Best and Worst Home Improvement Projects
Every homeowner wants their home to be as valuable as possible. And, adding value, along with beauty and improved efficiency, is one of the chief reasons why homeowners perform renovations on their homes.
But, if you’re more interested in making your home more valuable on today’s market than you are in creating a home to suit your unique needs and tastes, then you’re going to find some home improvement projects offer higher potential returns than others. Here’s a list of the top five best and worst home improvement projects from an investment perspective, from Trinity Custom Homes GA.
Top 5 Home Improvement Investments
#1: Convert the Attic to a Bedroom
The more bedrooms a home has, the more money it will fetch on the market. If your attic has the space, turning it into another bedroom will enable you to recoup up to 83% of your investment. Keep in mind that this is an expensive and laborious home improvement project (averaging around $49,000 for the entire job), but it’s more affordable than adding on to the foundation of the home, which can cost almost double that.
#2: Install New Vinyl Siding
Replacing old, worn vinyl or aluminum siding gives a home a fresh new look and the project allows you to recoup up to 80% of its cost. The average vinyl replacement project costs around $11,000, but depending on the size of your home, it could be higher or lesser. This project is one of the best you can take on if you’re trying to sell your home because it will essentially make your home look like new from the curb.
#3: Replace the Front Door With a Steel Entry Door
Replacing your old front door with a modern steel entry door is not only one of the easiest home improvement projects you can do, it also offers one of the highest potential returns. In fact, you can expect to recoup as much as 129% of the cost of this project in home value. The reason why this is such a powerful investment project is because a brand new steel door makes a major first impression among buyers.
#4: Install a Wood Deck
Installing a wood deck adds beauty and extra usable square footage to a home. And, with a potential return of 81% of the project cost, you can enjoy your outdoors more and the peace of mind knowing that you’ll be able to get much more for your home now that you’ve invested in a deck. In an economy where more families are staying home during the summer, that backyard deck is going to be something that attracts buyers more than almost any other renovation project.
#5: Replace Wood Windows with Vinyl Windows
Wood windows are terribly inefficient and in some cases, they rattle and shake. Replacing them with new, energy-efficient vinyl windows will not only make the home look better, they’ll also help you recoup up to 77% of the project’s cost. New windows and the energy-saving potential they offer make them highly attractive to home buyers so it’s definitely a project you’ll want to do if you want to sell a home that currently has old wood windows.
5 Worst Home Improvement Investments
#1: Adding on a Sunroom
A sunroom is something that only a fraction of buyers are interested in. Therefore, these projects only recoup an average of 51% of the invested amount. And, with the typical sunroom addition costing an average of $73,000, that’s a lot of money you’re going to be putting into something that won’t give you a sizable return.
#2: Remodeling a Home Office
So many people are working from home these days that it might seem like a good idea to turn a bedroom into a home office. But, that would be a mistake. This project recoups less than half of what’s spent to complete it. The truth is, your home will have more value simply by leaving that bedroom a bedroom.
#3: Adding a Bathroom
With a 60% return, adding a bathroom isn’t a terrible home improvement project, but it’s not the best either. The problem is, this is a hefty project that costs on average around $39,000. So, the amount you’re looking to get back might not really be worth the investment.
#4: Adding a Garage
You might think adding a garage to a home that doesn’t have one will add major dollars to its value, but that’s not really the case. This is a very expensive job, typically costing around $58,000. But, the return you’ll most likely get is only going to be around 60%. If you have $58,000 to burn, there are several other jobs you can do around the house that will offer more value.
#5: Installing a Whole House Back-Up Generator
Having a whole house back-up generator is a blessing should the energy go out in the winter or summer, but it’s not usually something that can sway a buyer to spend more money on a home. And, this is an investment that only recoups about 59% of its cost. Of course, the attraction value of a whole house generator can also be affected by where you live. For instance, if you live in rural Vermont and you occasionally lose power in the winter, then this home improvement could actually provide you with a larger than average return potential.
Get the Home of Your Dreams from Trinity Custom Homes GA
One of the best things about having a home custom designed and built for your family is that your home is perfectly suited to meet your needs and wants. Any home renovations you might have in mind for your current home will already be taken care of in your new home so you won’t have to worry about putting out the extra money (unless you want to improve your existing home’s market value).
At Trinity Custom Homes GA, we work hard to ensure our customers always get the homes they have always dreamed of owning. If you want an idea of what we can do for you, just call us today at 888-818-0278. We’re here to help you fulfill your dream of owning the perfect home.