Not all home improvements are created equal. Some remodeling projects will add thousands of dollars in value to your home, letting you recoup most of your investments. Other projects are nice to complete but won’t make a big difference in value when it’s time to sell. If you’re looking to find out which home improvements add the most value as well as give you added enjoyment of your home, this list is for you.
1. Garage Door Replacement
Sometimes, less glamorous home remodeling projects give you a better return on your investment. This is the case with garage door replacements, the top remodeling project of 2018, according to Remodeling Magazine’s annual survey of cost versus value. A simple and relatively inexpensive fix, a garage door replacement costs an average of $3,470 and adds an average of $3,411 in resale value, giving a return on investment of 98.3%. Today’s buyers want a good-looking, functional garage and great curb appeal, something this remodeling project delivers.
2. Stone Veneer Siding
Another top remodeling project for 2018 is to replace your outdated vinyl siding with a manufactured stone veneer. The average cost for such a project is said to be $8,221, while the resale value of such an improvement is said to be $7,986, a cost recoup of 97.1%. Like a garage door replacement, a manufactured stone veneer is another project that adds to the curb appeal of a home, a feature in high demand with today’s home buyers.
3. Entry Door Replacement
Another small-scale, curb appeal remodeling job, replacing your existing entry door with a 20-gauge steel door with a dual-pane half-glass panel can add $1,344 to the resale value of your home, for a cost of $1,471. That’s a return on investment of 91.3%. This type of replacement door comes factory-finished, with the same color paint on both sides and an aluminum threshold and composite stop.
4. Wooden Deck Addition
Home buyers value outdoor space, and they’re willing to pay for it, according to remodeling data. A wooden deck addition may set you back an average of $10,950. However, you should be able to recoup an average of $9,065 on that home improvement, a return on investment of 82.2%. This report finds that a deck sized at an average of 16 feet by 20 feet, and made of pressure-treated wood posts, railings and balusters will get you the most bang for your buck.
5. Minor Kitchen Remodel
Home improvements of kitchens and bathrooms are high on the list of many homeowners. Regarding return on investment, a minor kitchen remodel is one of the best such home improvements you could make. Today’s minor kitchen remodels cost an average of $21,198, not an insignificant sum. However, such a project adds an average of $17,193 to the price of your home upon resale. That’s a return on investment of 81.1%
6. Exterior Siding Replacement
Even if you decide not to go with a more costly stone veneer upgrade, replacing your existing exterior siding with new siding can add a good deal of value. To replace 1,250 square feet of old siding, you may spend an average of $15,072. However, you should be able to recoup an average of $11,554, or 76.7% of your investment. If you’re looking to add a significant amount of value to your home with a curb appeal upgrade, this is one option that would do the trick.
More Home Improvement Options
Homeowners have many more options when it comes to remodeling projects, of course. However, the important thing to note is that other projects may not give a homeowner as great of a return on their investment when it’s time to sell.
This is especially the case with when it comes to renovations versus additions. To remodel a brand new kitchen may be functional, but would only return an average of 59% on your investment versus a more limited renovation, which would net you as much as an 81.1% return. A bathroom renovation, similarly, could let you recoup about 70.6% of your investment, compared to only 59% for a bathroom addition.
When it comes to home remodeling, it’s important to remember that a big remodeling price tag doesn’t necessarily translate into an equally large increase in home value. Some remodeling projects add more value than others. If you are considering taking on a remodeling project to increase the value of your home, it’s important to determine which home improvements add the most value, how much the project will cost, and how much you’ll be able to recoup on resale.