The desire to remodel a home after some years have passed is on the mind?s of many American homeowners. Such a project can be an investment in your home, or simply a drain on your wallet. The best projects are low maintenance, energy efficient and do not involve a large initial investment, while those options in which the reverse are true should likely be ignored. The following examples are the best, and the worst, options for a home remodel with a high return on investment.
The Best ROI Remodels
- The Front Door: Few other parts of the home see more consistent use than its front door. This normal wear and tear is punctuated by the occasional abuse of being slammed or kicked in a temper. This not only leads to a poor aesthetic appeal, it also can cause drafts and make your home less energy efficient. The median cost of new steel front doors, including installation, is $2,000. The return on investment of those doors is approximately 75%, and a new fiberglass entry door returns 82.3% of the initial cost. In 2014, the estimate for the ROI of steel doors jumped to nearly 97%, according to the Cost vs Value report of that year.
- Wood Deck Addition: With the national passion for BBQ?s and backyard parties, this home update making the list should surprise no one. This project returns an average of 87.2% according to the report mentioned above. The composite variety fares less well at just under 75% ROI. Even then, however, it is not a horrible return.
- Attic Conversion: Converting an attic into a useable space is a worthwhile project for long term investment, especially for those planning to sell within a few years. The 2014 Cost vs Value report shows an 84,3% return, also showing that this project had the most dramatic increase in value from 2013 to 2014.
The Worst ROI Remodels
- Remodeling The Home Office: With a return of only a dismal 48.9%, homeowners should steer clear of this potential project. It will drain your money for no real value in the end.
- Adding A Sunroom: The only positive recommendation for this project is that it will return more than a potential home office remodel. Even this very low bar has barely been cleared when the sunroom returns just under 52% of the dollars initially invested.
- Bathroom Addition: The last of this list may surprise many, but considering the cost of plumbing versus the actual need of a third or fourth bathroom, the surprise may slip away. It does return 60.1%, a large improvement over the sunroom and office remodel, but if that is your basis for comparison, perhaps a different project deserves your attention more.
Choosing a remodeling project is difficult. In the end, the needs of the homeowners might make the bathroom addition a necessity, trumping the low ROI. Meanwhile, replacing a front door when it is not necessary is not a wise way to spend hard earned cash. Call a professional and get the advice necessary to make the correct decision for your home.