The best (and worst) home improvement projects for ROI
Thinking about sprucing up your space to increase your home’s value? Don’t waste your time with projects that won’t yield ROI when it comes time to sell— here are the best and worst home improvement projects in terms of return on your investment.
The best home improvement projects
#1 Garage Door Replacement
Coming in at the number 1, replacing an old garage door for a new one yields a 96% return on your investment when it’s time to sell— talk about a good choice! You can expect to spend about $3,600 on a carriage-style 16X7 garage door.
#2 Kitchen remodel
It’s no secret that kitchens and bathrooms sell homes, so it comes as no surprise that a kitchen remodel yields a good return when you sell your home. Costing an average of $23,000 for a minor kitchen remodel, you can expect to recover about 78% of your investment.
#3 Siding replacement
Returning an average of 77% of your investment, replacing old siding is a solid investment. Not only can you expect to recoup much of your costs associated with this project, but you’ll delight buyers from the moment they view your home— there’s nothing worse than bad curb appeal.
#4 Adding a deck
Impressive outdoor spaces sell homes almost as much as indoor spaces that wow. If your home desperately needs a deck, consider adding one to increase your overall market value. Wood decks cost an average of $14,000 and recoup around 72% of investment when it comes time to sell. Thinking about putting in a composite deck instead? Data shows wood decks recover slightly more of their investments, showing that composite decks can expect to return 68% of their investment.
Home improvement projects that don’t yield as much ROI
While a backyard patio is a wonderful addition to a wooded yard, turns out it doesn’t return as much as some other projects do when it comes time to sell. Expect to spend about $54,000 and recoup only 47.6% of your investment. Consider a backyard patio project if you’re planning to stay in your home between 5-7 years or longer.
Master suite addition
While more space is always welcome, a master suite can run homeowners a staggering $136,000 and only recovers around 58% when it’s time to sell. If you need more space, consider adding a master suite addition if you plan to stay put for a decent period of time.
While replacing an existing entry door with a grand entrance door with dual sidelights can improve the overall look of your home, it doesn’t recover too much of your investment. If you complete this project you can expect to recoup about 53% of your investment.
Who doesn’t want more bathrooms? While no one can argue that too many bathrooms are a bad thing, adding a bathroom doesn’t bode well for your checkbook, come selling time. Bathroom additions cost an average of $49,000 and recover only 54% when you sell your home.
Source: Remodeling magazine