It’s 2018, and home improvement isn’t just about beautifying your home anymore. These days, home improvement serves a double purpose. You not only get to enjoy the benefits of your improvements, but you also have the opportunity to add to the value of your home.
Although some home improvements add massive value to your home, not all home improvement projects bring the same return on investment (ROI). According to the Remodeling “Cost vs. Value Report,” which analyzed 20 professional remodeling projects in 2018, the average cost-value ratio for completed home improvement projects in 2017 was just 56.8 percent.
But if you decide to dole out cash on high return home remodeling projects, the quality of your home will greatly improve, and at the same time, the value of your home will see a substantial improvement in value.
Top Five Projects That Will Increase Your Home Value
Manufactured Stone Veneer:
A manufactured stone veneer will add that aesthetic feel to your home, making it look more presentable and at the same time adding substantial value to the market value of your home. A manufactured stone veneer costs approximately $8,221 to set up, and adds a resale value of $7,986, which means 97.1 percent of the project cost is recouped.
Upscale Garage Door Replacement:
Gone are the days of manual doors, and garage door replacement is one major home improvement every homeowner needs to look into. With massive improvement in technology, garage doors have also evolved. With flashy and automatic garage doors available in the market, you can decide to give your home a facelift by installing an ultramodern garage door. The cost to install an upscale garage door is estimated at $3,470, and it adds a resale value of $3,411, which also means 98.3 percent of the project cost is recouped.
Deck Addition:
A deck addition is another home improvement project that will add to the beauty and quality of your home. It costs $10,950 to install a midrange wood-deck addition to your home, adding a resale value of $9,065, so 82.8 percent of the project cost is recouped.
Minor Kitchen Remodel:
What better way to add taste to your home than a kitchen remodeling. It costs approximately $21,198 to complete a minor remodel of your kitchen, adding a resale value of $17,193 to your home value. This means 81.1 percent of the project value is recouped.
Siding Replacement (Midrange):
It costs around $15,072 to do a midrange siding replacement on your home’s exterior, adding $11,554 in resale value to your home. This means 76.7 percent of the project value is recouped.
However, there are other home improvements that generally don’t add much to the resale value of your home, they include the following:
Master Suite Addition:
Costs $256,229 to set up, adds just $123,797 to the resale value, meaning just 48.3 percent of the cost is recouped. Other home improvements that wouldn’t add much to the resale value of your home are, major kitchen remodeling, upscale bathroom addition, and upscale bathroom remodeling.
If you notice the trend here, you will see that exterior projects adds more returns on investment to your home value than interior project. Projects like a patio door replacement are great improvement, but they are often hidden from view. People see the exterior first and already fall in love with the home, meaning an exterior project doesn’t only increase the value of the home, but it also makes them sell at a faster pace.