Everyone has an idea of their dream home, but unfortunately, it isn’t a static goal. You may find your dream home, purchase it, and settle in only to want to change something a few years down the road. Underlying reasons for these changes can be practical, such as natural deterioration, an expanding family, and different demands or desires for the house, but it could even be as simple as your taste for aesthetics changing over time.
Rather than pack up and start from scratch, home remodeling serves as a great way to tailor-fit your home year after year, despite the aforementioned issues that may arise. However, when it comes to these changes, it is important to not only know how much the projects will cost but how much actual value they will add to your house. Nothing could be more devastating to a seller who put in tens of thousands of dollars of work into a house and for the Return of Investment (ROI) to be a pittance.
Luckily, rather than individual homeowners having to crunch numbers to figure out which remodels offer the best ROI, those statistics have already been calculated for you. Below are seven of the best projects you can choose if you are looking for a project – each of which will give you a good ROI for the project!
Garage Door Replacement
Remodeling a garage door is, hands down, one of the most lucrative ways to enhance the face value of your house, both in terms of the ROI and the low costs to do so. Newer homeowners could even chalk this up as an early improvement to a home, with the average job costs being just under $4,000 ($3,884 to be exact). This project has one of the highest average ROIs at 91.1%. For an average cost of $3,884, you gain $3,540 in home value with that remodel.
Aside from the numbers, it also makes sense from an aesthetical and practical approach. With cities expanding more and more, garages and areas to park cars are in high demand, and depending on where in Cobb County you find yourself they might be quite the hot commodity. What better way to showcase a key home perk than with a brand new garage door?
For those who want to make such an improvement, it is key to try and go for a four-section garage door on the galvanized tracks. If you already have a motorized opener, you can save this and reuse it for the new door. Above all, make sure to get a door with a lifetime warranty, so you don’t find yourself shelling out hundreds in repair costs over the years.
Manufactured Stone Veneer
There are quite a few reasons why many of the earliest homes in Western civilization, such as the Roman empire, were built with stone. Out of many building materials, it does the best job of preserving heat in winter and repelling heat waves in summer. In addition, it is a material that requires minimal repair costs that can be improved and made better with Manufactured Stone, allowing for more uniformity.
Statistically speaking, getting a manufactured stone veneer has the highest average return at 93.1%. The average cost of getting this exterior to remodel will likely set you back about $10,160. However, with a 93.1% return, almost $9,500 is added to your home in value. It may be more costly than a garage door replacement, but it still costs relatively less when compared to other more extensive remodels or replacements.
At 71.6%, fiber replacement has a slightly higher rate of return compared to vinyl siding replacement. If you are looking to strengthen the foundation of your house and boost curb appeal, this is the easiest way to approach it. The process begins by removing approximately 1,250 square feet of existing siding and replacing it with a fiber-cement siding.
Amongst all the options for siding replacement, fiber-cement has proven to be the most reliable and inexpensive alternative. Make sure that it is factory primed and that the installation process follows the specifications laid out by the manufacturer. You can include factory trim at all apertures and corners to ensure each and every section flows harmoniously.
Minor Kitchen Remodel
A kitchen remodel offers many opportunities for you to recoup your investment if the current cabinetry has good bones. At 70.9%, the return in most cases is fairly reasonable given the influence it can have on potential buyers. You can leave the cabinet sections and drawers as it is and replace only the fronts with shaker-style panels. You can also install new hardware to make sure everything looks and feels squeaky clean.
The most pressing components of a kitchen are the cooktop/oven and refrigerator. By replacing these with the latest models, your chances of securing a high bid are increased drastically. To accentuate the aesthetics of your kitchen, replace the countertops and install a mid-tier sink and faucet. For the final touch, repaint the walls, trim, and ceiling, so every element of your kitchen resonates well with the viewer.
Window replacements remain not only a good return on investment when it comes to your home value, but good windows are often at the core of lowering energy costs and saving the homeowner money on heat and electricity. Choosing to get a wood window replacement will give you an ROI of 66.4% on the approximately $23,000 costs, while vinyl windows score only slightly lower, with an ROI of 64.3% on their $20,000 costs. Overall, window replacement makes for a good exterior ROI.
A deck addition is not only a fun way to add additional space to a home, but it is still a pretty good choice for a renovation project. The two choices between natural wood and a composite offer very little difference in ROI, with natural wood having a 62.2% ROI and composite having a 60.7% ROI. Overall, the best choice for your home will be whatever best blends and merges with your home’s pre-existing style.
A bath remodeling in the midrange style could offer you an ROI of just under 60%, making it one of the best interior remodels you could choose when considering the value return. When considering a bath remodel, make sure to consult your budget and the design of the home. You may want a jacuzzi bath, but choose what you can afford if your budget is more of a stand-in shower.
All-in-all, when considering remodels and updates, make sure to look at how much you can afford, how quickly you would need it done, and if it is the priority project. A deck addition may be what you want to do, but decaying siding or leaky ceilings may indicate higher priority projects.