Craving a change in your home, but can’t decide what to do? Trying to determine if your current project will pay off?
Don’t miss the annual “Cost vs. Value” report, which pools national data to find home renovation with the greatest return on investment. The 2014 report is hot off the presses, so we thought we’d share the results for the Philadelphia area.
We give you five home renovations that top the charts for return on investment:
1. Steel Entry Door Replacement – 93% ROI
The Philadelphia home renovation offering the biggest bang for your buck is front door replacement. You can’t go wrong with a project that doesn’t cost much — in the range of $1000 to $1500 — but recoups almost all of its value upon resale. And the report shows the value of this project is only going up.
2. Deck Addition – 84% ROI
A sweet spot to lounge in the sun or entertain friends, your new deck is also one of the most valuable home improvements in the Philadelphia area. Those burgers taste extra delicious when you know you’re grilling them on a valuable investment!
3. Attic Bedroom – 76% ROI
Transforming the attic into a unique bedroom won’t just give your teenager a cool place to ride out adolescence; it could be a huge selling point if your home ever hits the market. Plus, if you rent out your new bedroom, you can make back your initial investment and turn a profit from there.
4. Siding Replacement – 69% ROI
The Philadelphia home renovation scene saw a lot of vinyl siding replacement in 2014 — and for good reason. Fresh siding can make an older home’s appearance spring back to life, in addition to better protecting the home from leaks and other damage. If your home’s facade is boring you to tears, you can feel good about making this change.
5. Small-Scale Kitchen Remodel – 68% ROI
A stylish new backsplash or nice granite countertops go a long way when it comes to home value. Philadelphia area residents who spruce up their kitchens can expect to see the bulk of their investment returned upon resale. Permission granted to begin dreaming up your new kitchen.