The best home improvements are ones that don’t just look great or improve your home’s functionality, but ones that increase your property’s value, too.
It’s true: Value-adding upgrades equal more in sales profits down the line, and they can also offset the initial cost to install them (meaning a cheaper project on the whole.) In some cases, projects could add so much value that they basically pay for themselves!
If you’re planning to make any home improvements this year, it pays to choose carefully. Will it improve your home’s value? How much so? According to Remodeling Magazine, here are some of the top projects you might want to focus on:
1. Replacing your garage door.
According to the data, this is one of those projects that essentially pays for itself. A garage door replacement averages about $3,907 in price and resales for a whopping $3,663 — meaning a 93.8% return on investment.
In short: If your door is looking old or grungy or you just want to update its style a bit, it’s probably worth the case.
2. Swapping vinyl siding for stone veneer.
Stone veneer siding has ranked among the top projects for years now, and currently, it offers about a 92.1% ROI. The average cost of stone veneer siding comes in just under $10,400, but homeowners make about $9,600 when they sell, recouping a large chunk of that initial price tag.
Another perk? Stone veneer siding can increase your home’s curb appeal and make it more marketable, too.
3. Remodel your kitchen.
Updating your kitchen cabinet fronts, swapping the countertops out, and upgrading your fridge and oven can have serious returns as well. According to Remodeling’s analysis, homeowners typically recoup about 72% of their costs of this one. If you choose energy-efficient appliances, you might take in even more recouped (via energy savings).
4. Add a wood deck.
Installing a wood deck can offer a great entertaining or relaxing space for your family, as well as add visual appeal to your backyard. It also delivers about $11,000 in resale value, meaning the typical homeowner recoups about 66% of their costs in the long run.
5. Installing a steel front door.
Steel front doors are more secure and durable than other door materials, and they apparently add value, too. Remodeling shows that steel doors increase a home’s resale value by around $1,350 — an ROI of about 65% on average.
6. Upgrade your windows.
Upgrading your existing windows to low-E, insulated wood or vinyl models can be a good choice as well. Though wood technically adds more value, its ROI is lower. Wood windows recoup 67.4% of their costs, while vinyl ones recoup 68.6%.
If you’re putting the time and money into home improvements this year, make sure to choose your projects carefully. And if you need help covering the costs, consider tapping your home equity through a cash-out refinance. Reach out to a Premier Nationwide Lending office in your area to talk through your options.
Premier Nationwide Lending is an Equal Housing Opportunity lender. Sponsored by NTFN, Inc. 700 State Highway 121 Bypass, Suite 100, Lewisville, TX 75067 NTFN NMLS 75333.