If you're trying to sell your house, but you aren't generating much interest, you may need to spend some money to make some money. Not every upgrade is going to be worth it, though. Here are the best home remodeling projects according to the 2017 cost vs. values report that will give you the highest return on your investment.
Family Room Addition
The average cost for a family room addition in about $90,000. That's a lot of money to spend, but you can recoup about 70 percent of that. This is a good option if your current home is quite small compared to the other homes in your neighborhood. If you live in a desirable area, this may be a good bet.
A complete basement remodel will run you about $70,000. You can also expect about a 70 percent return on your investment. Like a family room addition, a basement remodel is worth it if your home is small relative to the other homes in the area. A basement remodel will basically double the square feet of living room the house offers. A basement remodel is also a good idea if you don't have enough property to expand outward.
For many prospective homeowners, the kitchen is the most important room in the house. A minor kitchen remodel will cost about $20,000, but experts suggest you can get about 80 percent of that back when you sell your home. A minor kitchen remodel includes things like refacing the kitchen cabinets, adding new hardware, replacing the countertops and flooring, and adding new energy-efficient appliances with a good Energy Star rating.
A new steel entry door will cost you about $1400, but you will pretty much get it all back when it comes time to sell. Not only will the new steel door provide more security, it will give a boost to the exterior curb appeal.
Sealing And Insulating The Attic
This will cost and estimated $1,300 and will add $1,400 in resale value. That's not even counting the increased energy savings that installing R-30 insulation will reap the new homeowner. With a 100 percent plus return on your investment, this is a good bet.
If you aren't prepared to add an addition or do anything major, you can still have a contractor like Alleva Construction, Inc do simple things such as install a new toilet, upgrade fixtures, and spruce everything up with a fresh coat of paint.