What Home Improvements Offer the Best Bang for Your Buck?
Posted by Lauren Schneider on Thursday, February 6th, 2020 at 8:39am.
While the first person you should be trying to please when doing renovations is yourself, the second person is the next person who buys your Fountain home. Especially for those planning on selling in the near future, it's a good idea to consider renovations that offer a high return on investment so you can make some of that money back. If you absolutely adore the idea of hot pink subway tiles in your kitchen, you are well within your rights to do that, but it's important to be educated on how more quirky renovations affect home value.
Here are the highest ROI home improvements you can do.
Garage Door Replacement
Cost of Job: $3,470
Resale Value: $3,411
The garage door may not be the first thing one thinks of when embracing their inner HGTV, but it is a practical and relatively low-cost replacement that on average recoups almost all of its cost. It does make sense if you think about it - garage doors house personal vehicles, which are often a family's most expensive asset after their house, and a damaged or non-functional garage door could be a vulnerable entry point into the house for someone with ill intentions.
Manufactured Stone Veneer
Cost of Job: $8,221
Resale Value: $7,986
Manufactured stone veneer is a faux stone made of manmade materials that is designed to look like true stone at a much lower cost and weight. When done well, it can add a lot of value to the curb appeal, and good manufactured stone is very realistic. The first step of selling a home is getting buyers in the door, so a well-executed faux stonework and a nice yard can go a long way.
Steel Entry Door Replacement
Cost of Job: $1,471
Resale Value: $1,344
A durable, attractive entry door both extends a warm welcome to visitors and provides the first line of defense against uninvited guests. A damaged, unattractive, or broken front door may leave a bad impression just as potential homebuyers are entering the house. A quality front door can also improve energy efficiency by limiting air flow between indoors and outdoors as well as provide an easy boost in curb appeal.
Wood Deck Addition
Cost of Job: $10,950
Resale Value: $9,065
A nice wood deck can really transform a plain back yard into an attractive space to entertain guests or host family gatherings. While a new deck isn't cheap, on average it recoups almost all of the costs it takes to install. For those who are more handy with carpentry, buying the raw materials and installing the deck yourself can provide even more bang for your buck as you will save on labor costs (as long as you are confident in your ability to do such installations safely).
Minor Kitchen Remodel
Cost of Job: $21,198
Resale Value: $17,193
While kitchens are often one of the makers or breakers in a home, it isn't (usually) necessary to gut and remodel the entire kitchen from the pipes up. Actually, a more moderated approach may give you a higher return of investment. This includes replacing the oven and refrigerator with newer energy-efficient models, adding new resilient flooring, replacing laminate countertops, updating the cabinet doors (but the body of the cabinet can remain the same), updating the sink and faucet, and adding a quick layer of paint. Energy efficiency and cosmetic updates may take you further than more extensive kitchen renovations if the original layout is good.
What should you take away from this? Buyers are interested in safety, curb appeal, energy efficiency, and practicality. Granite countertops and sliding glass shower doors may appeal to a certain crowd, but security and entertainment may win out.