Renovating your home is an expensive proposition, but that doesn’t mean you need to lose money in your quest to update your home’s look. Let’s take a close look at some of the most popular home renovations, and how much money you can expect to recoup from each. Here is our list of the best improvements you can do for the money, based on the 2019 national averages.
10. Composite Deck Addition
Adding a new deck to your home can give you somewhere to hang out, barbecue or play with the kids when the weather is nice. The amount of value a deck can add will depend on the materials you choose. A composite deck — made of sawdust and plastic waste rather than wood — will cost you an average of $19,150, but will add $13,232 to the value of your home, recouping 69.1 percent of the costs.
9. Wood Window Replacement
Adding wood windows to your home is more environmentally friendly because you’re not using PVC plastics, which don’t biodegrade. It also insulates better than vinyl when installed correctly. They’re more expensive than other options, costing an average of $20,526, but they recoup 70.8 percent of their costs, adding $14,530 to the value of your home while improving the exterior look.
8. Fiberglass Grand Entrance
The first thing your guests see is your home’s entryway, and that is the first thing any potential buyers will see as well. Adding a grand fiberglass entrance to your home will set you back $8,994, but it will add an average of $6,469 in value to your home, earning back 71.9 percent of the initial cost.
7. Vinyl Window Replacement
If you need new windows, but you’re balking at the $20,000 price tag attached to wooden window frames, vinyl can be a great replacement option. A new set of vinyl window frames will cost an average of $16,802, but regain 73.4 percent of their costs, adding more than $12,000 to your home’s value.
6. Steel Entry Door Replacement
Security and aesthetics don’t have to be mutually exclusive. Replacing your wooden or fiberglass entry door with a steel alternative makes your home safer, and can potentially add up to $1,368 to the value of your property. A steel door will cost you less than $2,000, effectively recouping 74.9 percent of the initial costs.
5. Siding Replacement
If your home’s siding has seen better days, replacing it should be on your list of upcoming renovations. Updating the siding on your entire house will cost an average of $16,036, but will earn back 75.6 percent of those costs by adding $12,119 to the value of your home.
4. Wood Deck Addition
Believe it or not, installing a wooden deck is less expensive than a composite one. For a similar size deck, you can expect to pay an average of $13,333 for a solid wood deck. Like the siding replacement, this renovation will also recoup 75.6 percent of its costs, adding slightly more than $10,000 to the overall value of your home.
3. Minor Kitchen Remodel
Gutting your entire kitchen and remodeling it can be an expensive proposition, not to mention you’ll be eating takeout food until the job wraps up. Small projects, such as resurfacing your kitchen cabinets and updating their hardware, can offer a massive return on investment. These projects recoup 80.5 percent of their costs, and some experts push this percentage even higher. You’re earning $80.50 in home value for every $100 you spend.
2. Manufactured Stone Veneer
You don’t have to rebuild your entire home to add a stone or brick look to the exterior. A manufactured stone veneer can accomplish this easily, costing an average of $8,907 to replace the bottom three feet of siding with stone. This improvement is one of the best things you can do for your house if you’re keeping your return on investment in mind. A stone veneer will add an average of $8,449 in value to your home, or 94.9 percent of your expenses.
1. Garage Door Replacement
Replacing your garage door might not cost you much — the national average for this remodeling job is only $3,611 — but it offers the best return on investment. On average, a new garage door will recoup 97.5 percent of its costs, adding $3,520 to the value of your home based on national averages. Most garage doors need replacing every 13 years or 20,000 cycles anyway, so if your door is older than that, this is the best renovation you can do for the money.
Home renovations are always going to be expensive, but you don’t have to lose out on all that money. Choose home remodeling projects that offer a high return on investment percentage, and you’ll make most or all that money back if you choose to sell your home in the future.