Best BANG for Your Renovation BUCK

 

If someone gave you $30K to use for a home renovation, what would you do with it?  A kitchen remodel? Maybe a new backyard deck? Or finally install new windows to freshen up the exterior?  What if you’re planning on putting your house up for sale… then would you choose something different?   There are some home improvements where you recoup your money, and then there are some where you do not. Here’s a list of the renovations that typically give you the best bang for your renovation buck:
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#1 – Minor Bathroom Remodel
  • Average return at resale: 102%
  • Average cost: $10,500

 

#2 – Landscaping
  • Average return at resale: 100%
  • Average cost: $3,502 for materials and $1,465 for designer

 

#3 – Minor Kitchen Remodel
  • Average return at resale: 98%
  • Average cost: $14,913

 

#4 – Exterior Improvements

  • Average return at resale: 95% and 103%
  • Average cost: $7,239 for vinyl siding and $10,393 for hardie board

 

#5 – Attic Bedroom Conversion

  • Average return at resale: 93%
  • Average cost: $39,649

 

#6 – Major Bathroom Remodel

  • Average return at resale: 93%
  • Average cost: $26,052

 

#7 – Major Kitchen Remodel

  • Average return at resale: 91%
  • Average cost: $43,862

 

#8 – Deck, Patio or Porch Addition

  • Average return at resale: 90%
  • Average cost: $11,000

 

#9 – Basement Remodel

  • Average return at resale: 90%
  • Average cost: $51,051

 

#10 – Replacement Windows

  • Average return at resale: 89%
  • Average cost: $9,700

 

And then there are the improvements that homeowners make to their property that do not necessarily increase the value of the home or pay off at resale. Some of the biggest home investments that end up costing you more money than you realize are adding a swimming pool, overbuilding within a neighborhood, or overly extensive landscaping.  So if you are pondering the idea of what to do with that $30K worth of home improvements, make sure to consider the value and not just the cost of your project.

 

 

** Data credited to HGTV – Top Home Updates That Pay Off