Home Renovation Projects That Actually Add ValuePosted on Nov 30, 2020
Home renovations are great in that they have the ability to make us happier in our spaces, but some projects definitely add more value than others when it’s time to sell or refinance.
Some of the best home renovations — like an updated kitchen, new deck, or remodeled bathroom — can get pretty pricey. That’s why it’s helpful to know what kind of return on your investment you can expect before diving head-first into a renovation project.
Manufactured stone veneer
Average Cost Recouped: 95.6%
Replacing tired vinyl siding on your home with stone veneer, like around an entryway, is a big curb-appeal upgrade. This cosmetic accent is likely to catch the eye of future potential buyers, and allows you to recoup more than 95 percent of your renovation costs.
Garage door replacement
Average Cost Recouped: 94.5%
A better-than-average-looking garage door is high on the list when it comes to getting a return on your home renovation investment. A well-insulated garage door can also help save you money on your monthly heating and cooling costs, especially if you have an attached garage and are utilizing the space often. This curb-appeal enhancing project will net you around 94.5 percent of what you spent on it when it comes time to sell your home.
Minor kitchen remodel
Average Cost Recouped: 77.6%
A functional and aesthetically pleasing kitchen space can do more than just add value to your home for a future sale: It can also boost your enjoyment of daily activities like cooking, entertaining friends, and meals with your family. By “minor,” we mean replacing and upgrading things like appliances, refinishing cabinets or refacing them for a fresher, modernized look, installing new countertops and a new sink and faucet, replacing cabinet hardware, adding new flooring, or painting the walls. Expect to recoup a little more than 77 percent of the cost of a minor kitchen remodel if you sell in the future.
Siding replacement (fiber-cement)
Average Cost Recouped: 77.6%
Old, worn out siding can make even the nicest house look a little worse for wear. While this is no small project (On the average home, replacing 1,250 square feet with new fiber-cement siding will cost you just over $17,000.) you’ll get back more than three-quarters of that investment upon resale.
Siding replacement (vinyl)
Average Cost Recouped: 74.7%
If fiber-cement is a little above your budget, vinyl siding is another replacement option that can help freshen a home’s exterior. The average cost to replace the same 1,250 square feet runs around $14,000 (compared to the $17,000 fiber-cement costs), and should return roughly 74 percent of that investment upon resale.
Window replacement (vinyl)
Average Cost Recouped: 72.3%
Installing low-E ( low emissivity, an energy saver), simulated-divided-light vinyl windows is an awesome option for increasing your home’s resale value, which simultaneously saving you money on your monthly utility expenses. On average, costs for this type of renovation will set you back around $17,000, but you’ll recoup about 72 percent of that when you sell.
Remodeling your home not only adds to your enjoyment while you live there, but it also has the potential to boost your home’s value over time and net you more money upon resale. Plus, if you live in a competitive housing market, like Denver, your home’s listing will more than likely be competing for buyers’ attention with other upgraded homes in the area.
We hope you found this information helpful! Home renovations are a great way to show your property some love while simultaneously giving yourself some equity for the future. If you have any questions on what return on renovation investments are averaging in your neighborhood, don’t hesitate to reach out to us here at Team Lassen!