The 5 Best Remodeling Projects for Maximizing Your ROIPosted by Ansley Atlanta 03/18/2019
Whether your current residence is a forever home, or just a pit stop on the way to moving up to something bigger and better, it’s a good idea to know which home renovations will maximize the return on your investment when it comes time to sell.
Remodeling magazine recently compared the average cost of 21 popular remodeling projects in 149 U.S. markets and calculated the average value those projects retain at resale. The top 5 projects are listed below:
1. Garage door replacement
- Average cost: $3,470
- Average resale value: $3,411
- Cost recouped: 98.3%
Surprisingly, a new garage door tops the list when it comes to returning cash to your pocket. This basic curb appeal enhancer will get you back almost every dollar you spend when it comes time to sell.
2. Manufactured stone veneer
- Average cost: $8,221
- Average resale value: $7,986
- Cost recouped: 97.1%
Installing stone veneer as a replacement for siding or stucco is not only a big aesthetic improvement, it will also help you recoup 97% of your initial costs.
3. Entry door replacement (steel)
- Average cost: $1,471
- Average resale value: $1,344
- Cost recouped: 91.3%
Another curb appeal winner, replacing a tired old entry door with a 20-gauge steel door, complete with new jambs and threshold pays back almost 83% of the initial costs.
4. Deck addition (wood)
- Average cost: $10,950
- Average resale value: $9,065
- Cost recouped: 82.8%
One advantage of owning a house is having yard space, and nothing enhances a yard like a brand new wood deck! This project is even more enticing given that that it is projected to hold more than 82% of its value come resale time.
5. Minor kitchen remodel
- Average cost: $21,198
- Average resale value: $17,193
- Cost recouped: 81.1%
The only interior project to make the top five is a minor kitchen remodel. This project is based on a 200-square-foot kitchen with 30 linear feet of cabinetry where the cabinet boxes are left in place but updated with wood panels and drawer fronts, new laminate countertops, new energy-efficient appliances, an updated faucet and sink and a fresh coat of paint. All combined, this remodel is expected to recoup 81% of the original project costs.
Contact us to find out the best way to prepare your home for maximum resale value in the Atlanta market.