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September
5

Home improvement projects are great as long as they pay off. Here are the best and worst projects for return on investment.

Home improvements are a great way to make repairs and upgrades that create a more comfortable home; however, the costs to make them can be significant. Before you start renovations, our real estate agents suggest that you take a close look at your ROI — your return on investment.

A return on investment is calculated by dividing your gain by the costs of your investment. ROI is the profit you recoup from a repair, upgrade, or renovation when you sell your home. In Southport homes for sale, ROI can vary significantly depending on the type of renovations you do.

Landscaping

Landscaping is part of your home's curb appeal, and it offers a big return on investment. The average cost of new landscaping is $4,900, and the average return is $4,900, a 100% ROI. Planting new grass, a few trees, and a colorful flower garden are well worth the investment. Good curb appeal can add 28% to your home's value.

Energy Efficient Upgrades

New fiberglass attic insulation has a 116.9% ROI, not to mention savings on energy bills. Buyers are willing to pay more for homes with energy-efficient upgrades, including:

  • Solar panels
  • Energy-efficient windows and doors
  • Energy-efficient appliances
  • Energy-efficient heating and cooling
  • Smart-home features

Home Safety Improvements

Buyers love home safety improvements that optimize safety and increase value. The average cost of installing a steel front door is $1,400 with an average return of $1,280, a 90.7 % ROI. Installing a new garage door with safety features is about $1,200, but your ROI will be more than the cost of the door. Adding safety features like gates, fences, outdoor lighting, outdoor cameras, and security systems have a big payoff.

Minor Kitchen Remodels

Making small changes in your kitchen like refacing cabinets, replacing old hardware, upgrading faucets, buying a new sink, and installing new lighting have a big impact. The average cost for these upgrades is $15,000, and the average return is $14,600, a 98.5% ROI. You will not only recoup your costs, but you'll have an updated kitchen with increased visual appeal.

Projects With the Worst ROI

A modest sunroom can cost $45,000 or more. In real estate, "three-season rooms" have a 50% return on investment, depending on where you live. In some areas, climate and weather conditions can drop appraisals to as low as 25% of living space value on a per-square-foot basis.

In-Ground Swimming Pools

In-ground swimming pools are great for family time and entertaining but don't expect a good return on your investment. The average cost of an in-ground pool is $40,000 to $60,000, about the average price of a new car. When you add heating, maintenance, and repair costs, you can end up with a big loss on your investment. In-ground pools only add about 8% to home value.

Major Bathroom Remodels

If your bathrooms need upgrades, focus on the small things like new toilets, faucets, flooring, and lighting. The average cost of a major bathroom remodel with a new tub and shower, new cabinets and countertops, as well as new fixtures, flooring, and lighting can cost you $40,000 to $50,000, but the ROI is only about $22,000. That's a 48% loss on your investment.

Sunrooms

A modest sunroom can cost $45,000 or more. In real estate, "three-season rooms" have a 50% return on investment, depending on where you live. In some areas, climate and weather conditions can drop appraisals to as low as 25% of living space value on a per-square-foot basis.

If you're buying or selling a home in Southport, contact us about available properties, prices, and Southport communities to explore.