When it comes to remodeling with the intent of recouping your investment, all projects are not created equal. Adding a bathroom, for example, garners a return-on-investment of just 57%, according to Remodeling 2017 Cost Vs. Value Report.
Other projects, like adding a master suite or doing a major kitchen remodel, offer similarly paltry payouts. Before sinking money into home improvement, consider taking stock of which projects are worth the cost.
Here are a few projects that offer the biggest bang for your buck, in terms of payback.
Garage door replacement
Buyers are seemingly smitten with the idea of being greeted by a beautiful, security-enhancing garage door as they pull into their driveway. A new garage door gives sellers an average return on investment of 85%, according to the Cost Vs. Value Report.
Replacing an older, two-car steel garage door won’t cost sellers an arm and a leg, either -- around $2,300, according to the report.
New front door
Speaking of doors, adding a new front door is another low-cost project that tends to pay off big. Swapping your old front door for a new steel front entry door can boost your home’s curb appeal while also reducing energy loss.
According to the study, a new steel front entry door has a national median cost of $2,000 installed and can recoup 75% of that cost at resale.
New siding
Curb appeal is key in today’s market, and new siding can do wonders for a home’s overall look. Vinyl siding in a fade-resistant finish is also low maintenance, which can appeal to cost-conscious buyers.
A vinyl siding replacement job recoups 83% of its cost; fiber-cement siding offers a 79% return, according to the Cost Vs. Value Report.
Attic insulation
For a return higher than the cost of the project, consider adding loose-fill insulation in the attic. A properly insulated attic can help keep your home cool in the summer and warm in the winter, which can keep energy costs down.
And with a return of 107.7% of its original cost, adding attic insulation (fiberglass) is a solid investment for sellers.
Before shelling out big bucks on a home improvement project, consider what's standard in your community. In some neighborhoods, upscale upgrades may not yield a substantial return on investment.
According to Appraisal Institute President Jim Amorin, "Projects that move a home well beyond community norms are typically not worth the cost when the owner sells the property."