Whether you are selling your home, just purchased a home or are a homeowner planning to stay for awhile, this quick guide will let you know which home improvement projects will net you the most Return on your Investment. Several factors are considered to determine the potential return, including the value of your house in your neighborhood, the housing market, the nature of the project, size and quality of project and property location.
When considering what to upgrade, think first about the functionality of the house. Does it need a new roof, new drainage system or windows. Keep the house in good condition by making sure the major parts are working and well maintained. Then move on to the rooms you use most.
Check out the top projects according to a 2018 Remodeling Magazine report for the greater Metro-Milwaukee area.
Top Midrange Projects
The top performers in the midrange area included attic insulation (fiberglass) at 91.5% ROI, steel entry door replacement at 81.1% ROI, two-story addition at 80.3% ROI, minor kitchen remodel at 77.9% ROI, family room addition at 77.8% ROI and siding replacement at 75.6% ROI. The most expensive of these projects was the second-story addition averaging $176,301, followed by the family room addition, kitchen remodel and siding replacement. Installing a steel entry door and insulating the attic had the lowest cost to do but returned the most in investment.
Below is a summary of the top five midrange projects outlining the scope of work and the average cost, resale value and return on investment:
|Project details||Average cost||Average resale value||Average ROI|
|Insulation of attic using fiberglass||$1,343||$1,229||91.5%|
|Steel entry door replacement||$1,411||$1,144||81.1%|
|Minor kitchen remodel||$21,790||$16,974||77.9%|
|Family Room addition||$95,543||$72,818||77.8%|
Top Upscale Projects
The top upscale projects for the market, included window replacement, major kitchen remodel, garage door replacement followed by bathroom remodel. Prices for remodeling ranged from $3,311 for a new garage door to $125,136 for a major kitchen remodel.
HGTV also ranked the top home improvements that result in the best return on investments. Their list includes:
- Minor Bathroom Remodel — replacing tub, tile surround, floor, toilet, sink, vanity and fixtures at a cost of about $10,500 and an ROI of 102%.
- Updating the Landscaping — adding color with folowerin shrubs or trees, installing walkways, mulch and more. Cost to complete is around $5,000 with about a 100% ROI.
- Minor Kitchen Remodel — providing a cosmetic update, including refaced cabinets, new counter tops and floor, and under cabinet lighting cost around $15,000 with a 98.5% ROI.
- Exterior Improvements — replacing vinyl siding, painiting and a new front door help add curb appeal to your home and provide a welcoming feel. Costs to complete is about $7,239 with a 95.5% ROI.
Check out their website for more improvement suggestions. https://www.hgtv.com/design/real-estate/top-home-updates-that-pay-off-pictures
Whether you tackle one or more of these projects or decide it’s time to make a move, give your Shorewest agent a call to learn what your home is worth in today’s market. Click here to find an agent https://www.shorewest.com/wisconsin-real-estate-agents.