A renovation project should add immediate value to your home, but also ensure that your return on investment (ROI) is attainable. If you're looking for a high-impact project to tackle, be sure to check the 2016 Cost vs. Value Report before breaking ground. Here are some of the best home investments on this year's list.
1. Adding Attic Insulation - 116.9% The addition of attic insulation is the #1 improvement recommended by the 2016 Cost vs. Value Report. With an estimated cost of around $33 a bag, installing fiberglass insulation will increase you home's value by $1,450. Additional insulation also aids in the utility efficiency of your home - cutting down on energy costs.
2. Using Stone Veneers - 92.9% Your home's aesthetics are very important when considering the overall value of your property. Installing manufactured stone veneers (which cost an estimated $7,500) can potentially increase your home's value by $7,000. If you have any stone left over, consider using the extras to accent your fireplace or bathtub walls.
3. Replacing a Door - 91.5% (garage), 91.1% (entry door) Replacing your current garage door with a steel alternative will offer peace of mind and an additional bump in the overall value of your home. If you decide to upgrade your garage door, make sure to add new steel tracks and a motorized opener to avoid jams. Replacing your home's entry doors with a steel alternative will cost between $500 and $1,230 per door. But, expect a high ROI should you decide to sell.
4. Minor Kitchen Remodel - 83.1% While a complete kitchen overhaul will only retain 64.9% of your investment, there are a few minor updates that will increase your kitchen's resale value (without a hefty price tag). Replacing cabinet hardware, installing energy-efficient appliances and upgrading your sink are simple, DIY-able ways to get more out of what you put into your kitchen.
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