Most home renovations begin with the best intentions. You want to improve your living space and possibly your lifestyle or just add value to your home. But some renovations wind up costing you money in the long run, particularly in terms of resale value. What are the most worthwhile home improvements you should consider? We explore the top seven renovations that bring a return on your investment (ROI), below.
Installing a Garage Door
Few people think of a new garage door as a renovation. But on the ROI scale, this simple improvement scores high marks. You will enjoy getting almost full value back after upgrading your home’s appearance and access through this simple measure. You can even profit off of the new door if you buy one at a discount.
The average garage door installation costs about $3,470. For resale, you get $3,411 from your door. (This varies widely depending on where you live) This difference means you only pay 1.7 percent for the door with a 98.3 percent ROI in the long run.
Manufactured Stone Veneer
What people see from the outside of your home gets buyers in the door when you list it for sale. If you want curb appeal to draw in qualified buyers, consider upgrading the exterior of your home. A manufactured stone veneer is much easier to install than a real stone exterior. It is also less expensive. But no one will know the difference by looking at your home.
The average manufactured stone veneer installation costs about $8,221. (Pricing will be dependent on the square footage you need to cover and where you live – as well as the material you choose) You can recoup $7,986 of these costs in your home sale, meaning you regain 97.1 percent of the value.
New Entry Doors
The front door of your home welcomes people in. But did you know that a new front door can hold its value when you put your home up for sale? Help your home form a positive first impression with passers-by and buyers through an upgraded entry.
The average cost for new entry doors is about $1,471. You can enjoy a resale value of $1,344 on this simple renovation. That is an ROI of 91.3 percent! Pricing varies since there are so many different types of doors and door styles, but this investment can make a big difference on first impressions of your home!
Wood Decking
Building a deck provides your home with an exterior face-lift while also giving you a great space for relaxing and entertaining. This change attracts homebuyers who picture themselves socializing on your deck and barbecuing their favorite foods with friends and family. A wooden deck is not cheap, but it provides excellent ROI through resale value. At the same time, you get to enjoy the new deck for the priceless memories it helps you build.
The average wooden deck costs $10,950. You gain $9,065 back on this investment, for 82.8 percent ROI. Again, the cost will vary based on the material you choose, (there are more to choose from than you may thing) and the size and details of your specific deck.
Minor Kitchen Upgrades
You can easily spend a fortune remodelling your kitchen. But instead of going through a full demolition and rebuild, why not choose minor kitchen upgrades that provide an excellent return on your investment? New flooring, modern appliances and refurbished cabinetry are some of the best choices for a kitchen project.
The average minor kitchen remodels will cost $21,198. You can regain $17,193 of this expense through a home sale. This variation puts your recouped costs at 81.1 percent. Now, you may not think $21, 198 is minor to be sure. And you can make smaller changes with big impact to suit your own budget.
Replacing Your Siding
Worn, dated siding can certainly date your home’s appearance. Replacing your siding is one of the best home renovations options when it comes to return on investment.
You can expect new siding for an average-sized home to cost about $15,072. You will get about $11,554 of this back when you sell. In other words, your home remodel will provide 76.7% of its value.
Vinyl Windows
Vinyl windows provide an instant face-lift for your home. They also improve energy efficiency and lower utility costs. People looking to buy a home want quality windows and value the upgrade.
You can expect the average vinyl window replacement for a single-family home to cost about $15,955. This project provides a $11,855 ROI, for recouped costs at 74.3 percent. Window replacement pricing will vary tremendously based on your specific home, the type or windows you choose and other factors. Remember this is an average, meaning half are less expensive and half are more expensive.
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