Home Remodeling Projects That Pay You Back the Most
A completed renovation can make any homeowner feel better about their home space. Sure, your family can enjoy the renovation benefits, but more importantly, a well-planned update can add significant value to your home. Here are five remodeling projects with the highest return on investment (ROI) according to the 2019 Cost vs Value Report.
Replace the garage door and enhance your curb appeal.
Anything that enhances curb appeal is a good investment. This does not always mean a major facelift but trimming, cleaning, strategic landscaping, and small touches such as porch chairs, plants and window boxes all add charm and attractiveness. However, replacing an old garage door with a new, aesthetically pleasing one will be worth every dime. With the average cost for a two-car garage door being $3611 the cost recouped at a sale for this is 98 percent.
A minor kitchen remodel can work wonders.
Having a nice, functional kitchen with an open floor plan, large island, and trendy appliances adds value to your home and enjoyment to family time, meals and entertaining. The national average for a kitchen remodel is $22,507. The return on investment (ROI) for a kitchen remodel is 81 percent, but the key here is not to go overboard, making it too high-end.
Replace worn siding for a new, modern look.
The exterior of your home speaks volumes about its value. At a minimum, it makes a first impression. Nothing will make a nice home look old more than faded, ill-maintained or worn siding. Investing in new siding such as a high-quality weatherboard cladding will add beauty and years to the exterior of your home. Exterior updates such as this typically return 76 percent of their investment.
Adding a deck means outdoor barbecues and stargazing.
Having a wonderful deck is a major enhancement for any home with a nice yard to enjoy. If you wanted to add an average-sized deck of 16-by-20 foot, the average cost nationally, if built from scratch, would be approximately $13,000. This may seem like a steep price tag, but as with the siding replacement, you can recoup 76 percent of your investment.
Replacing the front door is a quick and easy way to spruce up the exterior.
Whether you plan to stay in your home for a long time or are preparing it for sale, replacing the front entry door is always a good investment. With an average cost nationally of $1800, a steel door with dual pane glass panel(s) will have a resale value of approximately $1368 with an ROI of 75 percent.
The conventional wisdom has been that besides kitchen remodels, bath remodels reap the most rewards when actually they are farther down the list. Whereas a minor kitchen upgrade can net an 81 percent ROI, a mid-range bath remodel (a national average of $20,000) returns only 67 percent.
Other Popular Remodeling Projects
There are certainly other projects, some of which are do-it-yourself, may not be as easily quantifiable as other investments. Upgrades such as flooring, painting, and roofing will definitely make a home more attractive to prospective buyers.
Additionally, many homeowners choose to work on their basement to either create a finished space or an extra room for guests or children. If you’re considering basement remodeling in Des Moines, Iowa-based companies like HomeWorx offer free in-home consultations to help bring your vision to life. Not only can experts advise you on the best course of action for your space, but they can typically get the job done within two to four weeks.
Remodeling Investment Mistakes To Avoid
There are some upgrades to be wary of when choosing your remodeling priorities as they only will not provide a return on investment but may actually hurt the value of your home. Here are a few.
-- Too much texture or paper on the walls
-- Strange tiling styles or patterns
-- Carpeting everywhere
-- Colors too bright and wild
-- Extremely professionally designed high-end kitchen or bath (difficult to clean and maintain)
-- Converting a bedroom to an office
Professional remodelers deal with the delicate balance between investment and return on home renovations on a daily basis. On the west coast, where real estate costs are rocket high, the financials are critical on a remodel.
According to the porch report, 2019 could be the best year for real estate in the last 10 years with 52 percent of Americans believing that home values will continue to rise. This will certainly cause the popularity of home remodeling to rise.
Any remodeling should be done with considerable forethought. Do the math and make certain it’s a wise investment, keeping in mind ROI on remodeling projects, how long you plan to live in the home, the comparable home values and real estate market in your area, demographics, and most importantly budget. If you only have $5000 or $10,000 to spend, make certain it is invested where it will bring you the most return. Even if the project is smaller, make it meaningful.