Home remodeling projects are not created equal. Though many of them increase your home’s value, some don’t serve that purpose. The best thing to do is focus your time, effort, and money on projects that give you the best returns.
Here are some of the best home remodeling project ideas with the highest payoffs:
Though not the most glamorous of remodeling projects, attic insulation offers the highest return on investment. A fiberglass insulation job for a 35″ x 30″ attic costs a little less than $1,300. Its resale value, however, can go up to more than $1,400. That’s a recoup value of 116.9 %. To top it all, the project is relatively easy to do.
Installing manufactured stone veneer
This project guarantees 92.9 % return on cost. Installing manufactured stone veneer to your exterior walls will cost a little more than $7,500. It can fetch a respectable $6,900 resale value.
Garage door replacement and update
This may not be the first thing that comes to mind when you mention “home remodeling,“ but the payoff makes it worthwhile. Replacing your garage door may cost you around $1,600 but it will give you a hefty $1,512, or a whopping 91.5% return on costs. Meanwhile, giving your garage door a facelift costs a little around $3,100. But with a 90% recoup factor, you can expect to get around $2,800 on the resale value.
Installing energy-efficient windows
Changing your windows for a more energy-efficient model is good for several reasons. First, you save up to $500 in heating and cooling costs. Second, you get a 10% green-energy tax credit if the new windows are Energy Star-rated. In the end, the $7,500 replacement cost on your windows will yield you a 60-90% return on cost.
Updating the kitchen
An update – not be confused with a complete kitchen overhaul – can recoup around 60 to 120% of your expenses. The rule of thumb is simple: don’t make your kitchen the fanciest part of the house. The best kitchen updates include giving walls a fresh coat of paint and replacing old appliances with more energy-efficient ones.
Reinventing the existing space
This project will add more usable square footage to your home. But you have to be careful in choosing what to do. Demolishing walls and hallways takes more time and costs more. Reinvent existing space instead. Convert the attic into a bedroom, line a narrow hallway with shelves, and turn the guest room into a home office. Show that the space in the home in flexible enough to suit a number of purposes.
Improving the bathroom
A bathroom remodel can give you more than 100% return on investment. Just don’t go overboard. Stick to simple improvements. Install new fixtures, re-grout the shower, and give walls fresh coat of paint in a neutral color.
Adding smart tech features
Install a programmable thermostat that can be controlled using a smartphone or a laptop. This and other wireless smart home features can increase the value of your home from 3 to 5%.
You can learn more tips on selling your home here.