Home renovations are a great way to improve your living space. But not all renovation projects are created equal when it comes to adding real monetary value to your home.
Maybe you’re looking to build that dream kitchen you’ve always wanted, or an outdoor entertainment area for hosting guests – but which of these home renovation projects is actually worth investing in?
Even if you’re not considering selling in the near future, it’s important to know how home renovations will improve the resale value of your home. Here are the 5 home remodeling projects that will greatly improve your home’s resale value.
1) Kitchen Remodel
80% of home buyers list the kitchen as one of their top three living spaces. Based on this stat alone, updating your kitchen should be at the top of your remodel priority list.
Completely remodeling your kitchen is guaranteed to add value to your home, but even a minor kitchen remodel can recoup as much as 80.5% on average.
Minor kitchen remodels include:
- New cabinet and drawer fronts
- Replacing cooktop/oven range
- Installing energy-efficient refrigerator
- Countertop replacement
- New sink and faucet
- New flooring
- Painting walls, trim, and ceiling.
Ready to have that kitchen you’ve always desired? Feel free to drop us a line for a free home remodeling consultation.
2) Deck Addition
If you’re looking to improve your home’s outdoor entertainment space AND improve your home’s resale value, look no further than adding a deck addition to your home.
On a tight budget? Decks are a great way to invest in your home without breaking the bank.
Wooden or Composite?
Material choice for your deck is simply a personal preference (although composite decks are the best choice as a low maintenance alternative). No matter what material you chose, you’ll still recoup between 69-75% of the cost.
3) Siding Replacement
Replacing your siding may not be at the top of your home renovation to-do list, but it definitely should be.
Not only does siding replacement increase your home’s curb appeal, but it is also incredibly practical. Here are 3 different ways that new siding benefits your home:
1) Energy Efficiency. Improved siding can reduce your gas and energy bill by up to $70 or more – insulated vinyl siding can yield an 80% ROI due to increased energy efficiency and lower bills. Interested in saving even more on your energy bill? Check out our article on how exterior remodeling can improve your home’s energy efficiency.
2) Increased Curb Appeal. New siding can come in a variety of finishes, styles, and colors – increasing curb appeal and home value all at the same time.
3) High Recoup Value. Upon resale, you’ll recoup about 76% of the value. If you factor in the ROI savings from your energy bill, that percentage will be significantly higher.
4) Entry Door replacement
Replacing your entry door is another practical and cost-effective minor home renovation project. A fiberglass entry door can recoup as much as 71.9% of its original value.
From a practical standpoint, fiberglass doors extremely energy-efficient due to long lifespan and the ability to work with the weather. They expand and contract with the temperatures outside without letting the controlled climate out of the home.
5) Manufactured Stone Veneer
Manufactured stone veneer, or faux stone, can be placed on the exterior or interior of the home. Replicating the rough and unique textures of natural stone, stone veneer adds aesthetic value to any part of the home. Chimneys, foundation, interior walls – stone veneer can be placed almost anywhere.
While not as large-scale or expensive as some of the other home renovation projects on this list, adding manufactured stone veneer to the interior or exterior of your home came recoup up to 94.9% of its original cost.
That’s as close to a sure thing as you’re going to get when it comes to home renovation projects.