Nearly one-third of American recently reported that the improving economy is motivating them to make home improvements they avoided during the height of the recession. Home renovations can be costly, so Remodeling.com has compiled a list of the home improvements that offer the best ROI at resale. Below are highlights of their 2013 report for West North Central region, which includes Minnesota.
Homeowners in our area will get the highest recoup of the cost (73 percent) if they replace their entry door with steel. The average cost of a new steel door is $1,238 and the resale value is $903.
If you’ve been thinking about adding a “mother-in-law apartment” or an additional bedroom, consider renovating your attic. The cost of the attic bedroom remodel isn’t cheap, estimated at over $50,000 – but homeowners will receive over 70 percent of their cost back when they resell the home. Meanwhile, a minor kitchen remodel, estimated at just under $20,000, will earn back over 72 percent of its cost.
What are the other best remodels for our area? Even in the internet age, it’s all about the curb appeal. Garage door replacement, and siding and window replacements also offer good "bang for your buck" when the home is listed for sale.
Remember that your remodeling decisions should also take into account your personal circumstances. A home office remodel in our market may not earn back the majority of its cost, but if you are planning to work from home for the next few years before you resell, you may decide the renovation is worth it to you and your family.