Which Renovations Have The Most Impact On Your Home’s Value?
Remodeling your home adds to your enjoyment, but it can also boost your home’s value over time, too. When you refinance your home, for instance, renovations will be taken into account when a property appraiser assesses your home’s current market value. A higher home value means you’ll have more equity, and a lower loan-to-value ratio.
The 2020 Cost vs. Value report compares the average cost of 22 remodeling projects with the value those projects retain at resale in 136 U.S. markets, based on a survey of 3,000 real estate agents and firms. However, keep in mind that costs can vary greatly by region based on the cost of labor and materials, as well as the level of service offered by individual remodelers.
Here are the best renovations that will impact your home’s value in 2020:
Garage Door Replacement / Installation
A good-looking garage door tops the list when it comes to getting cash back on your investment when you decide to sell your house. This curb-appeal enhancer will get you back almost every dollar you spent on it when you sell your house.
- Average cost: $3,695
- Average resale value: $3,491
- Cost recouped: 94.5%
Manufactured Stone Veneer
Having stone veneer on part of your home, such as an entryway, is a big curb-appeal upgrade for your home. This cosmetic improvement and accent design element is likely to catch the eye of a potential buyer and can allow you to recoup nearly 95 percent of your renovation costs.
- Average cost: $9,357
- Average resale value: $8,943
- Cost recouped: 95.6%
Minor Kitchen Re-model
Creating a modern-looking and functional kitchen can add more than just value to your home: it can boost your enjoyment of everyday activities like cooking, and sharing meals with your family. Potential buyers see the intrinsic value of this kind of upgrade.
In a remodeling project of this kind, you might replace appliances with new, more energy-efficient models, reface cabinets with new shaker-style wood panels, install new countertops, replace hardware, install a new sink and faucet, add new flooring and repaint.
- Average cost: $23,452
- Average resale value: $18,206
- Cost recouped: 77.6%
Wooden Deck Renovations
If you’re lucky enough to own a house with a big yard, having a wooden deck can be an extra enhancement to enjoy the outdoors around your home. The average cost of adding a wooden deck from scratch is approximately $14,360 in 2020, and can hold more than 70% of its value come sale time.
- Average cost: $14,360
- Average resale value: $10,335
- Cost recouped: 72.1%
Siding Replacement (Vinyl)
Old siding can make even the nicest house look worn-out. For the average home, replacing 1,250 square feet of old siding will cost you just over $14,000 and you’ll get back roughly three-quarters of that investment upon resale.
- Average cost: $14,359
- Average resale value: $10,731
- Cost recouped: 74.7%
Window Replacement (Vinyl)
Windows are a top contender because they are the natural centerpieces for your home, and can add definite value when upgraded, repaired, or replaced properly. Replacing your windows will help beautify your home and improve curb appeal, while increasing the interior comfort level.
- Average cost: $17,641
- Average resale value: $12,761
- Cost recouped: 72.3%
Article submitted by Ken Venick, Equity Mortgage Lending=MSRN Member 443-471-4310 or email@example.com