Home Improvement Tips Blog

Many believe renovating your home can add resale value to it, but it depends on the project.

According to Remodelling Magazines 19th Annual report, the top ten most profitable home improvement projects are:

Siding Replacement

• Average Job Cost: $9,134
• Resale Value: $7,963
• % of Project Cost Recouped: 87.2%

It might come as a surprise that vinyl siding ranks so high on this list, but it makes sense when you think about it. Siding replacement covers the most square footage of your house, and therefore can completely change the exterior look of your house. You can make an old house look new again with new siding. More and more people are updating the look of their older home by adding vinyl siding or rock siding, to give it a more expensive look. Replacement siding can also have a dramatic effect on energy savings.

Window Replacement

• Average Job Cost: $11,040
• Resale Value: $9,416
• % of Project Cost Recouped: 85.3%

Window replacement has become more popular because it can not only update the look of your home, but save you energy costs in the long run as well. New windows stop air from leaking in and out of the home. Vinyl windows are far and away the most popular for homes, thanks to their durability, attractiveness, and energy efficiency.

Minor Kitchen Remodel

• Average Job Cost: $17,928
• Resale Value: $15,278
• % of Project Cost Recouped: 85.2%

An updated kitchen can completely change the look of your interior. Since the look and functionality of the main cooking area is important to many homeowners and buyers, a kitchen remodel has good resale value. It's important to keep in mind though, that the amount you spend on a kitchen remodel should be in line with the cost of the house. For example, you don't want to spend your whole budget updating the kitchen when there is other work needing to be done as well. New appliances can really update the look of a kitchen, plus help you save money in the long run, as most new appliances help conserve energy.

Bathroom Remodel

• Average Job Cost: $12,918
• Resale Value: $10,970
• % of Project Cost Recouped: 84.9%

An updated bathroom should include updated fixtures first, and incorporate usability. You want to remodel the bathroom so that the space is used to the full advantage. Counter space, storage, and lighting are all important in a bathroom. It's also important to keep in mind the number of bathrooms in the house. Ask yourself; is this the main bathroom that a family of 5 will be using? As a rule of thumb, bathrooms shouldn't cost any more than 5 percent of the house value.

Two-Story Addition

• Average Job Cost: $105,297
• Resale Value: $87,654
• % of Project Cost Recouped: 83.2%

A two-story addition adds square footage to the house. This is generally a good investment when more space is needed. A one-bedroom house can gain a lot of value with a two-story addition because you can build a second or third bedroom.

Major Kitchen Remodel

• Average Job Cost: $54,241
• Resale Value: $43,603
• % of Project Cost Recouped: 80.4%

The rule for deciding a major kitchen remodel is to do approx 15% of the value of the house. It's important to consider the size of your home and neighbourhood, as the improvements from the project may add too much value to the neighbourhood the house is located in, reducing the return on your investment.

Attic Bedroom Remodel

• Average Job Cost: $44,073
• Resale Value: $35,228
• % of Project Cost Recouped: 79.9%

Similar to a second floor addition, adding more bedrooms can add great value to the house. The number of bedrooms is always very important for growing families, and when reselling the home.

Basement Remodel

• Average Job Cost: $56,724
• Resale Value: $44,685
• % of Project Cost Recouped: 78.8%

A finished basement can add great value to the home because it creates more living space without adding to the square footage of the home.

Deck Addition

• Average Job Cost: $14,728
• Resale Value: $11,307
• % of Project Cost Recouped: 76.8%

A deck can add great exterior appeal to the home. Many people see great value in having a deck on their home.

Bathroom Addition

• Average Job Cost: $28,918
• Resale Value: $21,607
• % of Project Cost Recouped: 74.9%

Adding a bathroom can add great value to a house. Especially in resale opportunities, having a second or third bathroom is what many homebuyers are looking for.