Don’t just update your home for the sake of updating. It’s important to make informed decisions about which updates you should make. Not every renovation on your home will help build equity. For example, converting two smaller bedrooms into one larger bedroom will lower the value of your home. Something that you really want in your home might end up being the opposite of what someone else really wants in their home. So, if you are planning to do some renovating in 2017, what should you invest in?
Every year, the cost vs. value report from remodeling.net ranks home improvement projects based on initial cost and the return on investment of the project. You might be surprised to see what the top improvements are! So let’s get started.
10) Family Room Addition:
If your family is lacking a great space to spend time together, maybe you should consider adding on a family room! Adding on an additional room will give your family more room to enjoy but it will also add on valuable square footage for resale. A family room addition comes with a 69% return on investment which can boost your home up to your ideal price point.
Average cost: $89,566
9) Basement Remodel:
This next upgrade is back in the #9 position from last year. If your home already has an unfinished basement, maybe 2017 is the year to finish it. Finishing the basement will that space livable and a buyer is willing to pay a little for your home. So go ahead, make yourself the man cave of your dreams or a play room the kids will love. With an average 70% return on investment, you deserve the extra space.
Average Cost: $71,115
Resale Value: $49,768
8) Two Story Addition:
Up 2 spots from last year is the next renovation is a big one! If you want to be a competitive property on the market today, you might need to add in a master suite! The two-story addition includes adding a family room on the first floor and a bedroom with an attached bathroom on the second level. As the most expensive renovation on the list, this is a big budget project that will completely transform your home!
Average cost: $176,108
7) Deck Addition:
Lucky number 7, this is the second year in a row the deck addition is #7 on the list! Adding a deck or patio to your home adds extra living space. Buyers love outdoor space and a deck will transform your backyard into an entertainer’s paradise. Deck additions on average cost about $10,707, which is relatively inexpensive as far as home renovations go. So get yourself a new grill and invite the neighbors over to celebrate your 71% return!
Resale Value: $7,652
6) Siding Replacement:
Also staying in the same spot as last year, this next renovation will give your home the facelift it deserves. Replacing old worn out siding with brand new vinyl siding is a very affordable and valuable renovation. Apart from adding value to your home, new siding will boost your curb appeal and make buyers fall in love with your home. Your house can go from being the eyesore of the block to the most coveted property in only a few days!
Resale Value: $11,093
5) Garage Door Replacement:
Down from the #3 spot last year, this next renovation will really open doors for you. Replacing your garage door is inexpensive and can be completed in a weekend. The updated door will boost the curb appeal of your house and make your garage function a little more efficiently. Buyers will appreciate a well-maintained garage and will be willing to pay a little extra to avoid adding another task to their to-do list upon moving in.
Average Cost: $1,749
4) Minor Kitchen Remodel:
Jumping up a spot from last year, this next home upgrade is crucial! A minor kitchen update can be as simple as replacing old appliances with new energy-efficient models or even replacing a laminate countertop with natural stone. A relatively easy renovation costing an average of $20,830 can add about $16,699 dollars to your home’s value with a return of around 80%. Not bad, considering most minor kitchen renovations can be done in a weekend!
3) Manufactured Stone Veneer:
Adding some stone to the exterior of your home is a great way to boost your curb appeal with a timeless look. The 89% return on investment for your renovation also won’t be hard to get excited about either. Buyers always pay more for homes with better curb appeal and this is no exception.
Average Cost: $7,851
2) Entry Door Replacement
Up two spots from last year, the next home renovation is small but mighty. This quick renovation can be done in an afternoon and has an average cost of about $1,413. If you are looking for a quick and easy update to your home, why not start with the front door?
Resale Value: $1,282
1) Attic Insulation with fiberglass
For the second year in a row, the most profitable renovation of 2017 is updating your attic’s insulation with fiberglass. If you are looking for an inexpensive renovation with a huge return on investment, this is the reno for you! Updates include air sealing the attic to stop air leakage from the rest of your house. Then add fiberglass insulation on top of existing insulation or by itself to finish the job. This renovation not only has a huge return of 107% but will also lower your monthly cooling and heating costs!
Average Cost: $1,343
Resale Value: $1,446
There you have it, the top 10 most profitable home improvements- now get out there and start renovating!