6 renovations that will give you the best-and lowest-return on investment
Thinking of adding a deck this year? Need to replace your garage door? While you may not be looking forward to spending money on those upgrades, there's good news: They may help your resale value.
The 2015 Texas Remodel Valuation Report, released this week by the Texas Association of REALTORS(R), shows that garage door replacements recouped up to 107.6% of the total project cost, ranking in the top five most profitable projects nationwide, regionally, and in four Texas cities. Wood deck additions recouped up to 116% of their cost.
Those aren't the only upgrades that were good investments in 2014. Here are three others you may want to consider:
Back-up power generator. The most profitable project, which recouped 129.2% of its cost.
Steel entry door. Installing this type of door recouped up to 113.2% of its cost.
Basement remodels. Projects that maximized existing square footage were good investments last year, with basement remodels recouping 98% of their project costs.
And here are three you might want to save for another time:
Sunroom addition. This project showed the least return on investment, recouping as little as 29.3% of the total project cost.
Home-office remodel. Renovating a home office closely follows sunroom additions as one of the least profitable remodeling projects, recouping a maximum of 62.2% of the project cost.
Master-suite additions. Both typical and upscale renovations were unprofitable. These projects ranked among the five least profitable projects.