Remodeling your home can be a big ordeal. From balancing material delivery to construction workers in your house to the overall quality of work, there’s a lot to think about – least of which is the end value of any home updates you make.
When it comes time to make improvements to areas around your house, here are 10 remodeling projects that are guaranteed to increase home value according to the recently released 2018 Cost vs. Value Report by Remodeler Magazine.
1) Garage Door Replacement
Average Cost: $3,470
Resale Value: $3,411
Costs Recouped from Remodel Project: 98.3%
With the wide array of colors, styles and features, a garage door will drastically improve the appearance of your home. In 2018, the average homeowner recouped more than 98 percent of their investment into garage door replacement.
When your home looks its best, potential buyers will take notice. Boosting the appearance of your home is an obvious way to add value to your home, and an updated garage door will drastically improve its curb appeal. Any home remodeler will be able to tell you that a garage door is often the best investment a person can make to both improve their home and maximize their return.
Of course, the look of the garage door is only one aspect of how it adds value to your home. The added functionality, security and storage can sometimes be equally as important to many prospective buyers. Before choosing a design based on looks alone, consider ways you can optimize space, increase efficiency and improve security as well. Looks are important, but buyers also consider safety issues and utility costs, among other things.
As your garage door ages, home energy costs can rise. Heating and cooling costs are an important factor when it comes to home value. If you install a high-quality, energy-efficient garage, you’ll likely get a full return on your investment over a few years in the savings on utility costs alone. Get rid of that stack of bills with a smart remodeling project like a garage door replacement.
2) Wood Deck Addition
Average Cost: $10,950
Resale Value: $9,065
Costs Recouped from Remodel Project: 82.8%
A wood deck is a sought-after home feature for prospective buyers. Not only does a deck provide a place to gather family and friends outside, experts say that homeowners can easily recoup more than 82 percent of the cost to build one – way more than what can be recouped from many other remodeling projects.
We’ve already established that improving the aesthetic of your home will likely increase its value, and a deck will do just that. With a more visually appealing exterior, you enhance the home’s overall design. By staining or painting the wood, you can match the appearance to the overall color scheme of your house, from the siding to the shutters to the trim. Decks also provide another dimension to a yard, becoming an attractive component of the landscape.
Another great benefit of adding a deck to the exterior of your home is that it’s a relatively easy project for the average DIYer. Most smaller decks can be completed in a few days, plus most work is completed on the outside of the house, making it easy to live within the home. If you do decide to build a deck yourself, ensure you have the proper safety equipment, an appropriate amount of helpers and any specialty items you need, like a dumpster or post hole digger.
If you really want to make a great impression on prospective buyers, add a deck to your home to increase its value and desirability.
3) Minor Kitchen Remodel
Average Cost: $21,198
Resale Value: $17,193
Costs Recouped from Remodel Project: 81.1%
A minor kitchen remodel project is another great way to add value to your home. Minor kitchen projects earn a return on investment of more than 81 percent, according to experts, meaning for every $100 spent on the project, your home’s value increases by $83. With some quick updates, you can design a better kitchen that captures a prospective home buyer’s attention.
What is a “minor” kitchen remodel exactly? Not to be confused with major upgrades, which involve an entire overhaul, minor upgrades are less invasive on your budget and overall work needed to be performed. Instead of replacing the sink, countertops, flooring, vents and appliances, you can do take on some easier projects like replacing the refrigerator, sanding and refinishing cabinets, adding a backsplash, or installing a garbage disposal.
While a major kitchen upgrade may still add value to your home, you’re not as likely to recoup as high of a percentage of your costs as a minor kitchen upgrade. This especially true if other homes in your neighborhood don’t have updated kitchens. In other words, a major upgrade is more for personal enjoyment rather than financial benefit.
Making minor kitchen upgrades has many benefits to you as a homeowner. Not only will you enjoy your kitchen more, but you’ll likely increase your home’s overall value, commanding a higher price when you decide to put it on the market. In general, there’s a high likelihood that you’ll be happier with the added value a minor kitchen remodel can bring to your property.
4) Siding Replacement
Average Cost: $15,072
Resale Value: $11,554
Costs Recouped from Remodel Project: 76.7%
When it comes to improving the value of your home, the exterior look and functionality plays a huge role, since it’s the first thing that prospective home buyers will notice about your home. Aging siding is nothing but an eyesore and can cause weak spots in your home, allowing the elements to slowly make their way in. With siding replacement, however, homeowners can recoup more than 76 percent of the project’s costs while increasing curb appeal, energy efficiency and structural soundness.
