More and more of our clients are expressing interest in purchasing homes in need of remodeling. Some may like the thrill of making a space theirs, while others believe it’s more cost effective to do the work themselves. Whatever the case is, it’s important to know and understand home remodeling ROI.
Did you know? A recent study found that in 2019, ‘Americans should expect to make back 66.1% of the money they spend on renovations.’
Back in 2016, there was over $361 billion spent on remodels. This year, the average homeowner is expected to spend over $7,500 on remodels, so we hope that most are doing their research regarding which projects will result in the highest ROI. Below are a few of the most popular remodeling projects.
- Replacing systems: plumbing, electrical, HVAC
- Necessary outdoor maintenance: roofing, siding, windows, doors
- Indoor upgrades: insulation, flooring
- Room upgrades: kitchen and bath remodels
- Outdoor upgrades: porches, decks, garages
Now, let’s talk about the home remodeling ROI on various projects. Keep reading to discover the five home improvement projects with the highest ROI.
Garage door replacement
Estimated cost: $3,611 | 97% ROI
Minor kitchen remodel
Estimated cost: $22,507 | 81% ROI
Wood deck addition
Estimated cost: $13,333 | 76% ROI
Estimated cost: $16,036 | 76% ROI
Steel entry door replacement
Estimated cost: $1,826 | 75% ROI
2018 Home Remodeling ROI
- New roof: $8,000 estimated cost | 109% average ROI
- Minor bathroom remodel: $10,500 estimated cost | 102% average ROI
- Minor kitchen remodel: $15,000 estimated cost | 98.5% average ROI
- Hardwood floors: $5,500 estimated cost | 91% average ROI
- Steel entry door: $1,500 estimated cost | 91% average ROI
- Garage door: $1,600 estimated cost | 91% average ROI
If you’re looking to complete a major remodel on your current home, we can refer you to a real estate agent that can help you determine the financial benefit of a major remodel in your neighborhood. And if you’re looking to buy a home to fix up, make sure to keep the home remodeling ROI in mind. Reach out to us at (402) 991-5153. We’d love to help put you in your very own fixer-upper!