Trying to decide what project to tackle first at your home? You aren’t alone. Some people choose to renovate based on wants and others on need but almost all homeowners are interested in saving more then they spend. Every year Remodeling Magazine releases its Cost vs. Value report highlighting popular home remodeling projects that return on their investment.
When it comes time to renovate your home, savvy homeowners can expect to recoup much of the cost of their renovation as long as they choose the right project. Depending on the type of improvement, certain renovations can recover more than three quarters of their cost at resale.
Imagine getting a brand-new kitchen for just a fraction of what it actually costs. When you make the right renovations, you’re doing just that. Renovations don’t entirely pay for themselves at sale, but many can come awfully close.
In 2019, here are the top investments you can make in your home based on their estimated value recouped at sale in the DMV.
5. Replace Old Siding
Vinyl siding is financially smart on two levels. First, a vinyl siding job can earn back 70.5% of the cost of the renovation at sale. Second, it protects the home and requires no expensive maintenance. Energy bills high in the winter and summer? Make the upgrade to foam-backed vinyl siding and you’ll be providing extra insulation for your home that can help lower energy bills.
4. Replacement Windows
Did you know that old, drafty windows can cost you hundreds of dollars in energy bills during the colder months? By replacing these windows with new, energy efficient windows, you’ll improve the look and function of your home. Even better, replacement windows are one of the most cost-effective renovations. Replacing vinyl windows recoups 72.3% of the cost and replacing wood windows recoups 68% of the cost!
3. Build a Deck
Building a deck can turn the outside of your home into your favorite room in the house — and it also makes economic sense. Not only can outdoor projects cost less than interior renovations, but a wood deck can recoup 74.8% of its value at resale making it a great value!
2. New Entry Door
An entry door not only can improve the aesthetic of your home, but it also helps keep your home secure. If you are looking to sell your home, the front door in many ways is the first thing people will notice about your house when visiting. Typically, door replacements are an inexpensive project averaging less than $2,000 and can recoup 75.8% of the cost at sale.
1. Update Your Kitchen
A complete kitchen overhaul can be a daunting task, especially when you consider that larger kitchen renovations are less likely to recover their value when it comes time to sell. However, a minor kitchen remodel is one of the best options for getting a return on your investment and can involve much less time and energy. On average you can expect an 82.8% return on investment for a minor kitchen remodel.
A minor kitchen remodel consists of:
- Replacing your kitchen cabinets or just the cabinet doors and drawers, including new hardware
- Update your appliances with new energy-efficient, matching models
- Replace laminate countertops with granite
- Install a mid-priced sink and faucet
- Add new resilient flooring
- Fresh coat of paint on walls and trim
No matter what project you choose, be sure to prioritize the issues that need attention and can cause structural damage and deterioration to your home’s value. No project can properly recoup its value if you have a major issue like a roof leak or mold growing in your basement. Before any homeowner considers a large cosmetic renovation, make sure the fundamentals of your home are sound: the roof, the foundation, the plumbing, and the electrical. Invest in the backbone of your home before contemplating any other changes.
It’s also wise to choose a full-service remodeler with the experience necessary to get the job done right — sloppy work will only diminish the value of your home. With the right project and an expert full-service remodeler, you can live more comfortably and have your home help pay you back when you go to sell.