Countless homeowners today are choosing to remodel their existing residences rather than buying new homes, and some people are remodeling before putting their homes up for sale. When doing so, they need to make cost-effective choices. The goal should be to increase the owner’s enjoyment of the home or add to its value to attract more potential buyers. Which remodeling projects offer the best return on investment?
New Garage Door
Imagine replacing the garage door in the home and adding significantly to its value. When remodeling your home, consider making this project a priority. Zonda releases a Cost vs. Value report that analyzes common remodeling projects to learn how each adds to a home’s value. They found that a new garage door comes with a 194 percent return on investment. This project came at the top of the remodeling projects with an excellent return on investment.
Paint or Replace the Front Door
A black front door adds over $6,000 to the home’s value. Homes with black steel entry doors command a higher price, so combine the two for the best return on investment. Not only will this improve the home’s curb appeal, but it will also add to its security.
Kitchen Facelift
A homeowner doesn’t need to redo the entire kitchen to see a good return on investment. There is no need to replace the cabinets if they are structurally sound. Leave the boxes in place and replace the fronts for a fresh look. Update the appliances to energy-efficient models and remove and replace laminate countertops. Resilient flooring will also be appreciated, and there is little demo work involved in the updates, so the homeowner is less inconvenienced while still seeing an excellent return on investment.
Fiber-Cement Siding
Consider replacing the existing siding with fiber-cement materials. While the owner typically won’t recoup the full cost of this project, they may. The new siding improves the curb appeal of the home, which helps draw in more potential buyers. The larger the pool of buyers, the more likely the homeowner will get the asking price, if not more. If the existing siding is in good shape, consider replacing only the siding on the front of the home to give it a new look.
Install a Deck or Patio
One thing people learned during the global pandemic is the pleasure that comes with having an outdoor living space. Many individuals were working from home while trying to school their children. Remaining within the home daily was too much, so they started spending more time outdoors. However, many discovered their front or backyard didn’t meet their needs. Installing a deck or patio resolves this issue. When done correctly, the deck or patio becomes an extension of the home. It can be customized to meet the homeowner’s needs in every way.
Bathroom Update
Updating a bathroom can offer an excellent return on investment. Replace existing fixtures and install a new toilet and vanity. Homeowners who don’t request changes to the plumbing or electrical systems find they can complete this project without spending a fortune. Opt for a single-hole faucet because they have fewer problems and are easy to clean.
These home remodeling projects offer an excellent return on investment. A homeowner may have other projects in mind. Regardless of how they choose to update the home, they should do an analysis to ensure they will get their money’s worth. Many projects will increase the value of the house and their enjoyment of it, which is always appreciated.
