Census data from the years 2009-2011 revealed that homeowners spent a collective total of approximately $360 billion on home improvements, the median cost was $3,200 per project. When deciding a renovation to make for your home, you want to think about one that will not only increase the visual aesthetic of your property but, the value of the property as well. Everyone has their different tastes as far as the types of changes they would like to see in their homes. However, it is essential to recognize that some renovations add more value to your home than others. With that mind, it may be in your best interest to pick a project that will be worth the investment financially in the event you do decide to sell your property. Here a list of some of the most profitable home renovations.
Adding A Family Room
The addition of a family room can be great especially if your family lacks a space to spend quality time together. Not only will the added room be great for the entire family to enjoy, but it will also add valuable square footage for a potential resale. The average cost of adding a family room is about $89,500 with a resale value of a little over $62,000. So you would enjoy a nice 69% return on your investment in this endeavor.
Remodeling The Basement
Basements tend to get dark and damp when left alone for a long time. A remodeled basement could be just what your house needs for a buyer to pay a little more for the property. Making that space more livable can breed positive benefits for yourself as well. You can turn the remodeled space into a home theater for the family or your personal safe haven when you need alone time. Remodeling the basement usually runs around $176,100. The resale value is about $125,200 giving you a 71% return on investment.
Replacing The Garage Door
This next renovation can be a real “door opener.” A garage door replacement is one of the few upgrades that aren’t very expensive and won’t take up too much of your time. In fact, you can complete it within a weekend. Updating the door will increase the curb appeal of your home. Typically when a buyer comes to see a property, the garage door is the first thing to entice them. Plus, the renovation will benefit you as a new door can provide better insulation, saving you money on heating and air conditioning costs. The average price tag for a garage door replacement is anywhere from $1,500 and $2,000 with a resale value of about $1,300. So you would be netting about a 77% return on investment.
Attic Remodeling With Fiberglass Insulation
Updating your attic insulation with fiberglass is possibly one of the most profitable renovations you can make in your home. It is another inexpensive renovation that boasts one of the biggest returns on investment. The benefits this provides your home include stopping air leakage from the rest of your house which can also help lower your monthly cooling and heating costs. The average price of this endeavor is about $1,300, and the resale value is approximately $1,400. That means your return on investment will be over 100%.