Remodeling your home can add enjoyment and increase its value. Some updates can add real value when it’s time to sell or refinance. Renovations are expensive. It’s helpful to know what kind of return you can expect before you decide to remodel a room or area of your home.
The key then is knowing what upgrades increase home value when the time to sell inevitably comes, as your return on investment (ROI). If you have any intention of selling your house, then you’ll want to choose renovations that make sense, cost-wise without breaking your budget.
The Best Home Improvement Projects
Before you make custom updates to your home, find out which renovations yield the highest return. You must consider your budget as well. Here are a few home remodeling projects that add the most value to your home.
1. GARAGE DOOR REPLACEMENT
A new garage door has one of the highest returns of most home renovations. It enhances curb appeal too. If you reuse the existing motorized opener, you can recoup almost 98% of what you spent when you sell your house. The average cost of a new garage door is around $3600. This includes removal and disposal of an existing garage door and replacement of a new one with steel tracks. You can even buy at a discount, which will save you even more money.
2. MINOR KITCHEN REMODEL
Most homeowners want a functional kitchen that they can enjoy with family and friends. A minor kitchen remodel entails refacing cabinets, installing new flooring, and replacing old appliances with more energy-efficient models. It can also include installation of new countertops, sink, and faucet.
You don’t have to tear up the entire kitchen and start from scratch to make it more modern. A few minor changes will do. Plus, you’ll reap at least 60% of the costs when it’s time to sell.
3. WOOD DECK ADDITION
Having a deck can offer many years of outdoor enjoyment for your family and guests. It is an extension of your home and gives you extra space to entertain friends and family. The average cost of adding a wooden deck with a railing system is about $13,333. This outdoor feature can hold more than 75 percent of its value come sale time. Homebuyers are almost always looking for space to entertain and that includes outdoor areas. A deck isn’t the cheapest addition, but it will increase the value of your home enough to almost cover its cost.
4. SIDING REPLACEMENT
Old siding simply decreases the curb appeal of your home. For the average home, replacing 1,250 square feet of old siding will cost you just over $16,000 and you’ll get back roughly three-quarters of that investment upon resale. New siding impacts the overall value of your home. Siding replacement would be worth the investment.
5. STEEL ENTRY DOOR REPLACEMENT
Give your home a new look by replacing the entry door. Installing a new 20-gauge steel door will make a statement. It’s also low maintenance and energy-efficient. The average cost of a steel entry door is around $1800. If you can’t afford a new steel door, then give your current one a fresh coat of paint.
6. BATHROOM REMODEL
A second or third bathroom added to your home not only increases the square footage but movement among family members. Consider the layout and plan it around the number of people who will be using it. If a brand-new bathroom does not fit into your budget, try modernizing the vanity and replacing the fixtures.
In the 2019 Cost vs. Value Report, about 60 percent of the total project cost of adding a bathroom was recouped in the increase to the home’s value.
7. ROOF REPLACEMENT
This essential upgrade will be worth it when it comes time to sell your home. In fact, if your roof is defective, it may not even pass inspections required. The average cost of a new roof is around $20,000. When this project is completed, you can recoup close to 68% of what you spent.
What Do You Want to Improve?
If you’ve done your research and know which home renovation project yields the best return of investment for your home, then call Finnteriors to get the project completed. We specialize in home remodeling. Our experienced professionals are knowledgeable and always gets the project done on time. Contact us today for your next remodeling project.