This article is sheer gold for anyone considering home improvements to increase the value of your home.
https://www.remodeling.hw.net/cost-vs-value/2024/key-trends-in-the-2024-cost-vs-value-report
It details the top home rehab projects, gives a very rough cost and projects the return on investment(ROI) on the project. There’s links in the article for ratings from years past too.
Basically, banking on a positive ROI for home improvements is a big gamble, with slightly better than Vegas odds. In short, not very good.
Only 3 projects, out of 23, rated a positive ROI. If you’re a potential seller, check with a Realtor as well as your builder, if you’re expecting to get a higher home value from the work. By and large, I recommend some things that desperately need to be done and projects that will help you enjoy your home more thoroughly. I very rarely recommend home improvements for their investment value, particularly now. Looking at the market broadly and not any specific house, the high cost and low availability of building materials means the margins are simply too tight to reliably predict a positive return on investment.
Every house is different. If you do plan a home improvement, consult a Realtor and a builder for a valuation estimate of the home and an opinion of what would benefit the ROI most. Most Realtors don’t charge a fee for consults. I don’t. One of my co-workers, who is also a licensed builder, doesn’t either.
Read through the article and Have Fun!
Lew McConkey,
Brook Realty, Serving Whitman Hanson & Surrounding Towns
(781)252-9789
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