Are you thinking of a home renovation project? Why not pick one which has the highest rate of return when you go to sell your home? This list of renovation winners may surprise you.
If you’ve been kicking around the idea of some home improvements, but aren’t sure which ones make the most financial sense, don’t miss “The Renovations That Will Pay Off the Most for Your Home in 2017” published by Realtor.com.
While some renovations sound like they’re a home run for your home’s value, in actuality big-ticket projects recoup far less than some of their simpler counterparts.
For example, adding fiberglass insulation to your attic has an astonishing estimated return of 107.7% compared to a bathroom addition, which averages only a 53.9% return.
The report compares the average cost of the project to the expected value at the time of resale. Here are the top 10 projects and their ROI percentage:
- Fiberglass attic insulation (107.7%)
- Steel entry door upgrade (90.7%)
- Manufactured stone veneer (89.4%)
- Minor kitchen remodel (80.2%)
- Garage door replacement (76.9%)
- Siding replacement (76.4%)
- Wooden deck addition (71.5%)
- Second-story addition (71.1%)
- Basement remodel (70%)
- Family room addition (69.3%)
You can read a more detailed analysis of the projects (plus the next 9 projects in the ROI list) here: http://www.realtor.com/news/trends/best-and-worst-renovations-to-make-in-2017/
Of course, ROI is only one factor in choosing a home renovation. Some projects pay huge dividends in the pleasure they give you while you live in your home. Having a second bathroom with two teenagers in the house? Priceless!
Which renovations are you considering? How concerned are you about your return on investment when the time comes? When you’re ready to cash in on your investment, get in touch with me, your trusted local real estate professional, by phone at (905)940-3599 or by email at firstname.lastname@example.org today. I’m here to help you get top dollar for your home!