Remodeling your home has many benefits. A home improvement can modernize your living space, enhance your comfort level, and add to the resell value of your home. However, not all remodeling projects are equal when generating the greatest resell value for home owners.
Zonda, a housing market research firm, recently released their annual Cost vs. Value Report, which tracks the value ratio over the cost for 22 common remodeling projects. The report authors note that there is more than one kind of value, such as increased accessibility or comfort. Still, this report focuses specifically on the value that leads to a higher sale price of an existing home.
Half of the 22 remodeling projects listed in the report are exterior replacement projects. Here is a sampling of the home renovation projects from the report that recoup more than half of their costs:
Garage and Entry Door Replacement. Curb appeal remains one of the most important aspects of attracting buyers to a home. One essential home exterior feature is a beautiful garage door.
According to the Cost vs. Value Report, home owners can recoup a generous 93 percent of the garage door replacement cost. If you choose to replace your garage door, experts recommend focusing on function and design. A new garage door that complements your existing exterior style, such as craftsman or contemporary, is sure to be a head-turner.
In addition, a functional and stylish steel door is an easy way to draw the attention of home buyers to your home. So, it is no surprise that home owners are likely to recoup more than half (63 percent) of their investment.
This type of upgrade not only adds value to your home, but it's also durable, engineered with material to withstand the outdoor elements.
Manufactured Stone Veneer. An exterior refresh doesn't always mean a simple coat of paint or landscaping. Instead, home owners should explore different types of eye-catching materials to draw buyers in. Stone in and around homes, from fireplaces to facades, is generally popular among home buyers. Manufactured stone veneer exhibits the look of natural stone and is available in various colors and sizes. Home owners that tackle this remodeling project are estimated to recover 91% of their investment.
Minor Kitchen Remodel. Sometimes, a major overhaul of a specific room isn't necessary to reap the potential financial rewards. According to the report, home owners who invest in a minor kitchen remodel are likely to recoup more than 71 percent of their investment. This type of remodeling is generally smaller and involves replacing dated materials and fixtures instead of knocking down walls or reconfiguring plumbing and electrical.
Window Replacement. Another eye-catching investment is upgrading to vinyl or wood windows. Home owners investing in this project can expect to recoup 67.5% of the cost of a vinyl window replacement and 66.3% of a wood window replacement. Like other exterior upgrades, wood and vinyl windows offer various design options to compliment your home. In addition, energy-efficient options are available, so you can realize savings before you sell your home with lower heating or cooling bills.