1. Upgraded garage door: 98.3% return on investment
While it’s not the most thrilling improvement, it has proved to be an incredibly profitable one. Replacing your garage door with a more upscale one will provide you with a 98.3% return of the cost you paid for it, which is incredible!
Now what is an upgraded door? The best investment are durable garage doors made with elements such as steel, aluminum, wood components. Essentially, elements that can withstand whatever weather conditions they might face. Additionally, garage doors that include high-performing elements such as energy-saving glazing or insulation prove to have a higher return on recouped costs.
2. Manufactured stone veneer on exterior: 97.1% return on investment
Enhancing the stone on the exterior of your home has proven to have a very positive effect on your return of investment. Veneers aren’t actually stone, they are man-made elements molded into the shape of stones. It has the same aesthetic look as real stone, for a fraction of a price. This addition to your home will increase your curb appeal, give the front of your home a face-lift, and provide an exceptionally high rate of return of 97.1 percent!
3. Adding in a wood deck: 82.8% return on investment
If you haven’t already noticed, many of the most cost-effective improvements are on the outside of your home. As far as backyard decks and patios go, wood has proven to provide you with the highest return on your investment with a percent yield of 82.8%. This doesn’t go to say that composite decks won’t provide you with a return, they will, just significantly lower than wood. Remodeling magazine suggests going with a 16 foot x 20 foot wood deck. However, this might not always be the optimal size depending on your house and yard size.
4. Kitchen Remodel: 81% return on investment
The kitchen is a crucial part of every home. This is the aspect most buyers look at first when deciding how valuable a home is. Buyers oftentimes want a home to have a nice, upgraded kitchen without having to spend an arm and a leg on it after purchasing the house. There are many beneficial improvements that you can make to your kitchen without breaking the bank, such as upgrading to stainless steel appliances, replacing the countertops, painting the cabinets, and updating the flooring and sink/faucet. Spending a massive amount of money in the kitchen is not necessary, according to Remodeling magazine, a small scale kitchen remodel will yield an 81% return on investment, while a major, high dollar remodel will only yield around 53.5%.
5. Remodeling the bathrooms: 70.1% return on investment
Similar to remodeling your kitchen, less is more when it comes to bathroom remodels. A mild bathroom remodel updating tile, light fixtures, faucets, counters, and lighting will equal a return on your investment of approximately 70.1%. A large scale remodel spending a ton of money will earn you a yield of approximately 56.2%. So, do a mild remodel on the bathroom, and save that extra money and put it somewhere more profitable.
While there are an endless amount of home improvements that can be made, these are the ones that have proved to be the most cost-effective. If you’re looking for more tips and tricks when it comes to home improvement, make sure to check out the 2018 Cost vs. Value Report in the Remodeling magazine. We have been examining national data, but if you want data specific to your city or state, make sure to check out the Remodeling magazine for more information!