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Home Remodels That Pay OffJune 27, 2013
If you're considering renovating all or part of your home, you might be wondering which home remodeling projects provide the highest return on investment, and ultimately, add the most resale value to your home.
Home Remodels That Pay Off Most
According to Remodeling's 2013 Cost vs. Value Report, the answer technically depends on where the property is located. Generally speaking, though, the best investments are those that improve the external appearance of the home. This includes replacing the entry door with steel units recoups almost 86% of the cost or adding a wooden deck, which recoups about 77% of the cost. Replacing the garage door will earn you back about 76% of the $1,500 average that it costs to do the job.
Home Remodels That Pay Off Least
While many people start off with a major kitchen remodel to increase their home's appeal, this investment only yields a resale value that is 69% of the cost of the project. Although this isn't generally the resale value that most folks hope for, there are other renovations that yield even less return. For example, although adding a backup power generator seems like a good idea (and generally is), this addition will only recover about 53% of the project cost when it comes time to sell the house. Even lower still, a sunroom addition will only recover about 47% of the cost. And, last but not least, only 44% of the $27,292 average cost of a home office remodel will be recovered - an average resale value of $11,911.
All in all, although remodeling a bathroom might be one of those things you might be wanting to do for a long time, you may want to reconsider if you think you'll be selling your home sometime soon.
About the Author – Fernando Santillan
Fernando Santillan is a Fresno-based housing and financial blogger for 1st Continental Mortgage | Starrr, Inc.