Which Home Renovations Have the Highest Return?
Why Renovate at All?
There are a few common reasons you might choose to renovate your home. You might be planning to stay in your home for many years, and simply want to remodel for your own enjoyment. Or maybe you are planning to sell your home, and you want to increase the sale price.
If you're renovating your home for personal reasons, you probably already have a good idea of what renovations are important to you. If you're renovating to increase your home's value though, you want to be sure the the cost of the renovation will pay for itself.
According to the Remodeling 2020 Cost vs. Value Report
are some of the best renovations to improve the value of your home:
Manufactured Stone Veneer
Stone Veneer is becoming more and more popular and with good reason. Replacing the vinyl siding around the garage or the front entry-way with stone veneer is a relatively simple renovation that can improve curb-appeal in a big way.
Garage Door Replacement
Few renovations can change how a home
looks from the street like new garage doors. If your current garage
doors are starting to show some wear, it might be time for elegant,
vinyl-clad garage doors with modern windows. Replacing garage doors, like adding stone veneer, is a common, straight-forward project.
Minor Kitchen Remodel
According to the Cost vs. Value Report, a minor kitchen remodel includes new paint, flooring, energy-efficient appliances, countertops and sink and faucet. It also includes replacing cabinet doors, drawer fronts and hardware, but not the cabinet the boxes.
Although it's considered a minor remodel, this type of project is a bit more involved, but can make your kitchen
Whether you prefer clapboard, shingles or shakes for a delightful, rustic look or dutch lap and beaded
styles for a conventional, modern look, you have a wide array of choices. No matter what style you
choose, replacing tired, old siding is sure to change the appearance of your
For hosting summertime parties or or
enjoying nature in the backyard, a wooden or composite deck is hard
to beat. It's not just utility though, adding a deck can also give
your home a new, updated look.
Entry Door Replacement
The front door of a home often serves as a focal point. If your door has seen better days, an elegant door with sidelights or glass panels can improve first impressions. Replacing an entry door is a small project with a potentially big payoff.
Do Your Own Research
This list is just an introduction. If
you really want to understand how a renovation will affect your
home's value, there are two important resources. The Remodeling Cost
vs. Value Report (www.costvsvalue.com)
and a knowledgeable real estate agent.
Cost vs. Value Report
If you are considering remodeling your
home, this is an invaluable resource. It provides a comprehensive
list of of renovations, each with an estimation of the cost and the
value added to your home. You are able to search by region or city.
Real Estate Agent
A real estate agent with local knowledge is still one of the most helpful resources when trying to estimate whether or not a renovation is worth it. Using comparable homes in the neighborhood, an agent can help you understand what your home might be worth both with and without the renovation.
Ultimately, the renovation that will yield the most is the one that is needed the most. If your home is in great condition except for the crumbling front porch, start there.
Renovations aren't all equal though.
There certainly are projects that will have a much higher return. So
if you're wondering if you can improve the value of your home, or you
want to stay within a renovation budget for an older, dated home,
start with the resources above.