Making upgrades to your house will help you live more comfortably, but there are some home renovation projects that will raise the value of your home if you ever decide to sell. These projects have a high return on investment, which can help you recoup some of the costs of the renovations when you sell your place before moving to a new home. Although some of these projects may have a high cost, the upgrades tend to retain their value until you decide to sell your home.
Home remodeling projects can have a high return on investment regardless of how much the project initially costs. Some projects, like a kitchen remodel, may be significantly more expensive than others, but much of that initial cost will be recouped if you ever sell your home. If you are interested in upgrading your home without losing too much of your money, here are some home improvement projects with the best return on investment.
Idea 1. Minor Kitchen Remodel
Average Cost for the Job: $21,120
Average Resale Value: $17,195
Cost Recouped: 81.3%
A minor kitchen remodel can be a good project to add value to your home while modernizing and increasing the functionality of your kitchen. A remodeled kitchen can help increase the enjoyment and convenience of daily activities like prepping and cooking, entertaining guests and sharing meals with your family. In order to keep costs manageable, it may be best to do a minor remodeling of your kitchen instead of gutting your existing kitchen and creating a new one from scratch.
For this home renovation project, you can replace your old appliances with energy-efficient upgrades, fix any broken cabinets, replace hardware, install new countertops and much more. Newer kitchen appliances not only increase the value of your home, but many larger appliances offer warranties that will protect your investment until it comes time to sell. Therefore, it is worth taking the time to consider the purchase of any optional warranty that is offered with the purchase of a newer model of an appliance.
While the energy-efficient appliances can help you save money on your energy bills, which will add up over time. In the meantime, you and your family can enjoy the upgraded kitchen until you sell your home. Once you do decide to sell, you will recover most of the money you put into the project. Alternatively, you will also have the option of taking some of your appliances with you, should a prospective buyer have their own appliances that they would prefer to bring with them.
Idea 2. Garage Door Replacement
Average Cost for the Job: $3,385
Average Resale Value: $3,310
Average Cost Recouped at Resale: 97.7%
When it comes to getting your money back on a home renovation project, replacing an old garage door with a good-looking newer one is almost always at the top of the list. The cost for this project is estimated based on the estimate for uninstalling and disposing your existing garage door and replacing it with a new four-section garage door on heavy-duty galvanized steel tracks. This project might be more expensive if you need to purchase a new motorized garage door opener in addition to the door.
Home remodeling can be expensive, so it is important to reduce your risk of loss. This is especially true if you want to resell your home in the future. As you purchase your garage door, you should consider purchasing the 10-year or lifetime warranty to protect your investment. When the time comes to resell your home, your upgraded garage door will be a curb-appeal boost for potential homebuyers.
Idea 3. Manufactured Stone Veneer
Average Cost for the Job: $8,135
Average Resale Value: $7,880
Average Cost Recouped at Resale: 96.9%
Similarly to the garage door replacement, adding manufactured stone veneers to your property is a home remodeling job that adds a lot of curb appeal. Performing a house renovation project such as replacing your existing vinyl siding with stone veneers for the entryway of your home is a quick way to increase resale value. These stone veneers will draw the attention of homebuyers by adding an eye-catching improvement that is visible from the front of the house. Therefore, these improvements may be enough to bring more potential buyers into your home for open houses while giving the value of your home a significant boost.
Idea 4. Main Entry Door Replacement
Average Cost for the Job: $1,475
Average Resale Value: $1,340
Cost Recouped: 90.8%
First impressions are important when you are trying to sell your house, so house renovations that increase the curb appeal will usually bring the best returns on investment. Replacing your old entry door with a solid, attractive steel door will make your home look more appealing on first glance. You can purchase and install an expensive-looking door for an affordable price, and you are likely to recoup most of your money when you resell your home.
When shopping for new entry doors, it is essential that you consider the measurements of your current door when browsing for an upgrade. While you could upgrade to a different dimension, doing so will likely increase the overall cost of your renovation.
Idea 5. Addition of a Wood Deck
Average Cost for the Job: $11,050
Average Resale Value: $9,085
Average Cost Recouped at Resale: 82.2%
If you are looking for a house remodeling project that adds more space for your outdoor area, you should consider adding a wood deck to your home. A wood deck provides you with more space to entertain guests, which is a major selling point for many homebuyers. You can increase the comfortability of your deck by building benches and placing planters for decorations. Generally, adding a wooden deck is an expensive project, but it is an upgrade that tends to hold more than 75 percent of its value when you sell your home.
Once you have decided to add a deck onto your home, it is essential that you carefully review your options. While more expensive, certain types of wood and other materials are more durable and resistant to the elements. A material that is resistant to elements such as rain and snow will likely retain its “newness” appeal for a greater length of time compared to the cheapest material you can find.
Idea 6. Vinyl Window Replacement
Average Cost for the Job: $15,945
Average Resale Value: $11,876
Average Cost Recouped at Resale: 74.5%
If you are remodeling your house and would like to increase energy-efficiency and resale value, then you should consider getting vinyl window replacements. New windows will make your house look better from the outside, and they will also help to keep your energy costs down by insulating your home. Since this is one of the most common home renovation projects, potential homebuyers will be happy to see that you have already installed them.
Idea 7. Improving Bathroom Accessibility
Average Cost for the Job: $16,370
Average Resale Value: $11,580
Average Cost Recouped at Resale: 70.7%
There are a number of different house renovation projects that increase the accessibility of bathrooms for people who are elderly or living with disabilities. Bathroom features such as walk-in showers, wheelchair accessibility, support bars and seats in bathtubs can help people enjoy the safety and comfort of their home for longer. If you have these features in your home, you will likely get most of your money back when you sell your home in the future.