Tackling a home improvement project can be a great investment—or it can be akin to throwing money down a deep well. If you’re ready to tackle a home improvement project this year, first take a look at the best places to allocate your assets before you begin. Although small differences in size, scope, and location of your home remodel can affect resale values, there are a few tried-and-true areas that will give you the best return on your investment.
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Attic Bedroom
A home remodel that’s not often first on the list, an attic bedroom can surprisingly get you an 83.7% return. If you have unfinished space, convert it to a bedroom with a shower, include insulation, finish the walls and the ceiling, and you’ve got yourself an additional bedroom to sell to prospective buyers.
Bathroom Remodels
A bathroom remodel doesn’t have to break the bank to collect a good return. Simply replace all fixtures including the tub, recess the medicine cabinet, add ceramic tile, and include vinyl wallpaper, and you’re well on your way to a good 72.5% return on your investment.
Entry Door Replacements
Replacing your entry door with a new 20-gauge steel unit, including clear dual-pane half-glass panel, jambs, and aluminum threshold with composite stop will garner you a resale value of 96.6% of your investment. This remodeling effort currently tops the list of best projects when looking at 2014 national averages.
Wooden Deck Additions
Adding a pressure-treated wooden deck does more than simply increase your curb appeal and make the warmer seasons more fun for outdoor entertaining. It also allows you to recoup 87.4% of your investment. To get the most bang for your buck, add a complete railing system, a built-in bench, and a planter to your deck plans.
Basement Remodel
Kitchen Remodels
A minor kitchen remodel will actually put you further ahead of the game than a major one. If your kitchen is looking a little dated, simply reface the cabinets, replace appliances with energy-efficient models, replace countertops and install a mid-priced sink and faucet. Small changes such as these can be recouped at up to 82.7%, whereas major kitchen remodels often come in at a meager 74.2% recoup on cost.
Two-Story Additions
A two-story addition is one of the largest remodeling projects you can tackle, but thankfully if you’re looking to expand before you exit your home, you can expect that the investment won’t go unnoticed when potential buyers come calling. To get the most for your efforts, add a family room and a bedroom with a full bathroom, and include a fireplace in your new digs.