Renovations can make us happier in the places we call home, but some of the most dramatic updates can add real value when it’s time to sell.
6 home renovations that return the most at resaleSince kitchen, deck and other upgrades can represent a significant cost, it’s helpful to know what kind of return you might expect before you decide to write a check.
“Budget is the number one pain point for most remodeling professionals when they meet with potential clients,” says Clayton DeKorne, chief editor of the JLC Group, a collection of magazines serving building professionals. Since 2002, the organization’s Remodeling, a magazine for the construction industry, has produced the annual Cost vs. Value report, which examines the cost of popular home renovations versus the return on investment (ROI) at resale.
The 2019 Cost vs. Value report compares the average cost of 22 remodeling projects with the value those projects retain at resale in 136 U.S. markets, based on a survey of 3,000 real estate agents and firms. It’s important to note, however, that costs can vary greatly by region based on the cost of labor and materials, as well as the level of service offered by individual remodelers.
In any project, there are the so-called hard costs of labor and materials, but the real value is a combination of personal enjoyment and additional value at the time of a home sale.
“There’s no project on the list that returns lower than 50 percent,” DeKorne explains. “On the lower end of the ROI spectrum are the bigger-ticket projects that have a whole lot of personal selection involved, such as choosing finishes in a bathroom remodeling project. They may or may not translate from one buyer to the next, but there is value in those personal finishes. A homeowner is going to get enjoyment in those things while they’re living there.”
Whether you plan to stay in your house for a long time or just a few years, it’s smart to know which home renovations add the most value. Here are the six home remodeling projects that deliver the highest returns.
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