When it comes to home remodeling, not all projects are created equal. Some projects pay for themselves in the long run, whereas others might not net you anything when you go to sell your home. It’s a typical cost versus value equation, and understanding which projects will make back your money can empower you before you hit the home improvement store with a list.
Remodeling can be an expensive prophecy depending on the project, so replacing old items versus completely gutting can often make more sense. It’s a big trend right now to do so, especially for exterior replacement projects. Take a new garage door, for example. This is a place where homeowners can recoup close to 70% or more of the cost of the project at resale. The same goes for new entry doors, another high-return item. And you’ll notice that was the cost of the project, not just the materials. Labor is something you’ll want to factor into the equation as well to see if you’re getting a good return on your total investment down the line.
Here is a list of mid-range projects that shows the estimated cost versus what the owners can expect to recoup at the time of sale:
1. Replacing the entry door to steel
Estimated cost: $1,238
Cost recouped at resale: 73%
2. Attic bedroom (converting unfinished attic space into a bedroom with bathroom and shower)
Estimated cost: $50,148
Cost recouped at resale: 72.5%
3. Minor kitchen remodel (including new cabinets and drawers, countertops, hardware, and appliances)
Estimated cost: $19,588
Cost recouped at resale: 72.1%
4. Garage door replacement
Estimated cost: $1,512
Cost recouped at resale: 71.9%
5. Deck addition (wood)
Estimated cost: $10,350
Cost recouped at resale: 70.1%
6. Siding replacement (vinyl)
Estimated cost: $11,729
Cost recouped at resale: 69.5%