Boosting the first impression your home gives off to prospective buyers, otherwise known as curb appeal, is crucial to increasing your home value. Siding can play a big role in attracting those home shoppers that may look past a house that looks run-down on its exterior. You may have the most impressive kitchen, master suite or basement in the neighborhood, but many people won’t even consider taking a tour if it look as though the siding is shabby and needs a lot of expensive work – plus, many assume the inside will reflect what’s on the outside.
Adding a high-quality, modern siding system to your home is also a great way to add beauty, protection and value to the exterior of your home. With an almost limitless amount of color, material and style options, replacing your siding can make the value of your home soar.
5) Window Replacement (Vinyl)
Average Cost: $15,955
Resale Value: $11,855
Costs Recouped from Remodel Project: 74.3%
Replacing the windows around your home will provide your home with a strong boost in value. If you end up paying $16,000 for new vinyl windows, your home value could rise roughly $12,000, making the return on your investment 74% – a great financial payoff when it comes time to resell.
Not only do vinyl windows add value to your home, they can help support the curb appeal, interior design and lighting, and increase energy efficiency. You can try out windows that look similar in style to your existing ones, or make upgrades to increase the natural light in your home.
It may be shocking to learn that the costs of heating and cooling your home makes up roughly 40 percent of the average homeowner’s yearly energy budget. While you spend more for new windows upfront, replacement vinyl windows can help you save big on energy bills over the long-term, giving you more money to spend however you wish.
When you add in all the benefits of replacing your windows with new vinyl windows, including more comfort, better for the environment and a big boost in resale value, the choice is clear.
6) Bathroom Remodel
Average Cost: $19,134
Resale Value: $13,422
Costs Recouped from Remodel Project: 70.1%
A professionally done bathroom remodel can dramatically increase the value of your home. By replacing outdated features with modern and energy efficient baths, toilets and sinks you can recoup more than 70 percent of the cost of a bathroom remodel. In addition to getting a higher return on investment, you will get the peace of mind that your house will be easier to sell. Whether you’re thinking about putting your home on the market soon or just want a better bathroom area, bathroom updates can provide a wide array of advantages.
The bathroom is often one of the most common remodeling projects taken on by homeowners, meaning home buyers will look at these rooms first. They will inspect the bathroom just as thoroughly as any other room in the house, flipping on the faucets, testing water pressure, checking toilets – they will inspect everything so you better have something that really impresses the buyer and maximizes your sales price.
If it’s storage, efficiency, appearance or increasing home value, remodeling your master or common bathroom areas provides an endless array of benefits.
7) Roof Replacement
Average Cost: $20,939
Resale Value: $14,320
Costs Recouped from Remodel Project: 68.4%
While often not the first consideration for a remodel project, a new roof is actually a smart investment. For a roof replacement in 2018, the average homeowner can recoup more than 68 percent of the project’s costs – meaning you’re adding a strong amount of value to your home. If you’re trying to sell a home that has an old, outdated roof, you’re not doing yourself any favors!
Many prospective buyers are turned off by a run-down roof because of the future repercussions they may face. Holes and cracks in your roof can cause water to infiltrate your attic, walls, insulation and even the structure of the home, causing massive repair bills. Not only are repair and maintenance problems an issue, a sudden bill for a dilapidated roof isn’t something that comes incredibly cheap for most people who’ve just purchased a home. Let the prospective buyer know that they’re purchasing a beautiful home with a high-performance roof that will protect their investment for years to come.
The majority of roofs come with a decent warranty, from 10 years all the way up to 50. If your roof is reaching the end of its lifespan, a new roof can provide the future homeowner with added incentive to purchase your property. Warranties are grandfathered-in to the next homeowner, giving them peace of mind knowing they’re protected should something happen.
One final benefit to replacing your roof are the eco-friendly options available that add real long-term value. Savvy homeowners are adding value to their home with energy-efficient roof systems that cut utility costs and improve heating and cooling throughout the season.
