When you’re not in the market for a full blown home renovation, but still have a budget to do some updates you’re going to want to know the areas in your home that’ll bring you the greatest return on your investment.
You may be looking to sell your home sooner than later, or maybe not sell it at all, but keep it in the family.
Regardless, having knowledge on what will bring you the greatest return should be something you greatly consider.
You may be surprised at some of the top picks I’ve scrounged up for you!
You’re instinct may be to assume a kitchen or bathroom reno will be the best renovation you could do for yourself and your home, but after doing some personal research I’ve learned otherwise.
According to Money.USNews.com (article dated June 23, 2017 sourced their information from Remodeling Magazine, who does a cost versus value analysis of 29 home projects), for 2017 the winners are…
1. Attic Insulation
This project is rather inexpensive and can usually be done for around $1,500 with an estimated return of 108%
Even if you’re not selling your home, this is still a great project to do for reducing energy costs in your home.
2. New Garage Door
Expect to recoup about 85% of the cost of the project
A new garage door can really give a home a great facelift! We bought our current home about a year ago and although the garage doors are in great shape, and a great brand, you can tell they are from the 80’s which isn’t so pleasing on the eyes…
3. More Square Footage
Recoup about 69% of the project price
I’ve personally heard great things about this one from our current realtor and also the home inspector we used, so it really makes me wonder if the return on this would be HIGHER than the estimated 69% I read about.
They both very highly recommended that we turn our upper attic space, because it’s quite large, into a 4th bedroom someday. (We do plan on doing that down the road).
4. A Better Front Door
91% return on a steel door; 78% on a fiberglass
5. Improved Landscaping
Estimated 105% return
Great landscaping can really make a home more welcoming and class it up a lot! Nice curb appeal makes buyers feel great, and frankly, makes you feel great as the homeowner!
6. Kitchen Remodel
About 65 to 80% return
Everyone loves a beautiful kitchen, but they are also quite expensive to renovate and you don’t always get the biggest return on that.
7. Bathroom Improvements
I haven’t found you always get a great return on bathroom improvements…from what I’ve read about it anyways…
Something to consider is whether or not you have more than one bathroom in the home…people will almost always prefer two bathrooms so it may be worth adding one if that’s the case, you’ll just have to weigh the pros and cons, and cost, of course.
8. New Windows
Remodeling Magazine states there is about a 74% return investment on vinyl windows, which is 1% higher than the return on wood windows.
9. High Efficiency Appliances
‘Like insulation, upgrading to high efficiency appliances, water heaters and furnaces has a dual benefit. These may make the home more attractive, but just as importantly, they reduce living costs for the homeowner.
Some states and cities may also have tax incentives or other programs to help offset the cost. “That’s way better than stainless steel appliances or throwing up some granite,” Jason Shepherd states, who is co-founder of Atlas Real Estate Group in Denver’
10. Interior Paint
Bringing light in and brightening up a space will always be beneficial to the sale of your home, and new paint is a very inexpensive project that makes a world of difference, which I will always HIGHLY RECOMMEND DOING!