Trying to make your home “Flip or Flop”-worthy? Home renovations that return the most at resale aren’t particularly sexy, but they can be. The home project that pays back the most money when you sell comes from a project that’s invisible unless you climb into the attic, according to the Remodeling 2017 Cost vs. Value Report.
Remodeling magazine’s Cost vs. Value Report compares average costs for 29 common remodeling projects in 99 metropolitan areas, done by professionals. The report also looks at the average value that each project returns if the house is sold a year after the work is done.
These six interior home remodeling projects deliver the highest return.
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No. 6: Family room addition
Average cost: $89,566
Average resale value: $62,055
Cost recouped: 69.3 percent
Professionals build a 16-by-25-foot family room. On the outside: vinyl siding, a shingle roof, windows, a skylight and atrium-style doors. On the inside: a hardwood floor and 12 recessed ceiling lights.
Workers finish a 20-by-30-foot entertainment area in the basement, with a bar with a sink and under-counter refrigerator, and a small, full bathroom. Typically, a project of this kind is financed with a home equity line of credit.
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No. 4: Two-story addition
Average cost: $176,108
Average resale value: $125,222
Cost recouped: 71.1 percent
This is a complex project, as you can see by the cost, which can be covered by borrowing against the home’s equity. It adds a family room on the ground floor and a bedroom with a full bathroom on the second floor. The new wing is 16 by 24 feet.