These projects bring in the best return on investment.
Long weekends often serve as a time to finally tackle that home improvement project that’s been weighing on your mind. But before you tear down that wall, take a look at where to invest your home-improvement dollars, and where to pass.
Recently released analytics show which home improvements produce the highest return on investments, and the findings are somewhat surprising.
HouseLogic’s data is provided by the NAR’s remodeling report, which is released every year.
Remodeling magazine polled contractors and real estate agents to compile their findings. They found the improvement with the best return on investment is fiberglass insulation in the attic. The average cost is $1,343, and the resale value is $1,446. That’s an ROI of more than 107 percent, which doesn’t include the savings on heating and cooling the space.
Two other upgrades, which are aesthetically focused, includes adding a steel front door. That yields a 90.7 percent ROI. Another cosmetic change that has a high-recoup percentage is using a manufactured stone veneer as a facade that looks expensive but is relatively affordable. That project could generate an 89.4-percent ROI.
Real estate site Inman‘s advice is to replace rather than remodel whenever possible, and to prioritize exteriors over interiors.
“Projects that involved a total replacement — such as windows and doors — scored high among the real estate professionals surveyed,” the site advises.
The same outlet suggests installing a “universal design” bathroom that might appeal to all generations. That includes a “walk-in shower, support bars and a wheelchair-accessible sink,” which are all features that appeal to anyone, including older generations.
“Baby boomers are getting older and they’ve decided, for the most part, that they don’t want to move,” Remodeling Editor-in-Chief Craig Webb told Inman. “That means that they’ve asked themselves ‘Well, what does it take to live here?’ and ‘What do we want to do to change?’ Sometimes it’s putting the bedroom on the first floor, or putting in a walk-in shower.”