5 Common and Profitable Home Improvements

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Return on investment is one of the top things to think about when remodeling your home. Whether you’re looking to sell your home, or simply want a change, here are the top 5 most profitable home improvements to add to your space.

5 Common and Profitable Home Improvements

Deck Addition

Having a private and useable outdoor living space could be the selling factor of your home. The average deck addition costs about $10,000 and can resell for about $8,000. This means 80% of your cost is recouped. If you buy the wood yourself and can gather up a few handy friends to do the labor, the project would be less than $10,000. This means you could potentially recoup 90-100% of the deck addition.

Minor Kitchen Remodel

Without doing a major kitchen remodel (i.e. tearing down walls, adding square footage, redoing the floors etc.) you can actually recoup quite a bit of your expenses. For example, if you want to paint your cabinets, replace the hardware, replace light fixtures, and upgrade new appliances the average cost is about $19,000 and could resell for about $15,000. This means you could recoup about 80% of your costs. Updating the kitchen is one of the most common and profitable home improvements since the kitchen is the heart of the home and the room where people spend a lot of time.

Garage Door Replacement

After your teenage kids have backed into the garage door a few times, it’s a good idea to replace the garage door, especially when you’re ready to sell. The average garage door costs about $1,600 and can resell for about $1,410. The means you recoup almost 90% of your cost. Especially if your garage is in the front of your home, it’s a good idea to make sure it’s presentable to those driving by.

Attic Bedroom

The average cost to redo an attic is about $52,000 and could be resold for about $40,000. This means you can recoup about 77% of your costs. By adding a bedroom to your home, you’re increasing the livable space as well as the number of bedrooms which automatically increases the value of your home. And if you’re able to sneak a small bathroom into the space as well, it really starts to increase the resell value of your home.

Siding Replacement

Over time, the siding of your home becomes worn and starts to look older and becomes less effective. The average siding replacement costs $12,000 and can resell for almost $10,000. This means you can recoup a little over 80% of your costs. In addition to repairing structural damage of the old siding, you’re boosting your curb appeal and the color of your exterior looks fresh and clean.

You may also like: 6 Expenses That Might Surprise First Time Home Buyers.

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