In last month’s blog, we explained how Remodeling magazine’s Annual Cost vs. Value Report is a great tool for homeowners to use when estimating home improvement project costs. In this month’s blog, we’ll discuss how homeowners can also use the report to estimate their return on investment for 29 common home improvement projects, should they decide to put their home on the market.
You’ve decided to make some home improvements, and we’re not just talking about fresh paint or new carpeting. But before you start ripping down walls, upgrading your floors and cabinetry, or adding new living space, you should do some research to ensure you get the best return on your home improvement investment.
Cost vs. Value in Your Home Improvement Investment
When we talk about your return on investment (ROI), we’re referring to the amount of money you can expect to recoup on a given project when you sell your home. For example, on average, New England home owners who spend $1,292 in fiberglass attic insulation can expect to recoup $1,858 when they sale their home.That’s a 144% increase on investment!
How do you know which home improvement investments yield the best overall financial results when you sell your home? This information is available from Remodeling magazine’s annual Cost vs. Value Report. Since 2002, the trade magazine for contractors and builders has been tracking common home improvement projects and how much cost is recouped (on average by region) when the home sells.
Basic Home Maintenance Pays Off
If you take a look at the report, you’ll note that the big and flashy projects—like a fully upgraded kitchen—don’t always make the most sense from an investment standpoint. Sometimes basic home maintenance projects—such as installing a new front door or replacing siding—get the best return on your home improvement investment.
Five common home improvement projects with the best ROI for mid-range homes:
- Attic insulation (fiberglass)
- Steel entry door replacement
- Garage door replacement
- Manufactured stone veneer
- Minor kitchen remodel
Home Remodeling and Improvement Projects in NH
When making any home improvement investment, you should always consider what you can expect to recoup—if and when you sell your home. The professionals at Oxland Builders will advise you on how to get the best return on your home improvement investment. Ready to start remodeling? Contact us today!