Homeownership…it’s the American Dream, right?
Owning a home is a great feeling – it’s yours! There’s no downside to owning your own home. Everything you put into your home, you’ll get back. However, it’s what we do to our homes that adds value. Your home always needs work. Something will break and items will need to be updated.
The question is…what should you be sinking more money into when making home repairs? Here are the home renovations that Remodeling’s Cost vs. Value study says will give you the biggest bang for your buck, as well as projects that generate the lowest return.
Renovations that yield the smallest return:
- Home office remodel: 48.9 percent
- Sunroom addition: 51.7 percent
- Backup power generation: 67.5 percent
- Master suite addition: 67.5 percent
Renovations that bring the greatest percentage return on investment:
- Entry door replacement: 96.6 percent
- Deck addition (wood): 87.4 percent
- Attic bedroom: 84.3 percent
- Garage door replacement: 83.7 percent
- Minor kitchen remodel: 82.7 percent
Kitchens, bathrooms, windows and wood floors are some of the big ticket items that will increase your home value and you will see the return on investment.
The best way to improve home values is to start small.
You don’t have to take on big projects and re-do everything all at one, especially if this is your first home. It’s a learning process. The best way to start is to do what needs doing–and nothing more. Why buy a new ceiling fan when replacing the blades will do? Taking this approach allows you to make several small improvements instead of taking on just one or two bigger ones.
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