Ever wondered the best projects for adding resale value are? The facts might surprise you!
Projects That Give You The Most Resale Value
Home Remodeling: A Look at the Hard Facts
Before we get into specific remodeling jobs, we need to look at some hard facts about remodeling and return on investments (ROI). In an attempt to identify trends in the housing and remodeling market, Remodeling Magazine conducts an annual survey on the costs and added values of certain projects. Their numbers show that while most projects won’t give a positive ROI, there are many that add to the value of a home.
What are their top remodeling projects for 2016? Let’s take a look at their top 5…
1. Attic Insulation (Fiberglass): 117%
It might be surprising to learn that this is the only project above 100% ROI. This project improves the energy-efficiency of a home, increasing value while decreasing energy bills.
2. Manufactured Stone Veneer: 93%
When you add manufactured stone veneer to your home, you’ll get almost all of your money back. This project typically takes the bottom third of the vinyl siding away and replaces it with more visually-appealing stone veneer.
3. Garage Door Replacement: 92%
A good garage door is essential for your home. It’s not only a convenience factor, it’s also a security and safety concern. Consider adding an insulated door or one with frosted glass to let more light in when you replace them.
4. Entry Door Replacement (Steel): 91%
By replacing your current door with a Steel or Fiberglass door that is more durable and reliable, you can regain over 90% of the total cost, also use a composite or treated jamb to reduce any chances of future rot damage where water may collect.
5. Minor Kitchen Remodel: 83%
Minor kitchen remodels can include cabinetry, countertops, drawers or pullout, and hardware replacement or a new backsplash. It can also feature new energy-efficient appliances and other small changes. This is different from major kitchen remodels, which return about 65% of the cost and feature big changes like a custom lighting system, wall ovens, built-in microwaves, larger islands.
Looking at the Trends in Remodeling and Home Value
You may have noticed a few trends in the top projects for resale value and ROI. They are smaller updates that often have more to do with the quality of the home over the looks. Attic insulation, for example, enhances the overall energy performance, but doesn’t make your friends and neighbors jealous. (Unless, of course, they’re looking at your energy bill!)
They are also smaller remodeling projects. While a bathroom renovation can add over $20,000 to the value of your home, it can cost more to complete. Garage door replacement, on the other hand, costs much less and returns almost all of the investment at closing time. So if return on investment is a priority, think small and practical.
When is Remodeling Worth It?
All this might make you wonder if remodeling is ever worth the cost and disruption. Despite the numbers, remodeling is still a great idea if it will improve your home and make you happy. If a family room addition, which returns about 68% of the cost, is right for you and your group, then go for it! Getting decades of enjoyment and livability from your home is too important to ignore just because of dollars and cents.
Get Expert Remodeling Advice
Contact us today and you can get the remodeling advice you need to make your home a palace.
From small improvements to complete renovations, we are here to meet your needs!
2 March, 2017 11:06:33
Winter is actually a great time for home improvement projects and remodeling. Some projects, like painting walls or installing a backsplash, are fast and affordable, while other winter projects, like renovating a basement, can completely rejuvenate your entire home.
8 February, 2017 09:15:00
We are thrilled to announce that New Outlooks has won “Best Of Service” on Houzz®, the leading platform for home remodeling and design.
20 January, 2017 04:47:05
According to the Insurance Information Institute, winter storms caused roughly $3.5 billion worth of damage in 2015. But it doesn’t take a massive blizzard or sheet of ice to cause damage to your home. In many cases, damage is caused by the prolonged nature of winter: cold weather and icy conditions.
