Renovating a room can be fun! It’s creating something new in your home that wasn’t there before. But before you spend too much money, you may want to learn if that project will pay you back when you finally sell your home. After all, not all projects are equal and some have a higher return than others. Read on to see HGTV’s top 10 home remodeling projects and see which ones will help you recoup your costs.
Top 10 Home Remodeling Projects
- A Minor Bathroom Remodel – Doing a project like this can reward you with 102% of the cost! It involves doing things like replacing the tub, surround, tile, toilet, sink vanity and fixtures.
- Landscaping – There’s nothing like creating curb appeal for your home and it pays you back at 100%, as well. Be sure to bring in a designer who can help you create the right look for your home.
- Minor Kitchen Remodel – This project involves a cosmetic update, not a redesigned floor plan. But it still pays you back at resale. A minor kitchen project lets you recoup 98.5% of the cost.
- Exterior Improvements – Making sure your vinyl siding looks good, your paint is fresh and your front entryway is inviting is also a sound investment. These improvements can reward you with 95.5% of the cost at resale.
- Attic Bedroom Conversion – This project can vary depending on where you live and how much extra work you need to do based on your home’s furnace and insulation. In the West, an attic bedroom can provide a recouped cost 105%. In the Midwest, it’s less but still substantial: 82%.
- Major Bathroom Remodel – A project like this involves expanding the existing footprint of the room and adding designer fixtures. But it can deliver a 93.2% return!
- Major Kitchen Remodel – Homeowners who remodel their kitchens can expect a 91% recoup of their investment. Be warned, the midrange for a project like this is over $43,000!
- Deck, Patio or Porch Addition – It will cost about $11,000 to add a 16×20 ft. deck onto your home. At resale, homeowners can expect to get about 90.3% of that back.
- Basement Remodel – Here is another project that has varying returns based on the region. The average finished basement cost is over $51,000. If you live in the West, expect to get 108% of the investment back at resale! In the Midwest, however, it is only 73%.
- Replacement Windows – Very few people choose this is as their favorite project, but it still ranks as one that has a significant return. Replacing ten windows costs about $9,700 but it can get you 89.6% in recouped value.
Remodel vs. Maintenance
Of course, picking and choosing one of these top 10 home remodeling projects brings up the question of priorities. If the roof is leaky, or the basement is wet, is my money better spent on repairing those issues, or a new kitchen?
HGTV suggests that the general consensus by realtors is get the basics fixed first. If your home has issues, buyers won’t be able to get past them, no matter how nice your kitchen looks.
Remodeling Magazine maintains that you’re better off spending on the maintenance issues because you will get a better return from them at the time of sale than you will a bathroom remodel.
That’s not to say that kitchens and bathrooms are not good investments: they are. They continue to provide homeowners with some of the best return. But buyers want to assume that the basics, such as a roof that doesn’t leak, are taken care of.
Thinking about a home remodel but not sure of the best way to go, give us a call. We would love to talk you through your choices and help you make a good decision!