Scared of the cost of renovation? Unsure if you’ll get a good return on the hard work and cash you invest in your home? Before reaching for that hammer, check out the following list of renovations that will give you the most return at resale of your home. Choosing projects such as these will give you an idea of what projects are going to generate the most resale value whether you’re looking to sell now or later.
Remodeling Magazine’s 2018 Cost vs. Value report compares the average cost of 21 remodeling projects in 149 markets with the value those projects retain at resale in 100 U.S. markets. Counting down to the most cost-effective:
- Siding replacement
Average cost: $15,072
Average resale value: $11,554
Cost recouped: 76.7%
If you need a good reason to update old siding, consider that replacing 1,250 square feet of it will cost you about $15,072 and you’ll get back $11,554 upon resale. This upgrade includes the factory trim at the openings and corners.
- Minor kitchen remodel
Average cost: $21,198
Average resale value: $17,193
Cost recouped: 81.1%
Before you go for a major kitchen renovation, consider a minor one. This upgrade uses a 200-square-foot kitchen with 30 linear feet of cabinetry. Instead of removing cabinet boxes, update the fronts with modernized shaker-style wood panels and drawer fronts. The same goes for the countertops; simply replace them with new laminate. Next, swap out older appliances with energy-efficient models. Update the sink and faucet; refresh the paint trim; add wall covering; and replace with resilient flooring. This approach will recoup about 81 percent of its cost.
- Wood deck addition
Average cost: $10,950
Average resale value: $9,065
Cost recouped: 82.8%
One advantage of owning a single-family home is yard space. It’s no surprise, then, that a feature that takes advantage of this space, like a wooden deck, will retain more than 82 percent of its value come resell time. This project involves adding a 16-by-20-foot deck, including a railing system with pressure-treated wood posts, railings and balusters.
- Steel entry door replacement
Average cost: $1,471
Average resale value: $1,344
Cost recouped: 91.3%
This remodeling project is simple but effective. These doors come factory finished with the same color on both the front and the back. Those who remove and replace their existing 36-by-80-inch entry door with a new 20-gauge steel unit, complete with clear dual-pane half-glass panel, jambs, and an aluminum threshold with composite stop, will recoup about 91 percent of their costs when they sell their house.
- Manufactured stone veneer
Average cost: $8,221
Average resale value: $7,986
Cost recouped: 97.1%
Swapping out siding for stone veneer can be a rewarding purchase. For this project, remove the existing vinyl and replace it with adhesive manufactured stone veneer. You’ll add curb appeal to attract, and recoup more than 97 percent of your costs.
- Garage door replacement
Average cost: $3,470
Average resale value: $3,411
Cost recouped: 98.3%
According to the report, a good-looking garage door is the most prudent investment. This project involves removing an existing 16-by-7-foot garage and replacing it what a new four-section garage door with new heavy-duty galvanized steel tracks.
