by Leah Shafer
If you’ve ever contemplated home renovations, the big question is usually, “How much is this going to cost me?” This is often closely followed by, “Will I get any of my money back from these projects if I sell my home?”
There are tons of opinions on the Internet and TV about the best home renovations. General contractors and homebuilders know a lot, too. But return on investment (ROI) varies hugely region by region, and it can be hard to get a handle on the local situation.
For an unbiased, third-party opinion of how much it really costs for a pro to do a typical remodeling projects — and a Realtor’s opinion as to how much a project will increase a home’s value if it’s sold within a year of when the work was completed — you can’t beat the annual Cost vs. Value report. For 30 years, this report has offered homeowners a resource for looking at ROI nationally, by region, and even down to certain cities. Dallas happens to be one of them.
So what Dallas home projects will give you the most bang for your buck? Read on to find out.
Here are the top ten Dallas home projects for long-term return on investment:
- Entry door replacement (steel, midrange cost): 122.7% ROI
- Garage door replacement (midrange cost): 95.5% ROI
- Garage door replacement (upscale): 86.6% ROI
- Minor kitchen remodel (midrange cost): 79.7% ROI
- Basement remodel (midrange cost): 74.2% ROI
- Siding replacement (midrange cost): 71% ROI
- Manufactured stone veneer (midrange cost): 79.5% ROI
- Deck addition (wood, midrange cost): 68.6% ROI
- Attic insulation (fiberglass): 67.8% ROI
- Universal design bathroom (upscale): 67.4% ROI
You can read the specific descriptions of these projects here.
So what can we learn from these top ten projects? First, only two upscale projects made the list, a garage door replacement and universal bathroom design. The other upscale projects ranked by the Cost vs. Value report had a lot lower ROI. So going for higher-end renovations may not be the best idea across the board.
Next, you can see that doors are a big deal, front and garage. They’re on the lower end of cost, but offer a big ROI. So maybe your renovations don’t need to be expensive to make a big impact.
Finally, half of the the top ten Dallas home projects have to do with curb appeal, from manufactured stone veneer to siding replacement. That tells us a lot about how important the exterior of the home is when it comes to resale value. We see a lot of people get so focused on interior fixes, the outside becomes all but an afterthought. This could be a mistake if you’re looking to recoup costs.
Got your own opinion of what home improvements offer the best ROI? Leave us a comment below!