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The Best Home Renovation Projects That Hold Their Value

home renovation projectsIt’s the depths of winter but spring will be here before you know it. With that your thoughts might be turning to that home renovation project you’ve been waiting for. Now’s the time to get the final plans and cost in place so when the weather turns nice you can hit the ground running.

A home renovation isn’t simply painting a room or putting down new carpet. Those things are nice to do and are needed from time to time. When I say home renovation I’m referring to big projects…ones for which you might want to call in a contractor. For the most part these are projects that are going to cost thousands of dollars, maybe even reach into 6 figures.

With that much money at stake it’s important to do your research ahead of time. One of the big issues is how much return you can expect to receive on your home renovation investment. You don’t want to dump $20,000 into a project only to see it’s value dwindle to nothing.

We’ve been thinking recently about finishing our basement. We could add several additional rooms of living space there along with perhaps a bathroom. We know it would add value to our home life (giving us more personal space) and add value to the home itself. But how much money to put into it is the real question. What could we expect to get back in value if we ever sell our home?

With that in mind, check out this infographic from Contractor Quotes. It shows the typical cost of each major home renovation and what you can expect to recoup in cost when you sell your home.

Home Renovation Projects That Increase a Home’s Value

home renovation

Questions: What stands out to you about the infographic? Were your surprised by anything? Do you have any home renovations underway or in the planning stages? How much would you spend to increase the value of your home?

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Comments

  1. Don’t put yourself at risk of sustaining injury in an effort to save a few dollars. Hire someone who has the training necessary to complete the job without significant risk.
    home renovation Townsville recently posted…Renovations That Add ValueMy Profile

  2. Be careful to keep your color choices aligned with the home’s architecture. In other words, don’t add cottage garden-type flowers to a bed in front of a starkly modern home. Certain plants are grown because of their interesting and colorful foliage, such as hosta and coleus, and are better suited to more modern homes. If you have questions about what to plant, consult with the experts at your local nursery.

  3. For a sweet home, It’s must need a smart bathroom. I think, If you make your bathroom through low budget it will be a big mistake. So, Obviously your bathroom budget to be a good amount. And, Overall your Home Idea is very beautiful.

  4. Sometimes, in order to have a home that offers gorgeous views and landscapes, building must be done on the side of a mountain or hill. This makes maintaining the landscape and lawn difficult for homeowners. However, it can be done with the use of retaining wall blocks. These blocks make it possible to level out these lawns, thereby making them necessary and useful. By choosing this method the results will be a gorgeous lawn that is perfectly level. Retaining walls also eliminate the worry of possible yard erosion and foundation damage to the home.

  5. Very interesting infographic. I think there are a lot of different factors to consider – age of home, condition of home, how long you plan on staying, etc. You definitely need to do your research, think about your situation and decide if a renovation is right for you. Thanks for sharing!

  6. Great infographic. I think the kitchen is the main splurge area. We tend to spend over and over for kitchen stuff even we don’t need them. Just the other day my wife bought the most costly removable backsplash tiles of them all. And we don’t even own the place, we live in a rented flat. The landlord won’t mind, of course, but I’m not sure for my bank account.
    Maybe you should write an article for tenants as well. Something on how to save on renovation and not spend fortunes on a property that you don’t own. I think some people need to return down to Earth…

  7. I am converting my attic to a bed room and put a window there. My kid would love this place to be his bedroom. And, I just want him to experience what I did when I was a kid because having an attic bedroom was really amazing!
    James recently posted…Saving Money on International Bank Transfers & Credit CardsMy Profile

  8. We’re looking to do a bathroom remodel at our home, and I hope these numbers are true. Ultimately, I don’t expect many remodeling projects to recoup their cost if we ever sell our home.

    A major caveat here is that you’ll be selling your home and will get much of the remodeling expense back. But what people may forget, however, is that your home is meant to be enjoyed while you’re living there, and making improvements with the goal of making money back on them isn’t such a smart goal. Better to spend the money for the sake of enjoying the improvements while you’re living in the house, and let the financial return come as it will, if ever.
    Aaron recently posted…How to Build a Work Wardrobe on a BudgetMy Profile

  9. I’m a little skeptical about these numbers. I have replaced multiple roofs, and they have never been close to 20K!

    But yeah, most home renovations will never pay off 100%. That’s why I try not to spend too much on my home, despite the fact I could remodel and upgrade all year long. At a certain point, it needs to be “good enough.”

  10. So all of these lose money. Sounds like home renovation with the intent to increase resale value is a bad investment. I’d only pursue a project if 1) the home would not sale otherwise 2) there is a risk of damage to the home without performing the work or 3) personal enjoyment.

    • “So all of these lose money.” Yes…it would seem so. They add value to the home but not as much value as you put into the project. I agree with your assessment…I wouldn’t pursue a big project like these except for the reasons you listed.
      Brian recently posted…How to Stop the Money Problems in Your Marriage For GoodMy Profile

      • A beautiful home and yard quickly and easily loses appeal with a broken, cracked, or missing formally-paved driveway. Homeowners with a driveways don’t have to worry about spills or leaks from automobiles, lawn tools, or outdoor projects; asphalt driveways easily resist oil and liquid stains.

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