Homeowners know that home improvements are inevitable. It is also a good strategy in increasing a home value if the owner wants to sell his or her real estate property.
So what are the top 3 home improvements that bring out the best return of investment? What are also home improvements that homeowners can forgo because it gives least ROI?
Realty Times reports that there are home improvements that offer best return of investments. Some of these home renovation projects are home tips from different television networks.
For example HGTV says "Basic maintenance, such as the roof and exterior painting, are frequently more important than an awesome kitchen." KCENTV, on the other hand, mentions that "For the first time, a fiberglass insulation attic upgrade was included among the list of 30 home renovation projects evaluated and proved to add the greatest value to the home at 117% of the cost of the project, according to Hanley Wood, publisher of Remodeling Magazine."
Realty Times reveals the top 3 home improvement projects that give the best return of investment based on the "Key Trends in the 2016 Cost vs. Value Report." In the said report, it is reflected the following projects and respective ROI: "Midscale garage door replacement (91.5% ROI)," Steel entry door replacement (91.1% ROI and falling from last year's top spot)," and "Upscale garage door replacement (90.1% ROI)."
Hunter of the Homes, on the other hand, presents 2 charts for home improvement projects. One chart reflects the best ROI while the other chart presents the least return of investments. Graphic and information concerning the charts are noted from realtor.com.
First chart says that attic insulation, manufactured stone veneer, garage door, entry door, and upscale garage door are the home projects that give best ROI. These 5 projects give 116.9%, 92.9%, 91.5%, 91.1%, and 90.1% return of investment respectively.
The 2nd chart reveals that bathroom addition, upscale bathroom addition, upscale master suite addition, upscale bathroom remodel, and Deck addition (composite, upscale) give least return of investment.
The website gives one piece of advice for homeowners concerning home improvements and renovation. It says that if homeowners are "looking for a general rule of thumb, it's that less is more: Lower-cost projects generally reap bigger returns, with four of the five projects that cost less than $5,000 ranking among the top five for money back when you sell."
Do you have a piece of advice that you can share to homeowners regarding home improvements and renovation? Share your home tips in the comment box below.
