Here Are The Best Bang For Your Buck Home Renovation Projects You Can Do To Add To Your House’s Resale Value
On average, Americans spend $46,374 on home renovations and improvement projects. This money mainly goes towards repairs or remodeling in bathrooms, kitchens, and mechanical and structural issues.
Now, this amount is certainly not small and not everybody can just splurge tens of thousands of dollars to beautify their homes. Fortunately, homeowners can choose to spend on certain projects, which won’t just improve their property’s look but also its resale value.
Best Home Improvement Project
According to a report from Remodeling magazine, the best home renovation project for people’s buck is installing an affordable fake stone veneer. This addition has been reportedly recouping around 89% to 97% of its initial value year in and year out. According to the publication’s report, which ranks 22 home improvement projects based on their average cost and resale value, manufactured stone veneer costs about $9,400. In turn, it recoups a whopping $8,900 at sale.
The projects will specifically benefit homeowners living in the Pacific and Mountain regions of the United States. In these places, stone veneers actually exceed the national average and recoup 100% to 120% of its original cost at sale.
This means it practically pays for itself in the long run. Unfortunately, residents of states like Kansas, Iowa, Nebraska, Missouri, and Minnesota might not want to opt for this home improvement project for their property. This is because it only recoups 61% of its cost at sale.
Other Projects & Their Resale Value
Another project that homeowners might want to take on is installing a steel garage door. Going this route also gives people a near-perfect return on investment. According to Remodeling, the home improvement project recoups 95% of its original cost. Consider your standard wooden garage door for a steel one for added security. The latter is also said to be more affordable.
Home cooks will be pleased to know that a minor kitchen remodel is another recommended home improvement project. Making some minor changes and adding some midrange features to one’s kitchen can lead to a 77.6% return on investment.
Meanwhile, one project that people might want to avoid is adding a substantially spacious living area to their master suite. Doing so reportedly costs about $282,000 but only recoups about $145,000 at sale.
This results in just a 51% return on investment. There’s also the fact that master bedroom additions aren’t really the go-to project for boosting the sale price of one’s home. According to Remodeling, these types of projects are usually undertaken by homeowners mainly for their personal enjoyment.
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