Consumer Alert: Which renovations give homes biggest return?

Kane In Your Corner takes a look at which home remodels are the most lucrative.

Kane In Your Corner takes a look at which home remodels are the most lucrative. (2/3/17)

EDISON - For many New Jersey residents, buying a home will be their biggest investment. Many people will tend to make renovations to their homes in some capacity. 

But home experts say some renovations add more value to a home than others.

Remodeling Magazine says that major kitchen remodels are not a great investment to a home. For every dollar spent, the renovations nets just 59 cents of resale value, according to the report. The magazine says less expensive kitchen remodels are most cost-effective and bring back 76 cents for every dollar spent.

Longtime realtor Faith Murphy advises against making trendy style remodels.

“Something that's updated but very simple and almost timeless,” she says. “As long as it’s done in a very simple, neutral way.”

Experts say that the best renovations are often the less flashy ones.

Attic insulation was the only renovation that brought back more profit than the actual cost of installation.

The next best renovation was stone veneer, followed by a new entry door, new garage door, minor kitchen remodeling and new siding and roofing.

Experts say the renovations that recoup the least amount of profit are bathroom additions, backup generators, patios, bathroom remodels and new decks.

Bob Oppenheimer, of the New Jersey Association of Realtors, says that the figures only matter so much. He says that in the end, a homeowner should make any improvements that they want.

“Yes, you will get something back when you sell it, but you don't need to get 100 percent back because you got that enjoyment factor,” he says.

More information about which renovations are best can be found at Remodeling Magazine’s website.

advertisement | advertise on News 12

Trending Video

One person was killed in a shooting on 1 At least 1 dead in Thursday night Newark shooting
Genesis Rincon was shot and killed by a 2 Man pleads guilty for death of 12-year-old girl
Kane In Your Corner continues its investigation into 3 KIYC: NJSPCA no-bid contracts questioned
Marist High School in Bayonne is not giving 4 Marist High School appeals to Pope in final attempt to stay open
VIDEO: Interview with former Suffolk County Executive Steve 5 VIDEO: Interview with former Suffolk County Executive Steve Levy

advertisement | advertise on News 12

More News

Housing prices in New Jersey have not increased, Consumer Alert: Housing prices in NJ have not increased

There has been a lot of talk about how housing prices are increasing, but realtors

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE