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Which Home Renovation Projects Offer The Best Return on Investment?

Which Home Renovation Projects Offer The Best Return on Investment?Maybe you bought a fixer-upper. Or maybe your home is just a bit dated. After all, the last time somebody remodeled any room in the house was during the Eisenhower administration. Let’s face it; the paint scheme has gone from chic, to retro, to pathetic. The fixtures need fixing.

There are any number of home repair and remodeling projects that can give your home that much needed facelift. Some of them will even give you a pretty good return on your home renovation investment when you’re ready to sell your home.

According to Remodeling magazine, the peak year for return on investment (ROI) was 2005, when sellers earned back nearly 87 percent of the money they spent on remodeling projects. The number dropped every year until 2012 when the ROI was 57.7 percent in 2011-2012. There is good news, however: Those return on investment numbers increased last year to just over 60 percent. We can only hope that number increases as the housing market improves.

Of course, some remodeling projects offer more ROI than others. Here’s a look at eight home renovation projects that will get you the most bang for your buck when it comes time to sell your home. Values listed (unless otherwise noted) are from the 2013-2014 Cost Vs. Value Report from Remodeling magazine.

Door Replacement

ROI: 96.6%

Homebuilders want the home to look appealing, but they don’t want their costs to rise beyond reason. Something as simple as changing the front door to your home can add curb appeal as well as value to your home. A steel door, for example, is a great replacement for your existing door, and it has the added benefit of being environmentally efficient. Fiberglass is a good alternative, but can be considerably more expensive than steel.

Deck

ROI: 87.4% (according to houselogic.com)

Backyard decks are growing in popularity. More people are spending their vacation time at home, they want a space to relax and enjoy their yards. A deck with a grill and place to eat turns a drab backyard into a mecca of family fun.

A composite deck returns a bit less (74.3 percent).

Vinyl Siding

ROI: 87%

Vinyl siding has many advantages. First off it looks really good. It’s also low maintenance and relatively inexpensive compare to other home renovation projects.

Attic Bedroom

ROI: 84.3%

Converting an attic from storage space or a spot to keep a family of raccoons to one that is more fitting for a moody teenager offers homeowners significant return on their investments. It’s a great way to add a bedroom to a house without the cost of adding an addition (though that can certainly add to the value of the home as well.) Additions require heavy equipment, building materials, foundation work, etc. The structure for an attic bedroom is largely in place. If you do go the addition route, consider getting a larger size bin to cart away all the extra waste materials.

Smaller Kitchen Remodel

ROI: 82.7%

Which Home Renovation Projects Offer The Best Return on Investment?The explosion of the Food Network has coincided with the explosion of home chefs who think they can “throw down” with the likes of Bobby Flay, Alton Brown, Mario Batali and Michael Symon. They can’t, but that doesn’t stop them from upgrading their kitchens.

A kitchen renovation won’t improve their cooking, but the ROI may allow them to fail in a much more elegant space.

Window Replacement

ROI: 79.3% (wood), 78.7% (vinyl)

It seems you can’t turn on a television show these days without being barraged by window replacement advertisements. This might be in part due to some government programs offering tax incentives to homeowners who have new windows installed.

Drafty windows are notorious energy wasters.  

Bathroom Addition Or Renovation

ROI: 60.6% (addition), 62.6% (renovation)

Every home listing includes the number of bedrooms and the number of bathrooms. Adding another bathroom is considerably more work (and more expensive) than simply remodeling one, but the comfort it offers will make it more appealing to the future owners.

Ready to Renovate? Don’t Forget The Dumpster

Whatever home renovation project you’re undertaking, homeowners need to make sure the debris from their efforts need to be carted away. A Bin There Dump That bin is the perfect solution for your home remodeling project disposal needs.

Learn more about how you can order a bin for your project and find your nearest franchise operator by visiting the Bin There Dump That website.