Which improvement projects pay off?
Posted by James Glenn on
There's no doubt that home improvement projects can add significant value to your home, but not all upgrades are a worthwhile investment. While some projects will basically pay for themselves, others won't even get close -- coming in at a loss.
If you want to improve your home's aesthetic while also boosting its value for a future sale, you'll want to choose your projects carefully. Make sure to heed these stats before deciding which ones to tackle.
Highest ROI Home Improvement Projects
Your best bet: Focus on curb appeal. Upgrades to exterior areas saw serious growth over the last year. Wood deck additions, stone veneer installation and new garage doors offer the highest return on your investment.
- Garage Door Replacement: Average Cost $3,470 | Cost Recouped 98.3 percent
- Manufactured Stone Veneer: Average Cost $8,221 | Cost Recouped 97.1 percent
- Steel Entry Door Replacement: Average Cost $1,471 | Cost Recouped 91.3 percent
- Wood Deck Addition: Average Cost $10,950 | Cost Recouped 82.8 percent.
Lowest ROI Home Improvement Projects:
What projects might be best to skip? On average, backyard patios, master suite additions and major kitchen remodels net low returns.
- Backyard Patio: Average Cost $54,130 | Cost Recouped 47.6 percent
- Master Suite Addition: Average Cost $256,229 | Cost Recouped 48.3 percent
- Major Kitchen Remodel: Average Cost $125,721 | Cost Recouped 53.5 percent
- Bathroom Addition: Average Cost $83,869 | Cost Recouped 54.6 percent
As you can see, there's a pretty big difference in the projects that deliver and the ones that just don't measure up. Make sure to do your research and choose your home improvement projects carefully before moving forward -- especially if you plan to sell your home down the line.