Whether homeowners plan to stay in their home long-term or for just a few years, it is wise to know which home improvements and renovations add real value. Because not all home improvement projects are created equal, especially when it comes to maximizing the return. In 2018 research shows the best mid-range products with the highest return on investment nationwide include:
1. Attic Insulation
This might come as a surprise, but adding loose fill fiberglass insulation to the attic is at the top of the list. Nationwide it is the only project that can give homeowners an average of 107 percent recoup on cost. And with the price of installation on the rise, this is a project homeowners should do sooner rather than later. As an added bonus, with energy savings, homeowners can start getting a return on their investment right away.
2. Garage Door Replacement
Another surprise at the top of the list, a good-looking garage door. Replacing the standard 16 by 7-foot door with galvanized steel tracks and an updated four-section door can really boost curb appeal. The average cost for this project is $3,000 and the recouped cost is almost 98 percent when homeowners sell.
3. Minor Bathroom Remodel
When redoing a bathroom, elements that improve resale include added storage, natural light, and stone or tile floor, shower, and tub surrounds. Remove dated wall coverings, apply a fresh coat of paint, and remove or replace old shower doors. Simple steps to create an illusion of space and make a small bathroom more attractive have huge payouts.
4. Minor Kitchen Remodel
The kitchen is one of the hardest-working rooms in the house and the hub of a home. If homeowners are looking for a handsome return, pay attention to the kitchen. But no need to do a major overhaul or invest in top-tier appliances. Instead, homeowners should focus on a cosmetic update with more neutral colors, natural finishes, and plenty of daylight. New, mid-grade appliances, fixtures, and refaced cabinets hold high value.
5. Deck Addition
A major advantage of owning a home is capitalizing on yard space. And nothing enhances a yard like an outdoor living space. Compared to a lot of other renovation projects a wood deck can be fairly inexpensive to install and makes a big impact on the appeal of the home.
6. Siding Replacement
Home appraisers look for structural elements. Stucco, siding, and stone veneer play a major part in that. Exterior updates are on the more expensive end of home improvements, but also offer a high return when the job is done right. The average cost of upgrading 1,250 square feet of vinyl siding is about $7,000. And homeowners can expect about a 95 percent recoup rate.
7. Window Replacement
For homes 15 years or older one of the best investments is updating to more energy efficient windows. It is something prospective buyers will notice right away. And there are so many budget-friendly options and materials on the market. But because it is meticulous work, hiring professionals is the only way to go.
Contact us for more information about windows, siding, and other home improvement projects. We can help you get the best value and the best returns on your investment.