vs. project cost:
Final Tally:flooring and underlayment $2,630
countertops $4,100
sink & faucet $575
paint $140
lighting $260
hardware $300
TOTAL = $8,005
realtor's estimated value increase = $19,000
total cost of material = $8,005
net return on investment = $10,995
![PHOTO](javascript:popup("http://img.diynetwork.com/DIY/2008/05/05/dsdq307_1ca_BEFORE_livingroom06_e.jpg",350,450))
![PHOTO](javascript:popup("http://img.diynetwork.com/DIY/2008/05/05/dsdq307_1cb_AFTER_livingroom01_e.jpg",350,450))
![PHOTO](javascript:popup("http://img.diynetwork.com/DIY/2008/05/05/dsdq307_2ca_BEFORE_kitchen01_e.jpg",350,450))
![PHOTO](javascript:popup("http://img.diynetwork.com/DIY/2008/05/05/dsdq307_2cb_AFTER_kitchen01_e.jpg",350,450))
