It’s sad but true: not every home renovation offers a great return on investment. In fact, most upgrades that you make around the house wind up costing hundreds or even thousands more than they’re worth. If you love the result, then those overpriced changes can be worth it. But if you have any intention of selling your house in the future, then you’ll want to choose renovations that make sense, cost-wise.
The home renovation industry has positively exploded thanks to the popularity of HGTV, Houzz, and other media that glamorizes home improvement. In 2015, Americans spent $326 billion making home upgrades. But is it really a good idea to rip out all the interior walls and add subway tiles and reclaimed wood to every surface?
Remodeling.net recently conducted a research study comparing the cost of renovations compared to what you can expect to recoup on the investment. The results may surprise you.
1. Garage door installation
- Average job cost: $3,470
- Resale value: $3,411
- Cost recouped: 98.3%
The garage door might not be the first renovation you think to do when you’re channeling your inner Joanna Gaines, but it turns out that this particular replacement has one of the highest returns you can get. You’ll get back almost exactly as much as you spend. And if you get your new door for a discount? You might even make money on the project.
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