Before you start a remodeling project in your home you should determine what you’ll get back on your investment. This will depend on several things such as the value of your house as well as other homes in your neighborhood, the quality of the project, and factoring in how soon you plan to sell after making the improvements.
According to the Remodeling 2014 Cost vs. Value Report, replacement projects are performing better in resale value than remodeling projects by 8.6%. Some of the top replacement projects include entry door, garage door, siding and window replacement. These projects are high value because they are relatively low cost. Replacements like these will increase your curb appeal, drawing the buyer in, as well as improve quality of life with low operational/maintenance costs for the buyer.
Among the top projects for remodeling your home is to transform the attic into a bedroom which has an 84.3% ROI. It is more cost effective way of adding another room to your home because it is already part of the existing home. A basement remodel is popular for the same reason and boasts a 77.6% ROI. A minor kitchen remodel under $20,000 is still up in the ranks with an 82.7% ROI.
For a more local approach, the top projects for the largest ROI in the Chicago area include: an attic bedroom and a backup power generator, both of which can recoup over 95% of the costs.