Do you ever look around your home and want to shout, “This all has to change!” From outdated fixtures and tired paint colors to uninspired landscaping, faded shutters, and far too many builder basics, you might have a long home improvement task to tackle. Whether you’re planning to sell your home and pocket a return on your investment or stay in your home and enjoy the new renovations yourself, you’ll want to choose the home renovations that provide the biggest payoff.
But how do you determine the best home improvement investments to make to the interior and exterior of your home? We’re breaking down the costs and returns of the best investments below.
Best Investments: Exterior Home Improvements
1. Tame Your Landscaping
If you’ve let your landscaping grow a little wild, upgrades that include fresh sod, adding varieties of colorful plants of varying heights, installing a walkway or fountain, on average, provide a full return on your home improvement investment.
Average cost: $3,500
Average return: 100%
2. Give the Front of Your Home a Facelift
The national average cost to replace your vinyl siding is about $7,200. If you don’t want to replace your vinyl siding completely, you can make a noticeable improvement for less investment with a fresh coat of paint (one gallon of paint covers about 400 sq. ft.). Refreshing your front door, trim, house numbers, or lighting fixtures can also improve your home’s curb appeal.
Average cost: $7,200 (1,250 sq. ft.)
Average return: 95.5%
3. Add Outdoor Living Space
When you add a pressure-treated wood deck, you’ll enjoy not only more outdoor living and entertaining space but also a 90% return on investment. If your home already has a deck, porch, or patio, make easy improvements to update or repair any gates, stairs, and railings.
Average cost: $11,000 (16’ x 20’ deck)
Average return: 90.3%
4. Garage Door Replacement
Ready to replace your builder-grade steel garage door? The one that looks identical to all the other garage doors on the block? Upscale garage door renovations, especially carriage-style garage doors, can elevate the look of your home and make you the envy of the neighborhood.
Average cost: $5,000
Average return: 85%
Best Investments: Interior Home Improvements
5. Minor Bathroom Remodel
You don’t have to entirely gut your bathroom to make an impact. For less of an investment, you can replace or reglaze a bathtub, update any tile surrounds, and add new floors, toilet, sink/vanity, and fixtures. Enjoy a beautiful new bathroom and an average of a 102% return!
Average cost: $10,500
Average return: 102%
6. Minor Kitchen Remodel
A “minor” remodel includes cosmetic updates without changing the floor plan. When you spend money to reface thirty feet of cabinets, upgrade appliances, and new fixtures, laminate countertops, and resilient flooring, you’ll receive almost a full return on your investments.
Average cost: $15,000
Average return: 98.5%
7. Basement Remodel
For the national average cost of just over $50,000, you can finish a 20’ x 30’ entertaining area, add a wet bar and half bath, and upgrade lighting and flooring. Consider also adding a French drain to prevent water damage to your new home improvements.
Average cost: $51,000
Average return: 90.1%
8. Replacement Windows
New windows can give your home a new shine. Energy efficient replacement windows can also go a long way towards reducing your heating and cooling costs by reducing the draft blowing into your home and warm/cool air leaving your home.
Average cost: $9,700 (ten 3’x5’ windows)
Average return: 89.6%