Making the decision to undergo a remodeling project on your home isn’t one that you should take lightly. Even the more simple ones can require a fairly significant amount of investment capital and sweat equity on your end, and do you want to know what the worst part is? Not all of them are going to give you that tidy return on investment (ROI) that you want.
In fact, some renovation projects can be a real money sink – that is, you’ll wind up spending a fairly sizable chunk of change on them, only to find that you recouped little to none of your upfront cost. If you’ve been thinking about doing some renovations on your home, make sure you’re going in with your eyes open and spring for the ones that’ll give you a solid ROI. That way, you’ll be able to enjoy a more attractive home, as well as keep some of that green in your pocket!
Manufactured Stone Veneer
Before you can convince future homebuyers to take a peek inside your home, you first need to dazzle them with the outside of it. That’s where manufactured stone veneer really shines. This attractive exterior material is both surprisingly handsome, as well as refreshingly eco-conscious. Oh, and did we mention that you’ll be able to recover 93.1% of your investment of $11,565?
This project is fairly straightforward, too. Start by removing the bottom third of your current vinyl from the streetside edifice of your home. Replace it with manufactured stone veneer, and be sure to include an archway and the sills when you get to work. Doing so will give you a classy, upscale home, but without breaking the bank.
Garage Door Replacement
Very few renovation projects are as smart as replacing your garage door. Not only is it fairly affordable (at just $4,127), but it’ll only take you a day or two at most to get it done. Even better, you’ll find a nice 92.1% of that upfront cost returning to your wallet when you finally get around to selling your home.
While this is a pretty simple project, though, don’t be afraid to contact professionals for this. Switching out the spring can be fairly dangerous, but the rest will be a cinch. Start by removing and recycling the existing door and tracks. Then install a brand-new, four-section door on equally new galvanized steel tracks. Pro tip? Keep the current motorized opener and save a bit more money in the process!
Siding Replacement (Fiber-Cement)
The fact is, homebuyers are going to judge your home by how it looks on the outside. Curb appeal is a major part of selling your home, and having a worn-out and decrepit exterior is going to turn off buyers. If you want them to admire the updated interior, you first need to lure them in with an attractive exterior. The best bet, then, is investing in fiber-cement siding. In doing so, you’ll find yourself recouping 84.7% of your up-front cost of $22,444.
Fiber-cement is an excellent choice, too. You’ll have your choice of styles and options, and the material is surprisingly hardy. Instead of having to worry about replacing it every few years, you can rest assured that it’ll last you quite a long time. Replacing it is as easy as removing the old singing and installing the new fiber-cement siding. Don’t forget to complete the look with factory trim at the entryways and corners.
Entry Door Replacement (Steel)
Many people think that a renovation project needs to be a grand to-do, complete with weeks of sweat and tears. That couldn’t be further from the truth, and the value of replacing your front door is the real testament to this fact. This task will take you only a few hours, but you’ll be thrilled to find that you’ll get back 82.4% on your investment of $2,292.
To replace your current door with a steel one, all you need to do is remove the existing one. Take off the jambs, as well, then trade them out with a 20-gauge stainless steel door. A dual-plane, clear window and aluminum threshold will complete the look. Be sure to get a factory-finished door with matching color on both sides, and don’t forget to switch out the locks, either.
Minor Kitchen Remodel (Midrange)
Very few rooms contain the same sentimental value as your kitchen. It’s more than just the place where you whip up a quick dinner after work. It’s where family members congregate, laugh, share stories, and spend quality time together. It only makes sense, then, that a fairly modest kitchen remodel can have such a huge impact on possible buyers. Doing so will give you a ROI of 78.9%.
Don’t feel like you need to gut your entire kitchen, though. All you need to do is swap out the cabinet fronts, and update those drawer handles and door pulls. Be sure to swap out the antiquated refrigerator and range with a modern, energy-efficient model. A fresh coat of paint, new floors, and a shiny new sink and faucet will complete the ensemble. You may not even want to move out after you see how nice it looks afterward!
Siding Replacement (Vinyl)
Even though fiber-cement siding is going to give you a better ROI, you still don’t want to sleep on vinyl siding. It’ll still net you a fairly wallet-friendly 75.6% on your upfront cost, and more importantly, it’ll get those “just browsing” homebuyers to actually make an offer on your house. This material is still fairly durable, too, which means you can enjoy many years of an attractive home afterward.
Upgrading to vinyl siding is going to be fairly similar to the process of upgrading to fiber-cement, so don’t let the process daunt you. Just remove the old siding, then replace the new vinyl siding. Be sure to install it to the manufacturer’s specifications, and don’t overlook the factory trims at the entryways and corners. With a new exterior, buyers won’t be able to resist a peek inside – and will inevitably fall in love with your home just as much as you did!
Window Replacement (Wood)
The importance of high-quality windows can’t be overstated. If you’re going to be laying down a fairly sizable amount of money on keeping your home cool in the summer and warm in the winter, then the last thing you want is thin, flimsy windows leaking all that comfortable air out of your home. Not only will you be saving on energy costs by switching to wood windows, but you’ll also be getting back 74.4% on the replacement costs.
Sure, this renovation project may take a bit longer than simply switching out your front door, but it’s worth it. Start by removing the existing double-hung windows, and trade them out with insulated wood ones. Stained hardwood will look great on the inside, and custom-color aluminum cladding will look equally nice on the outside. Trim the exterior so it matches the rest of your home, as well.
It’s no secret that a renovation project can be quite the undertaking. You may find yourself stressing about how much money it costs, or how much time it takes to complete it. That said, once you take a look around your home and feel that surge of pride over a job well done, it’ll be more than worth it. And we’re sure you’ll agree, especially when you find it getting snatched up quickly by the right buyer after listing it!