Everyone enjoys the convenience of modern homes. They provide a comfortable and attractive space to relax in, and they make life stress-free in general. For that reason, many homeowners consider renovating their homes – both for personal enjoyment, and to make it easier to sell their home in the future. In this guide, we’ll outline five of the best home renovations that can increase the value of your home and help you recover as much of the renovation cost as possible.
Why Home Renovations are Worth It
Some people might be hesitant to invest in home improvement projects because of the cost and the time commitment. However, renovations have the potential to dramatically increase the value of your home while also helping you recover most of the money you spent on them. Thankfully, not all renovations have to be expensive. Something as simple as painting your front door can increase the value of your home. No matter how you choose to renovate your living space, the possibility of increased value is always there.
Some renovations have proven to be more profitable than others. Considering the Return on Investment (ROI) of different renovations can help you decide which ones will help you recoup the most amount of money. We’ve compiled a list of projects and their average ROIs to help you come to a decision.
1. Garage Door Replacement
Believe it or not, replacing or updating your garage door yields a 94-98% ROI on average. In certain markets, this home renovation can even net a 100% ROI, meaning you could make all of your money back. You should check with a local real estate agent to see the latest trends on renovated garage doors in your area. Garage door replacement is also a relatively inexpensive project, costing about $3,907 on average.
Besides the high ROI, garage door replacement increases the curb appeal of your home and makes it more attractive to potential buyers. Furthermore, modern garage doors provide better insulation for your garage and by extension, your entire home. This helps you save energy in the long run. All of these financial benefits make garage door replacement a worthwhile investment.
2. Manufactured Stone Veneers
Stone veneers are another extremely cost-efficient home renovation. According to the National Concrete Masonry Association, installing manufactured stone veneers on the exterior of your home tends to cost about $8,907 and provides 94.9% ROI on average. Manufacture stone veneer can last anywhere from 20-75 years depending on the manufacturer and maintenance. This siding material is also extremely durable and gives your house a modern look without breaking the bank. Taking all of these factors into consideration proves why manufactured stone veneer is a great way to renovate your home and increase its value.
The majority of real estate professionals say that exterior paint is a major factor when selling a home. Chipping paint, fading colors, or unpopular styles can make the first impression of your home a negative one. On top of this, interior paint can also play a major role during house tours or when you simply have guests over. You can see why re-painting your home can provide massive benefits.
However, you might not realize just how beneficial a new coat of paint actually is. In fact, painting the interior of your home can result in a 107% ROI, while painting the exterior of your home generally leads to a 55% ROI. Percentages can change depending on the colors used, as some are shown to be more profitable than others. Zillow.com reports that painting your front door black can even provide an additional $6,000 to the final selling price! Painting is an inexpensive remodeling project that provides serious returns.
4. Minor Kitchen Remodel
Updating kitchen floors, countertops, or cabinet fronts all represent a minor kitchen remodel. Any renovation that updates already existing structures within your kitchen is a fantastic investment for any homeowner. Many buyers list a kitchen as one of the most important selling points when purchasing a home, so it benefits both seller and buyer when a kitchen is renovated.
While some homeowners opt for major kitchen remodels (such as adding an island or rearranging the layout), minor kitchen remodels provide a better ROI on average at 81.1%. While kitchen renovations can cost a pretty penny, the ROI shows that most of the money is earned back after selling your home. Once again, most buyers are looking for a kitchen that meets their needs, so this type of home renovation project is always beneficial for increasing the value and appeal of your home.
5. Basement Remodel
Remodeling your basement can allow for extra space in your home. You might consider adding a bedroom or bathroom to your basement. These extra rooms help add value to your home and meet the needs of potential buyers with families or those in need of extra space. However, basement renovations might also include vapor barriers, dehumidifiers, or wall supports that provide extra protection to the basement area.
Since basements also act as the foundation of your home, they’re put at risk of damage from external sources such as weak soil, groundwater, and hydrostatic pressure. Investing in preventative measures and extra space can lead to around 70% ROI for your basement!
Groundworks Can Help Increase Your Home’s Value
All of these are wonderful ways to increase your home’s value. While our team doesn’t specialize in all of them, we can certainly provide foundation services that also help raise your home’s value and keep your renovations well protected from potential foundation problems in the future. We offer services ranging from crawl space encapsulation, basement waterproofing, concrete lifting, and foundation repair. Our long-term warranties are transferable, so if you decide to renovate and sell your home, it won’t affect the selling process. Contact us or call today to discuss our various services. Our team will be ready to schedule an inspection that works for you and your schedule!