Remodeling your home can be a pricey endeavor to undertake. According to a CNBC article, this year American consumers will spend nearly $340 billion on remodeling. This figure indicates an increase of 7.5 percent from the total for 2017, the Joint Center for Housing Studies (JCHS) at Harvard reports.
If you plan on remodeling your home in 2018, you naturally want to get the most from your return on investment (ROI).
Go Big or Go Home?
While the economy continues to recover and the market seems ideal for remodeling — particularly in coastal areas — expensive upgrades may not offer the best ROI. Key findings:
Average ROI for a remodeled home: 56% of total remodeling costs.
Simple upgrades, like new windows or garage doors, can yield up to 75% ROI.
Regional differences matter:
West Coast homeowners may see 64% ROI
Mid-Atlantic region sees slightly over 50%
Back-up power generators average a 54% ROI — useful for areas prone to outages
Curb Appeal Tops Inside Jobs
Outdoor improvements tend to offer a higher return than interior renovations. Consider these figures:
Wooden deck addition: Up to 18% increase in value
Master suite additions: ROI down 15%
Major kitchen remodels: ROI loss of 11%
Minor kitchen upgrades (like appliances): ROI over 80%
Tip: Stick to small, strategic updates in personal spaces like the kitchen or bathroom.
-> See how we added outdoor value in Green Lake »
-> Explore smart kitchen remodels »
You Can Still Have Your Dream Bathroom
According to a report by Priority Management Pittsburgh for a magazine article, Americans spend nearly seven years of their lives in the bathroom.
You might as well enjoy your surroundings. While spa tubs used to be the hot item, large, walk-in showers are all the rage today.
Space is limited? Go with the shower option for a more modern look. But if you live in a home with only a single bathroom, you’ll get a better ROI installing a second one than by adding pricey features to the one you already have.
-> Check out a high-value bath remodel »
Fix Flaws First
Before focusing on cosmetic upgrades, tackle structural essentials:
Prioritize fixing:
Leaky roofs
Shifting foundations
Poor drainage
Don’t know where to start? Work from the top down. Data from last year indicates that, on average, replacing the fiberglass insulation in the attic yields a 107.7 percent ROI, or a $1,446 resale value for a repair that cost just $1,343.
