As any homeowner who’s tried to set aside a budget for a home remodel knows, renovation projects can get incredibly costly, incredibly fast. And while plenty of easy, affordable projects can add a lot of value to your property, many homeowners also fall victim to “over-upgrading,” hitting the point where the cost of their home improvement projects outpaces the potential value of their home in an appraisal.
With that in mind, wouldn’t it be nice to know what projects were more likely to add value, before it came time to invest your effort and money?
That’s just what Remodeling’s “Cost V. Value” report has done for years now, cataloging the ROI for home improvement projects each year. HouseLogic recently analyzed all of the Remodeling data since 2002, tracking which projects had the most consistent long term ROI.
With our thanks to Lifehacker for compiling the information, here are the top ten projects for “long term ROI:”
- Window Replacement – 78.6% ROI
- Siding Replacement (foam-backed vinyl) – 79.5% ROI
- Garage Door Replacement – 80.7% ROI
- Minor Kitchen Remodel – 81.8% ROI
- Entry Door Replacement – 98% ROI
- Siding Replacement (fiber-cement) – 83.9% ROI
- Siding Replacement (vinyl) – 81.5% ROI
- Deck Addition – 80.6% ROI
- Attic Bedroom Remodel – 79.3% ROI
- Bathroom Remodel – 77.1% ROI
The takeaways? Siding is a relatively surefire bet for making back your investment; siding projects take up three of the top ten slots, and with the many materials and options available, there’s likely to be a siding project that works comfortably for your budget.
Other safe bets? Updating and replacing doors and windows can add plenty of value to your home; fresh entryways increase your sale’s curb appeal and make your potential buyers feel more welcome and secure in the property. Even more good news? Kitchen and bathroom remodels have consistently high rates of ROI, which is a boon when you consider that you can add tons of value to your kitchen or bath with lots of little additions and updates; these small projects add up to create huge value, without you having to break the bank.
Have any more questions about updating or staging your home for a sale? Looking for an experienced team to help guide you through the ins and outs of Chicagoland real estate? Whatever your buying or selling needs, Real Group is here to help! Drop us a line today to get the conversation started.
