Homebuyers today want move-in ready homes and aren’t eager to take on big remodeling projects, agents say. If you’re thinking about selling, which home improvement projects will get you the most bang for your buck?
In its 2018 Cost vs. Value Report, Remodeling Magazine reports the project that paid off the most in 2017 was an upscale garage door replacement, with homeowners recouping 98.3 percent of the cost.
The magazine documented a slight decrease in the average return on 20 of the 21 common professional remodeling projects the study looked at. The reason for the dip is increased costs, while values only increased for a portion of the improvements. This trend is expected to continue because of rising labor and materials costs. Plus, a handful of destructive natural disasters last fall put pressure on materials and skilled workers, according to the magazine.
The annual study looks at average costs popular remodeling projects across the country. Here are the top five midrange and upscale improvements you could get money back on if you sell within a year:
- Manufactured Stone Veneer. Cost: $8,221; recouped: 98.3 percent
- Wood Deck Addition. Cost: $10,950; recouped: 82.8 percent
- Minor Kitchen Remodel. Cost: $21,198; recouped: 81.1 percent
- Siding Replacement. Cost: $15,072; recouped: 76.7 percent
- Universal Design Bathroom. Cost: $16,393; recouped: 70.6 percent
- Garage Door Replacement. Cost: $3,370; recouped: 98.3 percent
- Window Replacement (Vinyl). Cost: $15,955; recouped: 74.3 percent
- Window Replacement (Wood). Cost: $19,391; recouped: 69.5 percent
- Grand Entrance (Fiberglass). Cost: $8,591; recouped: 67.6 percent
- Bathroom Remodel. Cost: $61,662; recouped: 56.2 percent