Step 1: Watch an Overview Video

Step 2: Do a Minor Kitchen Remodel

Experts agree that a minor kitchen remodel is hands down the top choice in terms of the best one-year return on investment. In fact, a well executed remodel will net an 88-percent ROI.

Step 3: Change the Bathroom or Family Room

A bathroom remodel or a bathroom addition is another great choice, and you can expect to get an 81-percent ROI on either of these. A pricier option -- but still a good investment -- is a family room addition that can net you a 75-percent return on your investment. And just below a family room addition is a major kitchen remodel, which means you gut it completely -- counters, cabinets, flooring. The works! Expect a 71-percent ROI for a major kitchen remodel.

Step 4: Carefully Select Contractors

No renovation is going to be worth the investment if you don't use care in selecting your contractors. Whether a carpenter, electrician, roofer or plumber, the contractors you hire should be licensed and able to provide proof of insurance coverage, including worker's compensation. Ask for references and insist that the necessary permits are obtained to complete the project.