Home Renovation Projects: Cost And ROI
Cost And ROI For 5 Home Renovation Projects
Home renovation projects are not cheap, but some have a significant return on investment. If you are considering completing a renovation project on your home, here are five of our favorite home renovation projects that will increase your home’s value, with the average cost and average return on investment:
1. Replace Your Front Door
The front door is one of the first things an individual sees when coming to your home. Consider replacing it with a brand-new door that increases your home’s curb appeal – first impressions really do matter! And, to top it off, replacing your front door is a relatively low-cost project.
National Median Cost: $2,000
Return on Investment: 75%
2. Upgrade Your Kitchen
Who doesn’t want a brand-new kitchen? Renovating the kitchen, one of the most popular renovation projects, can get out of hand. However, it doesn’t have to. You don’t have to go all out on a kitchen remodel to increase your home’s value. A minor kitchen remodel – re-facing instead of replacing cabinets, and adding new flooring, countertops, and appliances – can drastically increase the value of your home, while keeping the renovation cost to the minimum (for a kitchen).
National Median Cost: $30,000
Return on Investment: 67%
3. Deck and/or Patio Addition
According to a 2014 Home Trends Survey, having an outdoor patio and/or deck is on the rise. Why is this? Because adding a deck and/or patio adds living space at an extremely low cost! Plus, who doesn’t like a little fresh air?
National Median Cost: $8 to $35 per square foot
4. Turning an Attic into a Bedroom
Do you want to add a new bedroom to your home, but scared a bedroom addition would cost too much? Turning your attic into a bedroom is just the solution you are looking for! Converting your attic space keeps your remodeling costs under control because you don’t have to add on to your home’s footprint – all you have to do is remodel the current space into a livable space. However, be sure to follow the code restrictions for converting an attic into a bedroom.
National Median Cost: $65,000
Return on Investment: 94%
5. New Garage Door
Replacing your home’s garage door adds value to your home while also increasing your home’s curb appeal. Completing this renovation is genius if you are thinking about selling your home soon.
National Median Cost (2-Car Garage): $2,300
Return on Investment: 87%
Now, keep in mind these numbers are the AVERAGE cost and ROI, they are not the exact value you will spend on the project. Some projects may cost more and others may cost less. It all depends on the materials and the contractor you choose for the job.
Are you looking for a contractor to help with your renovation project? We have an extensive database of contractors and home maintenance experts we recommend in and around the DFW area! Give us a call; we would be happy to send you our recommendations.
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