Where do you get the most bang for your buck when it comes to remodeling or making improvements to your home? Homeowners make many improvements and upgrades to their home simply because they want the added enjoyment or comfort they receive as a result, however, other homeowners, particularly those contemplating a move in the future, also focus on the investment aspect of the improvement. Under normal conditions, I don’t know of an improvement you can make to a home that, if you sell the home, will bring you 100% return on your investment, meaning if you spent $10,000 on the improvement, your home will sell for $10,000 more than had it not had the improvement.
However, there are some home improvements that bring a good return on the investment: For example, here in the west north central region, upgrading insulation, which an average project cost of $1,340 brings an 89.1% return on the investment, increasing the value of the home by $1,193, according to the Remodeling 2017 Cost vs. Value Report (www.costvsvalue.com) . Other projects bringing the best return on investment, according to the report, are:
- Minor Kitchen Remodel (cost $21,213, return $15,845 (74.7%)
- Manufactured Stone Veneer (cost $7,903, return $5,860 (74.1%)
- Entry Door Replacement (steel) – (cost $1,423, return $1,026 (72.1%)
- Siding Replacement (cost $14,948, return $10,297 (68.9%)
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