Home Upgrades that Add Value
vemuda.com - Are you looking to sell or maybe even refinance but you're not sure which home improvement projects will bring you the greatest return on your investment?
Today we're going to cover four projects that will greatly benefit the value of your home. Today let's take a look at that "Honey-do" list and figure out which one of those projects will lend you a little bit more value in your home. Let's get started!
|Source: unsplash.com by Scott Webb|
Of course there are tons of projects that you can do around your house that do in fact add value but the four we're going to look at today are some of the most high returns on your investments if you will, and not all project is created equally.
It's also important that you understand which interior and exterior projects are going to add the most value to your home, especially if you're looking to sell or even refinance.
All right, so according to remodeling magazine and 2021 Cost vs. Value data, the number one home improvement project that will provide you the greatest return of value, is your garage door. That's right, your garage door!
Turns out almost 94 percent of your value is recouped simply by replacing your old beat up garage door with a new fresh one. In other words you get back most of the money you spent buying and installing it. That's pretty good!
The national average renovation cost of a garage door was $3,907. What did they recoup? $3,663. That is a whopping total 93.8 percent return. The next renovation project which most people probably would think would be number one is going to be a kitchen remodel.
Now this doesn't mean you have to go gut the kitchen, change the layout, or even rip out your cabinets. All it really means is maybe upgrading the countertops, changing out your appliances, and possibly resurfacing those cabinets.
A mid-range kitchen remodel can bring you about 70 percent ROI. Let's say the national average renovation cost is $26,714. Very specific, I know, and your return on your investment is about $18,927. If you do the math that leaves you 72.2 percent ROI. So a minor kitchen remodel or mid-range kitchen remodel is number two on our list.
The third remodel would be vinyl window replacements. I know there are so many different options of windows out there and even companies knocking door to door to get you to buy their windows, but even just replacing your windows with a vinyl type window yields you the most return on your investment.
Let's check out the numbers. Alright so the national average cost is $19,385. The resale value gives you $13,297 leaving you a total return on your investment of 68.6 percent I'd say that's still pretty good.
And lastly number four is going to be roof replacement for your asphalt shingles. An upgrade on these shingles can give you a return of almost 60 percent. The national average replacement cost is $28,256 dollars but the amount that you get back from that for resale value is $17,147 dollars that's an ROI of 60.7 percent.
Now some of those projects were exterior and some of them were interior but those were the top four chosen for the best return on your investment and as I mentioned there are so many different projects you can do and some of them add curb appeal and just make your home look nicer and more appealing.
Thanks for reading.