Every homeowner wants their home to be as valuable as possible. Adding value, along with beauty and improved efficiency, is one of the primary reasons homeowners undertake renovations.
If you’re more interested in enhancing your home’s value for today’s market rather than tailoring it to your unique needs and preferences, certain home improvement projects offer higher potential returns than others. Here’s a breakdown of the top five best and worst home improvement projects from an investment perspective, courtesy of Trinity Custom Homes GA.
Top 5 Home Improvement Investments
#1: Convert the Attic to a Bedroom
Increasing the number of bedrooms can significantly boost a home’s market value. Converting your attic into a bedroom could allow you to recoup up to 83% of your investment. This project can be expensive and time-consuming, averaging around $49,000, but it’s more cost-effective than building an extension, which can be almost twice as expensive.
#2: Install New Vinyl Siding
Replacing old, worn vinyl or aluminum siding gives your home a fresh look and allows you to recover up to 80% of the costs. The average cost for a vinyl replacement project is around $11,000, but expenses may vary based on your home’s size. This project is particularly beneficial when selling your home, as it gives your home a renewed appearance from the curb.
#3: Replace the Front Door With a Steel Entry Door
Swapping your old front door for a modern steel entry door is an easy yet high-return home improvement project. You might recoup as much as 129% of the project’s cost in increased home value. A new steel door creates a strong first impression on potential buyers.
#4: Install a Wood Deck
Adding a wood deck enhances both aesthetics and usable space in your home. With the potential to recover 81% of the project cost, investing in a deck allows you to enjoy your outdoor space more and attract buyers, especially in a time when families are spending more time at home during the summer.
#5: Replace Wood Windows with Vinyl Windows
Old wood windows are inefficient and can be noisy. Replacing them with energy-efficient vinyl windows not only improves the appearance of your home but can also help you recoup up to 77% of the project’s cost. Energy-efficient windows are a major selling point for potential buyers.
5 Worst Home Improvement Investments
#1: Adding on a Sunroom
Although a sunroom can be appealing, only a fraction of buyers are interested. These projects typically recoup around 51% of the investment, considering the substantial average cost of $73,000.
#2: Remodeling a Home Office
With the rise of remote work, converting a bedroom into a home office might seem logical. However, this project recoups less than half of the expenses. Leaving the room as a bedroom often adds more value to your home.
#3: Adding a Bathroom
While adding a bathroom can offer a 60% return, the project is costly, averaging around $39,000. The potential return might not justify the investment in some cases.
#4: Adding a Garage
Adding a garage may not significantly increase your home’s value as expected. The high average cost of around $58,000 is met with a potential return of only about 60%. There are more valuable projects to consider.
#5: Installing a Whole House Back-Up Generator
A whole-house backup generator provides security during power outages, but it may not substantially affect a home’s sale price. The investment usually recoups around 59% of its cost, with the value varying based on location and need.
Getting Your Dream Home from Trinity Custom Homes GA
Opting for a custom-designed and built home ensures it perfectly aligns with your needs and desires. Trinity Custom Homes GA is dedicated to crafting the homes of your dreams. For inquiries, call us at 888-818-0278. Let us help you achieve your vision of the perfect home.