September 23, 2020
Home Improvement Return on Investment Guide 2020
So you went to visit your friend’s new house in the city, and now you can’t shake the visions of granite countertops and stainless steel appliances… Well, if you were wondering what home improvement return on investment that you could expect from your new kitchen, you came to the right place!
Keep reading to learn more about which home improvement return on investment projects provide the highest ROI in terms of resale value for your home!
Home Improvement Return on Investment Guide 2020 - Best Investments for Reselling Your Home
It would be pointless to pay for an upgrade for your home that actually downgrades the market value of your home. You should always research ahead of time to consider whether your home improvement project will pay off when it comes time to sell your home. There are a number of home improvements that will add value to your home’s value.
Here are some of the most popular choices and the home improvement ROI that they return:
Return On Investment - What Does it Mean?
Return on investment or “ROI,” is essentially a data point denoted as a percentage that distinguishes the validity of a project. ROI determines which investments add the greatest value to the property. ROI can be used to differentiate separate assets, some of which you will find listed below.
Ideally, the home improvements that offer the highest return on investment should be the ones that you want to look into if you are investing in your home’s equity.
Garage Door Replacement - 98.3% ROI
A garage door might not be the first home improvement that comes to mind when you’re considering renovating your home, but it just so happens that a garage door replacement has one of the highest returns on investment that you can get. You’ll get back almost exactly as much as you spend. If you get in on a promotion of some kind, you might even make money on your garage door replacement.
Vinyl Siding and Fiber Cement Siding - 89% ROI
Homeowners trying to find home improvements with the highest ROI should put siding installation at the very top of their list. On a vinyl siding remodel, you will recover a large percentage of your investment when you go to resell your home.
For example, you recoup an average ROI of 89% of an investment in new vinyl siding replacement according to this CNBC. article when the time comes to resell your home.
Attic Bedroom ROI - 62%
A common attic remodeling project will cost between $40,000-50,000 if you want to convert it into a living area, such as a bedroom, office, or bathroom. While remodeling an attic is one of the more costly home improvement projects, it also flaunts one of the largest home improvement return on investment ROI’s.
Rebuilding an attic that has previously been finished can run between $12,000 – 30,000, depending on the extent of labor and type of materials utilized to finish the project. According to the newest National Association of Realtors report, you may recover up to 62% of your initial investment when you renovate your attic.
Full Kitchen Remodel - ROI 81.1%
In the majority of cases, you can count on your remodeled kitchen to increase the resale value of your home. Zillow reports a ROI of 81.1% on full kitchen remodeling projects in terms of resale value. Home buyers are prepared to pay more for high-end finishes and well-thought-our upgrades.
According to a recent study, 80% of home buyers put the kitchen in their list of the top three most significant places that mattered most to them. Out of home buyers who purchased houses without special features, 69% of those examined said they would have settled for even more for a home with new appliances. 55% said they would have spent more for a home with granite counters.
Front Entry Door Replacement ROI 74.9%
When it comes to making a first impression, your front door is an important component of your home. You don’t want it too bland or out of balance with the design of your house. The average price of an entry door replacement is below $1,000, though the exact cost that you pay on your project will depend on the material of the door that you have installed.
High-quality entry doors will also stop leaks and increase the insulation in your house. Ornamental-style doors, such as sidelights or transom windows, will add more to the cost, but they may make up for it in the resale value. On average, you are looking at around a 74.9% ROI on Front Entry Door Replacement.
If you have a remodeling project that you would like to discuss with one of our remodeling experts, click the blue button below to have one of our in house home remodeling team members get back with you and set up a good time to meet with us!
Replacement Windows 77.5% - 78.8% ROI
Replacement window projects have endured the test of time, yet bring back one of the highest ROIs out of all of the remodeling projects. It has been calculated that mid-priced vinyl replacement windows can yield as much as a 77.5% ROI at resell. Wooden replacement windows have an even higher ROI, at 78.8%.
New windows may be the most practical use of your remodeling budget. Their repayment is three-fold: They simultaneously improve curb appeal, value, and performance. No other renovation project accomplishes that much at once.
Home Improvement Return on Investment Guide 2020 - Final Thoughts
We hope that this home improvements return o n investment article has been educational and helps you make an educated decision on which investments on remodeling your home will be the best for you! If you would like the opinion of a professional remodeling expert, we have an in-house team that can help you with that! Just click the button above this section or call us at (651)703-2336 and one of our friendly operators can schedule a convenient time for you to meet with one of our experts!