Do you know anyone that just likes to throw time, money and energy at a home renovation project, without a care for the value added?  I sure don’t.  In fact, almost everyone I know is looking for ways to maximize the value of the dollars they spend renovating.

Last year, I wrote about a study from the National Association of Realtors® which detailed the average costs and RoI (Return on Investment) for various renovations.  It was even broken down by region.

I’ll give you the spoiler…  Replacing the front door actually is the winner, and by a wide margin.  The correct replacement averages an RoI of 146.8%.  It makes sense, since curb appeal is a major selling point, and first impressions are greatly affected by the front door.

One thing to keep in mind, though…

Renovate to fit your lifestyle and taste…

Don’t ignore resale value, but understand that almost nobody will have exactly the same tastes.  I’m always saddened when I see people renovate their whole house just before putting it on the market.  The $20k, $30k, $50 or more that they sunk into the house becomes worth half or less in resale value.

So, do the work and then live in it to get enjoyment from it.

Updating can be a slightly different story, but I would still counsel not to wait until sale time to get the work done.  Do it, enjoy it and then sell it…

Jump in the Flashback machine and look at the original post…  146.8% RoI for a real Estate Improvement?

Related articles

• It doesn’t pay to remodel your home (money.cnn.com)