Consumer Alert: Which renovations give homes biggest return?
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.