8) Grand Entrance (Fiberglass)
Average Cost: $8,591
Resale Value: $5,809
Costs Recouped from Remodel Project: 67.6%
One of the most crucial aspects of nailing curb appeal and enticing prospective buyers is the entrance of your home – do you want to make a grand impression or an unimpressive one? Every visitor sees the front door, and a grand entrance can help you add value to your home, letting you recoup an average of more than 67 percent of the project’s costs.
Replace a simple, single entry door with a new, fiberglass door and you’ll effectively up the resale value of your house. Make a great first impression as you’re welcoming prospective buyers into their potential future home.
9) Master Suite Addition
Average Cost: $123,420
Resale Value: $69,807
Costs Recouped from Remodel Project: 56.6%
A master suite gives the homeowner a luxurious place to escape to while also increasing the home’s value for resale. While one of the more pricier remodeling projects on this list, you can recoup more than 56 percent of the costs for a new master suite, making it a worthwhile investment should you choose to take it on.
One important thing to consider with a new master suite however is that the amount you recoup when you resell will greatly depend on how it compares with other houses in your neighborhood. If houses on your street are occupied by empty nesters with two-bedroom homes, you won’t recoup nearly as much as you would if master suites were commonplace.
While the many advantages of a master suite, like a private bathroom, separation from the other rooms in the home and more space, may seem priceless to some homeowners, the cost of the remodeling project can be one of the priciest. Before starting this project, do your research to come up with smart ideas to save money.
For example, if you’re ultimate goal is to create a gorgeous master suite but your budget is limited, transform an existing space, such as over the garage, in an unfinished attic or by knocking down a wall and combining two smaller rooms. By utilizing the space you already have, you can cut costs sometimes up to 60 percent and recoup a larger portion of your investment when it comes time to put your home on the market.
10) Backyard Patio
Average Cost: $54,130
Resale Value: $25,769
Costs Recouped from Remodel Project: 47.6%
There’s nothing like enjoying the summer weather on a gorgeous patio. Prospective buyers know this, which is why it’s such an appealing feature for them to come across on a prospective home. It’s a good investment as well, allowing you to recoup more than 47 percent of the project’s costs.
Adding a patio effectively adds an extra “outdoor” room to your home. With a wide variety of styles, from brick to paver to concrete, and a dedicated space for family and friends to gather, patios are always high on the wish list for prospective home buyers.
With a backyard patio, you can add thousands of dollars to your home’s value. There are a number of reasons why a patio is so desirable. First, patios extend the square footage of your home, especially when you choose to add a patio that is covered or partially covered by a structure like a pergola. This gives the homeowner usability throughout much of the year, even when it gets cold.
Patios are also considered a permanent improvement that will give your home long-term value returns. Whereas a deck (especially a wooden deck) needs to go through annual maintenance, refinishing every couple of years and completely replacement in 10 years or so, a durable patio will last for several decades. Since they are made of stone or concrete, they can stand up to the elements, bad weather and rough use much better than other exterior home remodeling projects.
While the exact amount of value a patio adds depends on your unique circumstances, you can have confidence that this home remodeling project will supply your property with added value.
There’s no doubt that remodeling parts of your home can be a big undertaking. Now that you know the 10 remodeling projects that are likely to add the most value to your home, you can get started making your home more attractive to prospective buyers.
Overall, when you increase the visual appeal, functionality and long-term health of your home, you’re setting yourself on the right path to maximizing its resale value. Always take enough time to consider the pros and cons of any home remodeling project so you can better understand how to optimize your budget and improve your home’s overall value. Best of luck with your upcoming remodeling project!
Searching for help with an upcoming remodeling project in 2018?
Turn to the team at Treasured Spaces! We’re home-remodeling experts, ready to take on your unique project.
When you hire our team, you’re choosing a group of remodeling experts that are dedicated to providing you a beautiful, functional and personalized place to call home. We focus on improving the long-term value of your home, so when it comes time to sell, you’re able to maximize the sale price. It’s our goal to work with you on timeline, budget and project scope, while assisting you through each step of our remodeling process.
We know it can be difficult to narrow down your search for a reputable home remodeling expert – we want to make it easier for you. With more than 10 years of experience adding value to a wide variety of homes throughout Minnesota, our team will help you accomplish all of your remodeling goals, no matter what they may be. We’re ready to be your partner.
Find out what makes Treasured Spaces a cut above the rest. Get in touch with our team today!