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.

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According to the Remodeling 2020 Cost vs. Value Report (www.costvsvalue.com), here are some of the best renovations to improve the value of your home:

Manufactured Stone Veneer

Cost: $8,000-$10,000

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

Cost: $2,000-$4,000

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

Cost: $20,000-$25,000

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 look brand-new.

Siding Replacement

Cost: $15,000-$20,000

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 home.

Deck Addition

Cost: $10,000-$15,000

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

Cost: $1,500-$2,000

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.

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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.

Conclusion

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.

© 2020 Hanley Wood, LLC. Complete data from the Remodeling 2019 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.