Renovations can make us happier in the places we call home, but some of the most dramatic updates can add real value when its time to sell.
Since kitchen, deck and other upgrades can represent a significant cost, its helpful to know what kind of return you might expect before you decide to write a check.
Budget is the number one pain point for most remodeling professionals when they meet with potential clients, says Clayton DeKorne, chief editor of the JLC Group, a collection of magazines serving building professionals. Since 2002, the organizations Remodeling magazine has produced the annual Cost vs. Value report, which examines the cost of popular home renovations versus the return on investment (ROI) at resale.
The 2019 Cost vs. Value report compares the average cost of 22 remodeling projects with the value those projects retain at resale in 136 U.S. markets.
In any project, there are the so-called hard costs of labor and materials, but the real value is a combination of personal enjoyment and additional value at the time of a home sale.
Theres no project on the list that returns lower than 50 percent, DeKorne said. On the lower end of the ROI spectrum are the bigger-ticket projects that have a whole lot of personal selection involved, such as choosing finishes in a bathroom remodeling project. They may or may not translate from one buyer to the next, but there is value in those personal finishes.
Whether you plan to stay in your house for a long time or just a few years, its smart to know which home renovations add the most value.
1. Garage door replacement
Average cost: $3,611
Average resale value: $3,520
Cost recouped: 97.5 percent
A good-looking garage door tops the list when it comes to getting cash back on your investment when you decide to sell your house, according to the 2019 Cost vs. Value report. The estimate for this job is based on the cost of removing and disposing of an existing 16-by-7-foot garage door (or two-car garage door) and replacing it with a new four-section garage door with heavy-duty galvanized steel tracks, assuming the motorized garage door opener is compatible. This curb-appeal enhancer will get you back almost every dollar you spent on it when you sell your house.
2. Manufactured stone veneer
Average cost: $8,907
Average resale value: $8,449
Cost recouped: 94.9 percent
