Home Renovations That Deliver the Best ROI for Selling or Staying
Whenever you decide to perform a home renovation, you need to not only consider how the improvement will benefit your family, but also how it will pay off down the line when you’re ready to sell. While it may seem like common sense that spending a lot of money on a complete kitchen remodel will add more value to your home than replacing a garage door, you need to look closer at cost versus the return on the investment in order to see the true story.
If you want to get the most value from your home improvements, then your choice of project will differ based on whether you’re planning to sell your home or stay.
When You’re Selling: Top Home Renovations to Raise Market Value
If you’re going to be selling your home, but first you want to make some renovations to increase its value on the market, then certain home improvements pay off better than others. For instance, replacing your entry door is consistently one of the best improvements you can make based on ROI because it recoups 91% of its cost, which averages $1,471.
Because your home’s curb appeal plays a large role in first impressions on buyers, upgrading things like your siding or adding a deck will also lend a boost to your home’s value, while making your home more attractive. Replacing your old vinyl siding with manufactured stone veneer costs approximately $8,221, but you’ll get 97% of that back in value. Installing a deck is a more expensive project with an average cost close to $11,000 but it’ll deliver an 83% return.
The kitchen is one of the most important among home buyers, so refreshing yours with some minor upgrades will make a difference among buyers. You can expect to pay around $21,000 for a minor kitchen upgrade, but it’ll earn 81% of your investment back.
When You’re Staying: Top Home Renovations to Make Your Home More Enjoyable
Over time, you’ll want to make changes in your home to make it more livable, more convenient, and more enjoyable. While these improvements might have a positive impact on value, market value isn’t your first objective when it comes to these types of projects. Still, it’s important to keep it in mind because you never know what the future holds.
Replacing your old-fashioned lift-up garage door with an automatic garage door not only makes your life more convenient and comfortable (i.e. when it’s raining), but this project also practically pays for itself in terms of value. A new electric garage door costs around $3,500 and it will recoup 98% of that money.
A minor bathroom remodel will also make your home more comfortable. Simply replacing the tub, vanity, and plumbing fixtures in the room, updating the tile flooring and shower surround, the lighting, and adding a fresh coat of paint costs $19,134 while returning $13,422 of that in value.
Remodeling the basement is an excellent way to add more living space to your home, something that will automatically increase your asking price should you decide to sell. But, for the time you’re in the home, it’ll also improve your family’s enjoyment of it. Whether you choose to turn your basement into a large family room, an extra bedroom, a fitness room, or a wine cellar, you’ll be making better use of the space and you’ll attract more buyers if you ever need to sell.
The Options Are Endless…
What you are planning on doing in your home is entirely up to you, but these improvements are some of the best value propositions available for today’s homeowner. As always, make a renovation budget and stick to it because a half-finished project is never good for your family or your home’s potential buyers.