If you’ve been thinking of doing some upgrades around your house, it’s really important to know which things are worth the money. Most people decide to do renovations or upgrades to increase their resale value. We know the classic renovations or updates that will always be good for the bottom line (finished basement, painting your front door, new paint everywhere), but the top few projects with the highest ROI were pretty shocking to me!
According to the 2021 Cost vs. Value Report from remodeling.com the project with the highest return on investment is replacing your garage door! Their nationwide data shows that the average cost is $3,907 with a return of $3,663 making it a 93.8% return. So, if you’re looking to add value in this market, that’s definitely where I would start.
A few other projects with high rates of return* are:
- manufactured stone veneers (92.1% ROI)
- midrange kitchen remodel (72.2% ROI), and
- fiber-cement siding (69.4% ROI)
- example: James Hardie’s HardiePlank ** siding
*This data is updated regularly and is accurate at the time of publication.
While these are the top four projects nationwide, I always suggest you speak with a local REALTOR® or someone in construction. Depending on where you are in the country, what people value in a home can vary greatly. Talking to someone locally can give you an idea of what buyers value and what people really want when looking for a home (also, the report I linked above breaks up the U.S. into different regions so it’s a good resource, too).
If you’re in the area and thinking of selling, contact me so we can go over any projects that would work for your home!