We love stunning renovations and exquisite remodels as much as anyone, but even Chip and Joanna would know that money put into a reno isn’t a 1:1 investment in your home’s future price tag. Every year, researchers with Remodeling magazine study the most popular home improvement projects, polling contractors and realtors to find out which renovations produce the greatest impact on a home’s market value.
According to this year’s report shows that, homeowners can, on average, get back 64 percent of the money they put into a renovation. But which projects have the best return on investment?
The clear winner was installing fiberglass insulation in the attic. With a job cost of roughly $1,343 and an ROI of 107.7 percent, adding attic insulation isn’t the most glamorous upgrade, but a no-brainer if you want to make improvements that will recoup their own cost. Other projects with a high ROI include replacing the entry door with a new steel model (90.7 percent ROI) and installing manufactured stone veneer (89.4 percent ROI).
As it turns out, more impressive renos tend to have much lower returns. A bathroom addition will recoup just 53.9 percent of the money put into it, and the addition of a master suite has an ROI of 64.8 percent.