Remodeling may be a labor of love, but it’s also an investment that can seriously boost the value of your home. Only by how much? Well, according to Remodeling magazine’s 2016 Cost vs. Value Report, you’ll recoup an average of 64% of what you paid for a renovation if you sell your home this year.
To arrive at these figures, Remodeling asked consultants in various markets to estimate the average cost for 30 home improvement projects, from adding a bathroom to replacing a roof. Then, they asked real estate agents nationwide to estimate the expected resale value of these renovations so that readers could compare their out-of-pocket costs to how much money they’d get back when it came time to sell their home.
So, what projects gets you the most bang for your home renovation buck? It may not be nearly as sexy (or fun!) as adding a chef’s kitchen or glam bathroom, but attic insulation gets the top spot. That’s right: Stuff some fiberglass insulation into the walls of a 35-by-30-foot attic, and you’ll pay an average of $1,268. But when you sell, you will rake in $116.90 for every $100. For you math-challenged out there, that’s a recoup of 116.9% of your costs. It’s the only home reno on this year’s report that redeems more money than you spend!
Watch: 3 Home Improvements That Pay Off Big Time (and One That Doesn’t)
The next best-paying renovation on the list: manufactured stone veneer, offering a respectable 92.9% return.
Meanwhile—sorry, luxury tub fans—the home improvement project that reaps the worst ROI is the addition of a bathroom, at 56.2% (although the “added value” of an extra bathroom for anyone who’s ever had to wait their turn for one is, of course, priceless).
Take-home lesson? If you’re looking for a general rule of thumb, it’s that less is more: Lower-cost projects generally reap bigger returns, with four of the five projects that cost less than $5,000 ranking among the top five for money back when you sell.
Check out the best (and worst) returns for home renovations in the two charts below, including how much you’ll pay and get back if you sell your home this year.
Published by leslieswindahl the real estate whisperer
The Real Estate Whisperer
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The role of a real estate agent is to guide you through the buying or selling process, taking the time to make sure you understand every step of the transaction. I'm absolutely committed to fulfilling your needs and home dreams with the highest level of professionalism, expertise and service. My commitment to your satisfaction is the foundation from which a solid business relationship is built.
I has also received the national designation of Graduate Realtor Institute (GRI) from the Washington Association of Realtors, demonstrating quality real estate credentials and training gained through a challenging curriculum of courses. Leslie has been awarded the prestigious Certified.
When you work with me, you can expect friendly, professional service that includes in-depth knowledge of the area and current market conditions, outstanding communication skills, and the ability to aggressively market, manage and negotiate for you!
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Jan 21, 2016 by Ronald A Indra
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professional, focused and committed
Apr 20, 2015 by Ronald Indra Trust
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I have worked on Real Estate transactions with Leslie Swindahl for over 5 years. Her knowledge of the immediate Real Estate Market is very good and that allows me to obtain the best selling price for my property. Her knowledge of the market and good negotiating skills allows me to get great purchases on real estate. Leslie is very diligent and does the extra tasks needed to get the deals signed around quickly. Being an Investor in Real Estate for the last 18 years I am looking for professionals that can get the job done. Leslie is truly a professional agent that can deliver results.
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Leslie helped my husband and I buy our first home. She was super patient with us as we figured out what we wanted and helped us learn about different options. She was also very thorough with the offer process and ensured that we knew exactly what we were signing--which I really appreciated.
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