We can connect you with the best lenders offering the lowest rates for your home improvement project. What’s not always so easy is determining what home improvement projects add the most value. Some home improvement projects seem like a good idea at first but in the long run won’t add enough resale value to your home to make the investment worthwhile, should you ever want to sell.
Here are the five major home improvement projects, defined as costing at least $10,000, that will come the closest to paying for themselves, followed by the five projects that offered the lowest returns on investment, according to Remodeling Magazine’s 2014 Cost vs. Value Report:
THE BEST:
- Attic bedroom – Average cost: $49,438. Resale value increase: $41,656. Recouped investment: 84.3 percent.
This would include converting unfinished attic space to a new 15-by-15-foot bedroom and a 5-by-7-foot bathroom with shower, extending HVAC to the new space, adding four new windows and a dormer. If you need advice or professional assistance when it comes to window installation, Total Roofing & Reconstruction is a great choice.
- Minor kitchen remodel – Average cost: $18,856. Resale value increase: $15,585. Recouped investment: 82.7 percent.
These figures would apply to updating a 200-square-foot kitchen by retaining the cabinet boxes but replacing the fronts with new wood drawers and doors. Replace appliances with new energy-efficient models. Replace countertops, faucet and sink with mid-priced models. Repaint trim, add wall covering and replace flooring.
- Window replacement (wood) – Average cost: $10,926. Resale value increase: $8,662. Recouped investment: 79.3 percent.
These figures are based on replacing 10 3-by-5-foot double-hung windows with wood windows that have vinyl or aluminum exteriors.
- Siding replacement (vinyl) – Average cost: $11,475. Resale value increase: $8,975. Recouped investment: 78.2 percent.
These figures are based on replacing 1,250 square feet of siding with new vinyl siding.
- Basement remodel – Average cost: $62,834. Resale value increase: $48,777. Recouped investment: 77.6 percent.
These figures are based on finishing a 20-by-30-foot area of the basement, including a 5-by-8-foot bathroom with a tub and shower; walls and ceilings of painted drywall; a 10-foot-long bar with a sink and under-counter refrigerator;
THE WORST:
- Home office remodel — Average cost: $28,000. Resale value increase: $13,697. Recouped investment: 48.9 percent.
This would involve turning an existing 12-by-12-foot room into an office, with 20 linear feet of custom cabinets and laminate countertop; computer workstation; wiring the room for computer, fax machine and other electronic equipment.
- Sunroom addition – Average cost: $73,546. Resale value increase: $38,011. Recouped investment: 51.7 percent.
Figures based on a 200-square-foot sunroom with 10 venting skylights.
- Bathroom addition – Average cost: $38,186. Resale value increase: $22,940. Recouped investment: 60.1 percent.
Based on a 6-by-8-foot new bathroom over a crawlspace, with a marble-top vanity, fiberglass tub/shower with ceramic tile surround; and ceramic tile floor.
- Backup power generator – Average cost: $11,742. Resale value increase: $7,922. Recouped investment: 67.5 percent.
Figures assume existing propane gas supply.
- Master suite addition – Average cost: $103,844. Resale value increase: $70,121. Recouped investment: 5 percent.
Figures based on a 24-by-16-foot new bedroom built over a crawlspace, walk-in closet, bathroom with whirlpool tub, ceramic tile on floor and shower surround in bathroom.
Highly reviewed is the Personal Lending Group out of California which can help and assist with home improvements for any of your home remodeling needs.