- Americans can recoup almost all the money spent on particular home changes
- Building a deck and replacing windows deliver a high return on the investment
- Remodeling a bathroom will cost the average American almost $12,000
Home sales are expected to plunge to lows not seen since the global financial crisis this year as elevated mortgage rates deter owners from moving.
While the property market remains in an effective stalemate, now might be the time to make some home improvements.
According to home services website Angi, replacing a garage door is the home improvement which will deliver the highest return on your investment.
On average, it only costs $1,197 to make this change, but it delivers a 94 percent return. This means that you will recoup almost all of the money spent when you go to sell your home – due to an increase in its value.
According to home services website Angi , replacing a garage door is the home improvement which will deliver the highest return on your investment – at 94 percent
Taking the average figure, this means you would make back $1,125 on a new garage door.
A minor kitchen remodel also delivers a high return on your investment, according to the home services website.
While it will set back the average American $26,823, it will deliver a 72 percent return on this cost through bringing up the value of the home.
Replacing windows in your house, meanwhile, will cost an average of $281 per window, but will provide a 68 percent return on your investment.
For example, replacing eight windows would cost an average of $2,248 – but you could recoup $1,529, according to the research.
A typical deck will cost $8,033 to build, according to Angi, but will make back 66 percent on the price of the project – recouping $5,302 on average.
Although remodeling a bathroom will cost the average American $11,519, they will receive a 60 percent return on this investment – some $6,911.
A new bathroom will deliver a 60 percent return on the investment for the average American
Other more specialized home improvements – including refinishing hardwood floors and finishing a basement – also deliver an investment return over 50 percent, according to the research.
Refinishing hardwood floors costs an average of $1,874, but delivers a 55 percent return, while finishing a basement will cost the typical household $18,400 – with a 52 percent return.
Experts warn that home improvements do not always add value to your home – so it is important to think carefully before undergoing any large projects.
‘Some improvements might not add significant value because they are too personalized, going beyond the taste of the average buyer, or are not in line with the style and value of other homes in your neighborhood,’ Roman Smolevskiy, a general contractor and owner of A+ Construction & Remodeling in Sacramento, California, told Bankrate.
While a change may have a 94 percent return on the investment, it does not mean that it will increase the entire home’s value by 94 percent.