Happy New Year! New Year, New You right, well what about your home? 2023 is the year to finally do those home renovations you’ve been wanting to do. So let’s take a look at some home remodeling projects that will offer you the highest return on investment (ROI). So if you’re thinking of listing your home, or just want to do some renovations then these projects should be at the top your to-do list.
Garage door replacement
- Average cost: $4,041
- Average resale value: $3,769
- Cost recouped: 93.3%
A good-looking garage door is high on the list when it comes to getting cash back on your investment. The estimate for this job is based on the cost of removing and disposing of 16-by-seven-foot garage doors and replacing them with four-section doors with heavy-duty galvanized steel tracks, and assumes you’re reusing the motorized garage door opener. This curb appeal enhancer could get you back nearly the entire amount (93.3 percent) of what you spent on it when you sell your home — one of the few home remodeling projects to do so.
Manufactured Stone Veneer
- Average cost: $11,066
- Average resale value: $10,109
- Cost recouped: 91.4%
Stone always imparts a classic, classy vibe. Replacing vinyl siding with stone veneer — even on just a part of your home, such as the entryway — can greatly enhance the exterior and, again, the curb appeal of a house. The average cost estimate accounts for 36 linear feet of sills, 40 linear feet of corners and one address block, and materials including two water-resistant barrier layers and corrosion-resistant lath and fasteners. This project also recoups almost all of its cost (just over 91 percent).
Minor kitchen remodel
- Average cost: $28,279
- Average resale value: $20,125
- Cost recouped: 71.2%
A modern-looking and functional kitchen can of course boost your enjoyment of everyday activities like cooking, sharing meals with your family and entertaining friends. It’s a strong selling point with prospective home buyers too. A minor remodel, as the report defines it, is based on a 200-square-foot kitchen with 30 linear feet of countertops and cabinets, where you might be replacing appliances with new, more energy-efficient models; refacing cabinets with shaker-style panels; installing new countertops or a sink; replacing hardware; adding new flooring; and repainting the walls. Except for the appliances, it mainly involves cosmetic changes, and that’s how you’ll recoup close to three-fourths (71 percent) of your outlay. If you’re thinking ROI, keep the project modest. Interestingly, major kitchen remodels that involve changing the room’s size or layout, or installing new cabinetry, return much less: 53–57 percent.
Old or dilapidated siding can make even the nicest, structurally sound home look worn-out. The report considers replacing it with two types of quality man-made materials: fiber-cement and vinyl.
- Average cost: $22,093
- Average resale value: $15,090
- Cost recouped: 68.3%
For the average home, replacing 1,250 square feet with new fiber-cement siding will cost you just over $22,000 and you can expect to get back more than two-thirds of that investment upon resale. This upgrade includes 4/4 and 5/4 trim (4/4 and 5/4 are fractions measuring thickness).
- Average cost: $18,662
- Average resale value: $12,541
- Cost recouped: 67.2%
Vinyl siding can be more budget-friendly than fiber-cement siding, but it has nearly the same ROI. The $18,662 average cost estimates replacing 1,250 square feet with the new siding, and you should get back roughly 67 percent of that investment upon resale.
Windows are the eyes of the home, it’s sometimes said. Again, you have a couple of options, frame-materials-wise, which impact the ROI a bit.
- Average cost: $20,482
- Average resale value: $13,822
- Cost recouped: 67.5%
You could recoup just over two-thirds of the cost to replace your current windows if you install low-E, simulated, divided-light vinyl windows with a custom-color exterior finish. (Low-E means low emissivity, an energy saver.) You’ll want to ensure that the trim exterior matches existing ones, and the interior trim is left untouched, to keep costs within range. The average cost for this type of renovation — which accounts for 10 windows — will set you back $20,482.
- Average cost: $24,388
- Average resale value: $16,160
- Cost recouped: 66.3%
If you do the above, but make the frames out of warmer wood windows (better for older or more traditional-looking homes), you’ll spend a little over $24,000 for the job. Not surprisingly, since wood is more expensive, your expected return on investment drops by a full percentage point.
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