If you’ve been thinking about taking on a home improvement project this Spring, you’re not alone. The remodeling industry is on pace to reach $400 billion this year. That said, if you’re going to contribute to that amount, and put in time and effort, you might as well increase the value of your home at the same time. Whether to drive up the price of a property you’re selling or as an investment in the family home, certain renovations offer a greater return on investment than others.
Thanks to the internet, connecting with the ideas, advice, and companies you’ll need to invest your remodeling dollars in the right areas is easier than ever. But before you break out the power tools or crack open a new can of paint, be sure you’re investing your hard-earned dollars in the right project.
That’s precisely why we’ve selected 8 remodeling projects that not only make your home more enjoyable but return at least 68% of your initial cost.
Maximized curb appeal
1. Front Door Replacement – Average ROI: 91.3%
It may come as no surprise that replacing the front door, the first thing most people will see when approaching a home, it one of the best investments to be made. Replacing your existing front door with a steel unit adds quite a bit to your homes overall value. Even better, upgrading the front door is one of the most affordable “major” upgrades a homeowner can make.
2. Garage Door Replacement – Average ROI: 91.3%
Not to be overlooked, a new garage door is another great investment for beautifying and modernizing your home. Though landscaping and siding are important for curb appeal, a new garage door makes a dramatic statement and adds a ton of functionality. And it seems home buyers agree, as the typical garage door replacement will return over 98% of its initial cost when the home is eventually sold.
3. Manufactured stone veneer – Average ROI: 97.1%
Just like a stone wall surrounds can lend timeless beauty to your bathroom, manufactured stone veneer can add just the right amount of natural aura to a home. By placing stone over certain portions of a home’s exterior, you can quickly add elements of luxury and curb appeal. The real estate market appears to have given a unanimous green-light to the practice of covering outdoor surfaces with faux-stone, as it’s expected to return over 97% of homeowners investment in 2018.
4. Roof replacement – Average ROI: 68.4%
Perhaps the most obviously beneficial exterior remodeling project is installing new roofing. For you, the immediate upsides are your home’s improved curb appeal and resale value. For potential buyers, there is immense peace-of-mind in knowing that a major maintenance item has been taken off their plate.
Interior renovations that count
5. Midrange bathroom remodel – Average ROI: 70.1%
Homeowners often assume a kitchen remodel is the most valuable interior renovation to take on, but actually, the average bathroom remodel returns over 11% more of its initial cost than the comparable kitchen upgrade. Durable, beautiful, responsibly manufactured vanities, wall-surrounds, showers, and accessories can transform your bathroom into a place you (and potential buyers) won’t want to leave. Best of all? You and your family get to enjoy all the benefits of a spa-like bathroom in the mean-time.
6. Universal design bathroom – Average ROI: 70.6%
If you really want to maximize your home’s long-term value, focus your efforts on making your bathrooms more accessible. Re-designing the existing space to accommodate individuals with limited mobility returns 20% more the of initial cost even when compared to adding on a completely new bathroom. Improvements such as walk-in bathtubs, grab bars, and in-shower seating not only add usability but are a major selling point for home buyers.
7. Basement remodel – Average ROI: 70%
Last but certainly not least, is the much-loved basement remodel. Transforming what often serves as a repository for heirlooms and holiday decorations into a functional living space is one of the more valuable remodeling projects around. And while the initial investment may be the highest among the projects listed here, it’s not uncommon for a basement remodel to increase your home’s usable space by 50% or more.
8. Insulation – Average ROI: 76%
Granted, new insulation may not excite you like some other remodeling projects, but rest assured it’s worth considering. If you live in most climates, seasonal changes in temperature mean you’re almost always cooling-off or heating-up the house. Not only can new insulation minimize your monthly energy expenses, but will gain more value among home buyers as energy prices continue to rise.
Remodeling prominent parts of your home not only improves resale value, but perhaps more importantly, the time you’ll have with your family while living there. With the project ideas provided here, you’ll be able to get the most out of your house in a number of ways.
If you’re considering a partial or full bathroom remodel, contact your local Re-Bath today for a no-cost consultation. Our experienced team brings the showroom right to your front door and assists you in designing a bathroom you’re sure to love for years to come.