5 Ways to Increase Your Home’s Value When You Renovate
Whether you want to maximize your homes equity or its resale value, it’s smart to know which home renovations will add the most value to your home before you begin renovating and updating.
How do you make your house more valuable? Keep in mind there is a difference between cosmetic updates like paint, laminate flooring and new cabinet hardware vs. renovating by means of repairs, and remodeling.
So, what home improvements add the most value? Here are the top 5 Mid-Range / Upscale renovations you should consider investing in according to the 2018 Remodeling Cost vs. Value Report based on national averages:
1. Garage Door Replacement
This easy remodel involves simply replacing your existing garage door and upgrading it with a new four-section 16 x 7 door with heavy-duty galvanized steel tracks, foam insulated to minimum R-12, with thermal seals between pinch-resistant panels. Windows in top panel are ½-inch insulated glass. This endeavor not only adds curb-appeal you’ll also recoup nearly every dollar you spend.
- Average cost: $3,470
- Average resale value: $3,411
- Cost recouped: 98.3%
2. Manufactured Stone Veneer
Don’t paint, replace a 300-square-foot continuous band of existing vinyl siding or stucco on your houses facade with faux stone veneer an aesthetically pleasing enhancement that will provide you a return on investment of more than 97-percent of your cost.
- Average cost: $8,221
- Average resale value: $7,986
- Cost recouped: 97.1%.
3. Steel Entry Door Replacement
Not only will this home improvement make your home safer and more appealing from the inside and outside. Replacing your average size 36-by-80-inch entry door with a 20-gauge steel door featuring a clear dual-pane half-glass panel, jambs and an aluminum threshold with composite stop will earn over 90-percent of your investment back.
- Average cost: $1,471
- Average resale value: $1,344
- Cost recouped: 91.3%
4. Wood Deck
Outdoor living and entertainment space enhances a home’s appeal and a backyard featuring a wood deck even more so. This project encompasses adding a 16-by-20-foot deck, including a railing system with pressure-treated wood posts, and balusters. This home improvement will realize more than 82-percent of its value.
- Average cost: $10,950
- Average resale value: $9,065
- Cost recouped: 82.8%
5. Minor Kitchen Remodel
Why do a major kitchen overhaul, when a minor one will suffice, and you can recoup about 81-percent of the cost based on a 200-square-foot kitchen with 30 linear feet of cabinetry.
The cabinet boxes are left in place and updated with new door and drawer fronts. Countertops are replaced with stylish but affordable options like faux marble or granite
Trade-in your older kitchen appliances for a suite of matching energy-efficient appliances, and lastly, replace the kitchen sink, faucet; and flooring with mid-priced on-trend options like vinyl planks, a farm sink, SMART faucet available in any home improvement warehouse.
- Average cost: $21,198
- Average resale value: $17,193
- Cost recouped: 81.1%
If you’re renovating to make your home suit your lifestyle, your methodology will be different than if you’re renovating to get a higher price when you sell. Consider your reasons, needs and how much money you have for the renovations before you put your plan into action.
Complete data from the Remodeling 2018 Cost vs. Value Report can be downloaded free at www.costvsvalue.com. Copyright 2018 Hanley Wood, LLC.