If you’re thinking about starting a home improvement project soon, consider whether your updates will also add value to your home. Not all home improvement projects have the same return on investment, so if you’re looking for something useful for your family but that will also add value look no further! Thanks to the Remodeling Magazine annual Cost vs. Value Report here are the six home improvement projects that will give you the biggest return.
Garage Door Replacement
Job Cost: $3,470
Resale Value: $3,411
Cost Recovered: 98.30%
Coming in number one for cost recouped at a whopping 98.3% is garage door replacement. Not only do garage doors make a huge impression, they can change the entire look of the home, boosting your home’s curb appeal. You can do so by installing a new (modern) garage door with a lifetime warranty on new heavy duty steel tracks. Don’t forget to keep your costs down by reusing existing motorized openers. Here’s an example provided by Remodeling Magazine.
Manufactured Stone Veneer
Job Cost: $8,221
Resale Value: $7,986
Cost Recovered: 97.10%
Number two on the list for cost recouped is manufactured stone veneer. If your home has vinyl siding, considering making the upgrade to manufactured stone veneer. Cheaper than actual stone, manufactured stone keeps your costs low but values high. While homes can vary in architecture most replace the bottom third of their siding and entry ways with stone veneer leaving siding at the top for a nice contrast.
Entry Door Replacement (steel)
Job Cost: $1,471
Resale Value: $1,344
Cost Recovered: 91.30%
Entry door replacement (steel) comes in at number three on the list for cost recouped at just over 90%. Steel is often less expensive than a wood door, keeping costs low but still boosting your curb appeal and adding value to your home. When replacing your door, consider opting for a lockset with a nice finish to add an extra boost.
Deck Addition (wood)
Job Cost: $10,950
Resale Value: $9,065
Cost Recovered: 82.80%
At 82.8% and number 4 on the list for cost recouped, a wood deck addition could be the additional space you’ve been looking for! Not only is it perfect for family gatherings, it also adds value to your home. While the deck size depends on your home’s architecture and landscape, adding support posts, keeping the board pattern simple, including built ins like a bench and stairs are all something to keep in mind when making your wood deck vision come to life.
Minor Kitchen Remodel
Job Cost: $21,198
Resale Value: $17,193
Cost Recovered: 81.10%
While this is the highest job cost on the list, and is only a minor remodel, the cost recouped remains at over 80%. Rather than gutting your entire kitchen, there may be simple upgrades you can make to give your kitchen the face lift that it needs! This can be done by replacing the fronts of cabinets and drawers including adding new hardware, upgrading appliances to new energy-efficient models, installing a mid-priced sink and faucet, and replacing laminate counter-tops should you have them. In addition, repainting trim, adding a wall covering, and removing and replacing vinyl flooring are other simple upgrades that can help boost your home’s appeal and value.
Siding Replacement
Job Cost: $15,072
Resale Value: $11,554
Cost Recovered: 76.70%
Last on our list for home improvement projects that pay off is siding replacement with the cost recouped percentage at 76.7%. If your home has siding, replacing the existing siding with new siding and adding factory trim at all openings and corners can help add value and improve your home’s exterior!
Let the planning begin...
Now that you know the top six home improvement projects that pay off, it’s time to start planning and saving! Check out our Smarter Habits article on Better Budgeting, to help you save faster. If you’re looking to start on the projects now, Smart Financial also has home loans to help.
