When sellers are considering putting their home on the market, many often consider doing some updating. It's commonly thought that projects such as a bathroom renovation or kitchen upgrade have the best return on investment, but it turns out they can often lead sellers to lose money.
According to HomeLight, a real estate referral company that released a study on the best and worst ROIs for home renovation projects, kitchen and bathroom upgrades had an ROI of -0.08% and -1% respectively.
The company noted that the average kitchen upgrade costs $23,140, but only increased a home's value by $23,122. A bathroom renovation costs an average of $10,284, but sellers only made bake $10,180 on their investment.
The home projects with the best ROI turned out to be quite surprising and a lot less expensive than a kitchen or bathroom renovation. Take a look at the data below for the top three home improvement projects with the best ROI.
The company noted that the average kitchen upgrade costs $23,140, but only increased a home's value by $23,122. A bathroom renovation costs an average of $10,284, but sellers only made bake $10,180 on their investment.
The home projects with the best ROI turned out to be quite surprising and a lot less expensive than a kitchen or bathroom renovation. Take a look at the data below for the top three home improvement projects with the best ROI.
Home Projects With The Best ROI
| Project 1. Deep Clean 2. Declutter 3. Lawn Care Service | Average Cost $167 $486 $268 | Value Increase $1728 $2584 $943.36 | ROI 935% 432% 352% |
To learn more about which home improvements have the best and worst ROI, check out the full study here.
