This includes updating an average 5-by-7 foot bathroom that's at least 25 years old with moderately priced fixtures, a double-sink vanity, a ceramic-tile floor and vinyl wallpaper.

Average payback: 102.2 percent of cost
Estimated job cost: $10,499
National average resale value: $10,727

"Improving an existing, but outdated, bathroom is almost always a good investment," says Finley Perry of F.H. Perry Builder in Hopkinton, Mass. "An up-to-date bathroom makes your home look like it's been kept in good repair, and that's what all prospective homeowners are looking for."

This consists of giving a functional, but dated, kitchen a makeover. It includes new cabinet doors and drawers (with cabinet boxes left in place), a moderately priced wall oven, cooktop, countertop, sink and faucet and resilient flooring.

Average payback: 98.5 percent of cost
Estimated job cost: $14, 913
National average resale value: $14,691

Along with bathrooms, kitchen updates are almost always among the smartest remodeling projects for resale value, say the pros. "Home buyers seem to gravitate to the kitchen first when they're looking at a house," says Joe Traynor, a real estate appraiser in Indianapolis. "And as appraisers, we do give extra credit to houses with updated kitchens.

 

This more modest variation of the No. 1 ranked project (upscale siding) includes replacing 1,250 square feet of siding with new vinyl siding and trim.

Average payback: 95.5 percent of cost
Estimated job cost: $7,239
National average resale value: $6,914

The value of this project is in its immediate curb appeal: New siding cleans up a house quickly.

 

This entails converting unfinished attic space in a two- or three-bedroom house into a finished bedroom and bathroom with shower. It includes a new shed dormer, new windows and closet space in the eaves.

Average payback: 93.5 percent of cost
Estimated job cost: $39,188
National average resale value: $36,649

Because this is a relatively expensive undertaking, real estate experts suggest you do an attic renovation only if you're going to live in the house for a while (preferably five to 10 years) and enjoy the reclaimed space yourself. Over the long haul, this project adds significant value to your home because it creates brand-new living space and isn't just a cosmetic improvement.