Consumer Alert: Home remodel projects with greatest returns

Posted: Updated:

Many homeowners wish to remodel parts of their home – but which projects will have the highest return when it comes time to sell that home?

Many homeowners say that they dream of a brand new kitchen. But this year’s annual report by “Remodeling Magazine” says that major kitchen renovations are actually one of the worst investments a homeowner can make. The magazine says that for every dollar spent on renovations, they return just 49 cents of resale value.

“You could put in $25,000 into a new kitchen and it could be very beautiful, but it’s not the taste of the prospective buyer,” says real estate agent Faith Murphy.

What renovations are the most profitable? Experts in New York, New Jersey and Connecticut say there are two clear winners - stone veneer and upscale garage doors. Both of these renovations typically bring back more than 90 cents on the dollar.

They are followed by midrange entry doors, new decks, minor kitchen remodels and replacement windows.

Experts say that the least profitable renovations include upscale master suites, backyard patios, upscale bathroom additions and major kitchen remodels. They usually return less than 50 cents for every dollar spent.

But experts do say that these figures only matter so much. They say if the homeowner is going to live in the home for a while, they should spend money on the renovation that they will enjoy the most.

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