Renos with strong returns - New: Roof, Wood Flooring, Garage Door, Exterior Stone Veneer, Minor Kitchen Refresh, Deck
Renovations that Pay Off...and Those that Don’t
Property owners remodel their homes for various reasons including the growth of their family, increase in functionality, updated style and design, or to prep their home to be listed. New homeowners often purchase a home knowing they want to make changes to it. No matter the motivation behind your home improvement desires it is always important to take into account how the money you invest will impact your home’s value.
Not all home improvements are equal when it comes to recovering the cost of materials and labor to complete the job. The region your home is in can also impact the value each renovation holds. For instance, the Mountain Region States of Colorado, Arizona, New Mexico, Idaho, Montana, and Wyoming most of the projects with the highest return on investment come from making upgrades to the exterior of your home.
Home Renovations That Pay Off
New Roof
The National Association of Realtors estimate it costs an average of $7,500 for a new asphalt shingle roof and homeowners will recover $8,000 when selling their home with this upgrade. This results in an average income recovery of 107%.
New Wood Flooring
Homeowners believe that the addition of wood floors lead to a 24% better functionality and livability in their home upon completion of the project. The National Association of Realtors estimate that new wood floors cost on average $4,700 and hold a value of $5,000 upon resale, resulting in a 106% recovery
New Garage Door
You may have noticed that a new stylish garage door certainly boosts any home’s curb appeal. This combined with the energy efficient properties new garage doors offer is probably why the average investment of $3,611 per door helps homeowners recover $3,520 resulting in a 97.5% return on investment.
Addition of Manufactured Stone Veneer
Removing existing siding from the bottom third of the street facing side of your home and replacing it with stone veneer is a natural trend in home design and improves a home's curb appeal. For a 300 sq foot area it would cost approximately $8,907 and would increase your home’s value to approximately $8,449 resulting in a 94.9% return on investment.
Minor Kitchen Remodel
Do you have a mid-range home? Refresh your dated kitchen and achieve an 80.5% return. The project analyzed cost the homeowner $22,507 and brought a resale value of $18,123. Replacing cabinet fronts with shaker style wood paneled doors and new hardware, new slide-in energy efficient refrigerator and oven/range, replacing laminate countertops, new resilient flooring, and upgraded to a mid-priced kitchen sink and faucet were all included in this remodel.
Addition of a Wood Deck
Does your home have a crumbling deck, a very small outdoor deck space, or no deck at all? 81% of homeowners surveyed stated that they have a greater desire to spend time at home since completing their deck addition. Installing a 16’x20’ wooden deck including railing, stairs, including concrete footings would cost approximately $13,333 and a value of $10,083 bringing about a 75.6% return.
It’s important to note that composite deck materials are significantly more costly than wood, therefore lead to a lower return on investment, however composite materials do require less maintenance. If you plan to hire someone to refinish your wood deck the use of composite materials to build your deck may offer you cost savings over time.
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