Whether you’re selling your home or if you’re looking for a change, these fall renovation projects will breathe some new life into your home and see a return!
If you haven’t read the HomeLight Q2 Survey, you may not realize that the renovation project that’ll give you the most bang for your buck is going to be creating a dedicated home office out of any spare space you have. Yes, this project will cost somewhere around $12,000 and you’ll get an 87% return on investment, but because this is something buyers are looking for post-COVID-19, it’s very likely that your house is going to sell a lot quicker than if you didn’t have it.
So, if you’re thinking about listing your home any time soon (or you just want to change things up a bit) consider these renovation projects with the best ROI, as per the 2020 Cost vs Value report issued by Remodeling magazine.
1. Remodeled kitchens
In any home, the kitchen is probably one of the most used rooms in the house. People congregate there for entertaining, meal times, and even family bonding. With that said, it’s no wonder people want an updated, well-appointed kitchen! Buyers appliances that are energy efficient and stainless steel (naturally). They also want new granite countertops (concrete and marble are good choices as well), shaker-style cabinets, and sleek hardware. Remember, a fully upgraded kitchen will set you back around $23,000 for a modest renovation, but you’ll get 77% of that back when you sell.
2. New vinyl siding
Vinyl siding is the standard type of siding on many houses, but over time it can fade and have weather-related damage. Your house will look run down and drab even if the yard looks amazing. Replacing the siding can cost around $17,000 for the average, 1,250 square foot home. Yet, you can expect to see a 77% return, which makes it worth it, in our opinion.
3. Installing energy-efficient windows
Installing new windows is the perfect renovation for autumn because it’ll save on the energy bill. The best type of windows to get are low emissivity, simulated divided light vinyl windows painted whatever color matches the existing trim on the house. The new windows can cost about $17,000 depending on how many you’re going to replace, but you’ll get a 72% return on top of whatever you save on energy costs.
4. New garage doors
You’d never think that replacing a garage door will pay for itself when the house sells, but it’s a cheap upgrade that gives a 94% return when the house sells. The average cost to install a new door and remove the old is going to be about $3,600 and it adds about $3,400 to the overall value of your home.
5. Boost curb appeal with stone veneers
Along with new siding, you can go one step further in boosting your curb appeal, you can also create a beautiful entryway by installing a manufactured stone veneer. Along with boosting curb appeal which will appeal to more buyers, you’ll see a 95% return when it sells.
Renovating is no cheap endeavor. You need to set a budget and stick to it, because while you may want the best of the best, it’s going to cost a pretty penny. Plus, there’s no way of knowing if the investment will pay off when you put your house on the market.
We recommend doing a little bit of research before plunging in. Find out what features buyers in your area are looking for and see how it fits into your budget. If you can’t spring for a new hardwood floor, consider laminate. If you can’t replace all of the cabinets in your kitchen, consider switching out the hardware and painting the cabinets. Even the smallest renovations can have a big impact!