Renovations can bring added joy and functionality to your home. But if you’re wise about the updates you make, you can also add value to your home when it’s time to sell or refinance. Before you take on a remodeling project, it’s good to know what kind of return you can expect. Here are five home remodeling projects with the best ROI, according to Remodeling Magazine’s 2020 Cost Versus Value Report for New England.
1. Garage Door Replacement
An attractive garage door adds curb appeal and tops the list of home remodeling projects, with nearly a 100% return on your investment. Spending $3,732 to replace a 16x7-foot garage door and tracks with a new 4-section door with heavy-duty galvanized tracks will have a resale value of $3,715, or a 99.5% return on investment.
2. Stone Veneer
Replacing a portion of your vinyl siding with stone veneer can provide an interesting design element that attracts the eye of potential buyers. According to Remodeling Magazine’s 2020 Cost Versus Value Report, replacing a 300-square-foot continuous band of existing vinyl siding with adhered manufactured stone veneer (and adding an outlined arch entryway) would cost $9,626. With a resale value of $8,453, this project would recoup 87.8% of its total cost.
3. Minor Kitchen Remodel
Remodeling your kitchen can add increased functionality to your space, and make cooking and entertaining more enjoyable. Any realtor will tell you the kitchen is an integral part of the home, and needs to be modern, clean, and well-designed to impress would-be buyers. With a minor kitchen remodel, you can expect to spend $23,452 and recoup 77.6% of your investment. A remodel of this kind includes replacing existing cabinetry with new shaker-style wood panels and drawer fronts, including new hardware. The cooktop/oven range and slide-in refrigerator are replaced with new, energy-efficient models. Laminate countertops are replaced, and a mid-priced sink and faucet are installed. New resilient flooring is added, and the walls, trim, and ceiling are repainted.
4. Siding Replacement
If your siding is cracked, split, or worn, it will really hurt your curb appeal. Replacing your siding can do wonders for your home’s exterior appearance and pay off when it’s time to sell your home. For the average New England home, replacing 1,250 square feet of old siding (and adding factory trim at openings and corners) with fiber-cement siding will cost you just over $17,000. You can expect to recoup roughly 78% upon resale. If you use vinyl siding, you’ll spend about $2500 less and recoup roughly 75% of your investment.
5. Wood Deck Addition
A deck is a great way to enjoy the outdoors with friends and family. Even better, a wood deck, including a built-in bench and planter, can hold over 72% of its value when you sell your home. This estimate is based on a 16 x 20 deck with pressure-treated joists supported by 4 by 4-inch posts anchored to concrete piers. It includes three-step stairs, and a complete railing system with pressure-treated wood posts, railings, and balusters.
Home Remodeling in NH’s Lakes Region, White Mountains, and Northern ME
Thinking about remodeling or expanding your home, contact the professionals at Cormack Construction Management. We’re your home remodeling and building experts.