It’s no secret that renovations will help a home sell faster and for a higher price. But what’s the quickest way to increase your home’s value without decreasing your bank account?
Thanks to Remodeling Magazine’s new 2013 Cost vs. Value Report, you can figure out. The report, which breaks down the country by region, details how much homeowners can expect to recoup on major home improvement projects. This can be a particularly helpful list to watch if you’re considering making some cosmetic improvements to list your home.
In the Hampton Roads area, the top five value-adding projects will earn you a lofty return on your investment:
Entry door replacement (steel): 92.2%. A new steel front door will almost pay for itself with an average cost of $1,096 and an average return of $1,010.
Deck addition (wood): 83.4%. Add a new deck for your pleasure, but enjoy a substantial return on your investment too.
Basement remodel: 79.7%. With a sizable pricetag (an average job cost of $56,432), you can also get a sizable return of almost 80%.
Siding replacement (vinyl): 79.0%. Give your home a fresh new look and recoup nearly 80% of the cost.
Attic bedroom: 78.8%. Another high-price job will not only let you advertise an additional bedroom, but collect more than three quarters of the cost back!
Some of the projects to avoid: sunroom additions and home office remodels, each of which will return you less than 50% of your investment.