If you're going to do home improvements before you sell your home or just because it's time to take care of something in your house, there are renovations that pay off and improvements that don't really bring in much of a return. The average project only returns 66 cents for every dollar spent! Read on to learn what will pay the most dividends should you decide to sell your home.
Practical, Mid-range Projects Are Best
If you'd like to get 96.6% return on an upgrade, go out and get yourself a fancy new front door. Get one that's a mid-range steel door with a clear dual-pane half glass panel. While you're at it, get a new set of locks for it as well and add some new security. According to Remodeling Magazine, it will cost you (on average) $1,162 for the door and you'll recoup $1,122 when you sell your home. Along those same lines, a new garage door will set you back $1,500 but you'll get $1,283 back (83.7%). The best thing about these door projects is they bring instant curb appeal which is probably the biggest selling factor as there is nothing as important as the first impression for people who are house hunting.
Pricier But Still Beneficial
Adding a wooden deck to your home can be a great upgrade with a nice return. It's more costly (averaging out to $9,500 for a 16'x20' wooden deck) but you will still get back 87.4% of that investment while adding super useful and aesthetically pleasing to your home. Other more pricey but impactful projects include replacing the windows (will return 79% of the cost), or get rid of that old ugly and dirty vinyl siding and replace it to recoup 78% of the cost. Replacing siding, especially if it's old, instantly adds a modern aesthetic and a facelift.
Larger Scale Projects
If you want to go ahead with a major renovation, feel free to tackle something adding a bedroom in the attic or redoing the basement. Now, you're looking at tens of thousands of dollars, and yes it's huge chunk of money, but it makes a huge difference in your home!
Home Improvement Disappointments
When it comes to getting the least amount of return on your investment, new roofs and backup power generators are a money pit. On average, if you spend $11,700 for a generator, you will only get back 67.5% and about the same on the roof, if it costs $18,900 on average. Other money-wasters include master suite renovations, sunroom additions, and bathroom additions.
Posted by Shawn Clayton on
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