If you're dreaming about a luxurious new bathroom or updated kitchen, you're not alone. Remodeling expenditure in the U.S. was more than $336 billion dollars in just the final quarter of 2018.
Whether you're calling contractors and looking at architect plans or still adding pictures of subway tiles to your Pinterest page, home improvements are an investment, and your return on investment is an important consideration on which project you choose, and how much to spend on it.
If you want to maximize the resale value of your home with a new project, forget the steam shower and start getting excited about garage doors. National averages for cost recouped on exterior replacement projects outperformed most interior projects, according to the Remodeling 2019 Cost vs. Value Report, which compares average costs for 22 remodeling projects with the value those projects retain at resale of the home in 136 U.S. markets.
The Cost vs. Value report uses cost estimates for these projects that were generated by an estimating software for remodelers. Resale values were aggregated from estimates by real estate professionals in an online survey.
Construction cost figures include labor, material, and subtrade expenses, plus industry-standard overhead and profit, but are generic in nature.
Based on the Cost vs. Value report, here are the home improvement projects that give the highest return on investment, as a percentage, followed by the projects that add the biggest dollar amount to the resale value of your home.