Which home improvement projects have the highest ROI?
Posted on Monday, June 13, 2016 at 4:33:57 PM
One of the bigger signs of the economic health of the country has come in the form of home improvement project investments, as homeowners have enough extra cash to renovate their abodes. However, those thinking about launching an initiative should know which ones will have the greatest positive impacts on their homes' values down the road.
CNBC reported that the Harvard University Joint Center for Housing Studies called for $325 billion in home improvement investments in 2016 alone, then listed some of the ones with the best returns. For example, the source stated that kitchen projects are among the best indoor renovations to make, with an estimated average of $20,000 increases in value at the time of sale for $30,000 spent.
On the other hand, the news provider warned homeowners to avoid closet renovations and door replacements, as they tend to be more costly and do not have much of an impact on the sale of the home. Furthermore, CNBC suggested focusing on a new roof before all other outdoor renovations.
Homeowners can access specialized loans to help foot the bill of home improvement projects through their local community banks.