As a homeowner, there may come a time when you ask yourself: “Should I buy a new home, or stay put and renovate my old one?”
Consider these factors when weighing your decision:
- Mortgage rates. Would your mortgage rate increase if you were to buy a new home?
- Renovation scope. How much would you need to do to your home to achieve the look you’re hoping for? How much would it cost?
- Local market. What do housing prices look like?
- Long-term goals. Are you in a location you’re happy with for the long-term?
High-ROI Renovation Projects
Want to make sure the time and money you spend remodeling is worth it? Then choose your projects carefully.
According to Remodeling Magazine, here are the highest-ROI home renovation projects you can opt for:
- A new garage door (98.3% costs recouped, $3,411 in resale value)
- Adding a steel entryway door (91.3% costs recouped, $1,344 in resale value)
- A wood deck addition (82.8% costs recouped, $9,065 in resale value)
- Minor kitchen remodel (81.1% costs recouped, $17,193 in resale value)
- Siding replacement (76.7% costs recouped, $11,554 in resale value)
Check out Remodeling’s full Cost vs Value report for more guidance.
Are Home Improvements Worth It?