Home renovations are a popular option, with 90% of homeowners planning a remodel. Updating your house gives it a modern appearance and adds resale value. Upgrades also allow you to stay in place longer, which is helpful due to low housing inventory. Here are the renovations that provide the best return on investment (ROI).
1. Update Your Garage Door
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The first thing buyers notice is your home’s exterior. Updated garage doors are aesthetically pleasing and functional, so consider replacing your current ones with steel entryways. They are durable, affordable and require less maintenance. It costs around $500-$1,350 for the installation, but you will see a 93.8% ROI.
If your budget is tight, give the doors a fresh coat of paint or replace the hardware. Also, adding insulation conserves energy and lowers your heating expenses.
2. Enhance Your Exterior With Manufactured Stone Veneer
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This material mimics the appearance of natural stone but is more affordable. The average price for stone veneers is about $8,250-$16,125. It’s also durable, lightweight and comes in various styles. Plus, it has a higher ROI of 92.1%. The material is perfect for your exterior siding and will enhance your curb appeal. You can also add it around your fireplace.
3. Remodel Your Kitchen
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An updated kitchen is a popular amenity for many homeowners. Remodeling your kitchen can give you an ROI of 72.2%, so it’s well worth the effort. You can repaint or add stainless steel hardware. If you want a classic look, whites, grays or beiges are excellent choices. To add more character, go with blues, greens or reds.
Also, buy energy-efficient appliances, which will lower your monthly expenses. If you have more room in the budget, upgrade your countertops or add a tile backsplash. Marble or granite are popular for their elegant appearance. These renovations make the space more modern and functional.
Before starting the project, have your budget in mind. The average kitchen remodel ranges from $13,484 to $38,089.
4. Replace Your Windows
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Updating your windows will enhance your exterior. Add vinyl windows, which are affordable and provide better insulation, for about $400-$800. They are also easy to maintain and block out the sound of traffic. Plus, they offer a significant ROI value of 68.6%.
5. Add a Deck
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Many homeowners want a space for outdoor entertaining. In fact, a deck addition can recoup about 65.8% of its original value. It’s the perfect place for family gatherings or birthday parties and also gives you a space to relax when the weather is nice. Consider building a wooden deck, which is eco-friendly and cost-effective. It costs about $85 per square foot to install a patio.
If you plan to complete the demolition yourself, use a skid tractor, which is smaller in size. Be sure to pay attention to your blind spots and practice hand signals. You can also spruce up the space with a fire pit, outdoor kitchen or comfortable lounging area.
6. Upgrade Your Front Door
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Adding a steel door entryway increases your property’s curb appeal. Steel doors also protect against the elements and better insulation. Plus, the strong material improves your home’s security. It costs around $352 to install but can give you an ROI of 65%.
7. Renovate Your Bathroom
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Quality bathrooms are major selling points for buyers. Updating your bathroom can give you an ROI of 60.1%. This is pretty good, considering you will spend about $10,000 on the project. Start by updating fixtures, such as your toilet, sinks or showers. Replace your showerhead with a low-flow faucet to conserve water and save money.
You can also repaint, update your lighting or add tile flooring. Consider adding radiant floor heating to keep you warm in the winter if it’s within your budget. Also, adding more storage increases the space’s function, such as floating shelves above the sink or decorative baskets. Double vanities are a convenient addition if you have a larger family.
Renovations Projects to Increase Your Home’s Value
Remodeling your home is a great way to improve your space and add resale value. There are many projects you can choose from. Consider these suggestions to get the most value out of your next renovation.