The coronavirus has put a halt to our lives and the American population is spending most of their time at home. With travel being put on hold and restaurant take-out replacing nights out on the town, the home improvement projects that have been avoided for years are becoming more of a priority. Whether you are looking to improve the quality of life at home or preparing for a future move, some projects make more financial sense than others. According to HGTV, here are the top 10 projects that are worth spending money on.
1. Minor Bathroom Remodel
Average return at resale: 102 percent
Leave major bathroom updates to the new buyer but a fresh coat of paint, new tile, and modern finishes can help you recoup costs and then some.
Average return at resale: 100 percent
Curb appeal is one of the easiest ways to increase the value of your home. A well-designed landscaping update can regain 100% of costs at resale.
3. Minor Kitchen Remodel
Average return at resale: 98.5 percent
A minor kitchen remodel costs an average of about $15,000 and entails cosmetic updates, not an entirely different floor plan.
4. Exterior Improvements
Average return at resale: 95.5 percent
In line with landscaping, giving your home a fresh coat of paint, new siding, or an updated entry way is a great investment that will improve your home’s resale value.
5. Attic Bedroom Conversion
Average return at resale: 93.5 percent
Converting an unused space into a functional bedroom and bathroom is a great way to improve the value of your home, while also creating space for a growing family or visitors!
6. Major Bathroom Remodel
Average return at resale: 93.2 percent
A major bathroom remodel entails a change in footprint, upgrading tubs, toilets, and sinks and luxury finishes and on average costs $26,052. While this may be worth the investment for personal enjoyment, avoid major upgrades just for resale because costs tend to outweigh added value.
7. Major Kitchen Remodel
Average return at resale: 91 percent
Same goes for major kitchen remodels as major bathroom projects, but with less return at resale coming in at 91%.
8. Deck, Patio or Porch Addition
Average return at resale: 90.3 percent
Adding an outdoor space for entertainment will not only allow you to enjoy the fresh air, but will also recoup about 90% of its costs when you go to sell.
9. Basement Remodel
Average return at resale: 90.1 percent
A bigger project would be a basement remodel which costs $51,051 on average and returns $46,010—recovering a little over 90% of costs.
10. Replacement Windows
Average return at resale: 89.6 percent
It’s not the most glamorous of improvements but replacing windows in your home can not only recoup almost 90% of it’s value at resale, it could also save you money in utility costs along the way!
Considering a quarantine home improvement project? Set up a time to meet with your financial advisor at Sharkey, Howes and Javer to discuss financing and planning options!