Are you planning to upgrade parts or the whole of your home? There are different reasons you may want to renovate. Maybe you want to add value and make your home more appealing, get the best return on investment on resale, or both. Going by the data by Remodeling, not all home improvements give a good return on investment. And considering the high cost of remodeling materials, you need to be cautious and focus on home projects with the best ROI.
Doing home renovations that improves the curb appeal and functionality will give you more ROI, and below are home projects with some of the best return on investment.
Five home projects with the best ROI.
1. Add stone veneer
Adding a stone veneer to your house is one of the renovation projects that can recoup over 95% of the project cost during resale. A stone veneer is a manufactured stone that gives your home a natural look, hence adding to its curb appeal. The stone veneer is a combination of lightweight materials, portland cement, and iron oxide. Compared to natural stone, a stone veneer is cheaper and lightweight. You will need a stone veneer pro to help you install this faux stone on your wall.
2. Minor kitchen remodel
You don’t have to do a kitchen overhaul to get the best resale value. Sometimes minor kitchen remodels can give you tremendous results. According to research, the cost of a minor kitchen remodel is $23,452 on average, and you can resale at $18,206 recouping 77.6%. This is the best return compared to a significant kitchen remodel that will attract 53.9% return on resale.
When doing a minor kitchen remodel, it is crucial to focus on efficiency. You can replace the oven and refrigerators with more energy-efficient ones, install new sinks with low-flow faucets, work on the flooring, apply fresh paint on the walls, and add new hardware.
3. Siding replacement
Siding replacement is another remodeling project that increases the curb appeal and gets you a great return on investment. You can replace the siding with fiber cement or vinyl and get an average of 77.6% and 74.7% ROI, respectively. Each of these sidings has its pros and cons, and you should do more research before settling on any. The fiber cement is more sustainable and non-combustible while vinyl, on the other hand, is lightweight, easy to install, and requires low maintenance.
4. Garage door replacement
Has your garage door seen better days? Garage door replacement is not a waste of time and resources. Let your home pop out with a new garage door that will bring in 94.5% ROI. The first impression of your home is the garage door, and you are better off improving the garage door with a modern garage door that comes with a lifetime warranty. Try a 4-section garage door on a galvanized steel track with half-inch insulated glass windows on top for security and efficiency.
5. Replace the windows with vinyl
Whether you live in scalding-hot areas or freezing-cold regions, energy-efficient windows are one of the home improvements you can invest in and get the best returns. The energy-saving windows are long-lasting, come in different sizes, and require no maintenance. According to costs versus value data, it will cost you an average of $17,641 to upgrade to vinyl windows, and you will get back 72.3% of the total cost.
Invest in home improvements that offer the best value.
Curb appeal and efficiency are the centers of focus for existing and new homeowners. If you need to do home improvement projects, it is best to research your local area’s return on investments.
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