What Renovations Give the Highest Value?

Introduction

Even though sellers are at an advantage in the current real estate market, it’s still wise for homeowners to do everything they can to increase the value of their homes. Whether you are just trying to make your home a happier place to live or seriously considering selling, many easy renovations will significantly increase the value of your home. This week, we’re outlining the easiest upgrades to produce the highest return on investment. 

Minor Kitchen Upgrades 

Minor kitchen upgrades can refresh the look of a home without costing too much. For example, installing granite countertops and cabinets could completely transform the look and feel of your kitchen. Updating appliances with modern technology will also make a huge difference. 

Hardwood Floors

Hardwood floors are among the most favored renovations and a sought-after feature by homebuyers. Fronting the money to install new floors will bring your home into the 21st century while significantly increasing its value. 

Fresh Paint

Painting is one of the most transformative renovations a homeowner can do without breaking the bank. Light-colored neutrals and earth tones are the most widely appealing color schemes. If you’re looking to get a home sold, definitely get rid of any bold colored paint jobs, such as a child’s old room. A new paint job can do wonders for areas that need brightening up.

Improved Lighting 

Brightening up a home can make it feel cozier and inviting. While you don’t need to go out and buy some fancy chandeliers, investing in some new lighting fixtures that match the style of your home will increase its value. Better lighting is also a great way to make a room look and feel bigger. 

Conclusion

Before you go out and spend too much money on trying to make your home as modern and valuable as possible, it’s essential to educate yourself on which renovations truly make a difference. Curious about increasing the value of your home? Contact us today! 

Cost vs. Value of Home Improvement Projects

Homeowners who are ready to remodel usually have a budget in mind. Another factor to look at when making upgrades is what you can expect for the project’s ROI. During remodels, not all costs are recouped, but they can add value to your home. 

The Cost vs. Value Report compares the average costs for 22 remodeling projects with the value they retained at resale across 101 U.S. markets in 2020. 

Take a look at the average costs and resale value before you take on your next project!

ProjectJob CostResale ValueCost Recouped
Manufactured Stone Veneer$9,357$8,94395.6%
Garage Door Replacement$3,695$3,49194.5%
Minor Kitchen Remodel | Midrange$23,425$18,20677.6%
Siding Replacement | Fiber-Cement$17,008$13,19577.6%
Siding Replacement | Vinyl$14,359$10,73174.7%
Window Replacement | Vinyl$17,641$12,76172.3%
Deck Addition | Wood$14,360$10,35572.1%
Window Replacement | Wood$21,495$14,80468.9%
Entry Door Replacement | Steel$1,881$1,29468.8%
Deck Addition | Composite$19,856$13,25766.8%
Roofing Replacement | Asphalt Shingles$24,700$16,28765.9%
Bath Remodel | Midrange$21,377$13,68864%
Bath Remodel | Universal Design$34,643$21,46362%
Roofing Replacement | Metal$40,318$24,68261.2%
Major Kitchen Remodel | Midrange$68,490$40,12758.6%
Master Suite Addition | Midrange$136,739$80,02958.5%
Bath Remodel | Upscale$67,106$37,99556.6%
Bathroom Addition | Upscale$91,287$49,96154.7%
Bathroom Addition | Midrange$49,598$26,80754%
Major Kitchen Remodel | Upscale$135,547$72,99353.9%
Grand Entrance | Fiberglass$9,254$4,93053.3%
Master Suite Addition | Upscale$282,062$145,48651.6%

As you can see, manufactured stone veneer and new garage doors have the highest resale value, with over 94% of costs recouped for both projects. Other projects that recoup a high percentage of remodeling costs include a minor kitchen remodel, siding replacement, window replacement, and deck addition. 

This does not mean that remodeling projects are not worth your time or money. You should also factor in your specific wants and needs and how long you plan to stay in your residence after the remodeling is complete. Once you set your budget and your vision, talk with your contractor about any concerns you may have about the resale value. 

What remodeling project are you most likely to take on in the next year? Let us know in the comments!

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