While you may be planning to undertake home renovation projects to pamper yourself with a little luxury or increase your quality of life, you should also consider the return on investment they’ll deliver. Some projects won’t add value to your home whereas others will reward you significantly when the time comes to sell.
So which renovation or remodeling projects should you invest in? Here are some projects that will give you the best bang for your home improvement buck.
1. Kitchen Upgrade
Many people view the kitchen as the heart of a home. For that reason, it’s one of the smartest places to invest your hard-earned money. A kitchen remodel that costs around $30,000 can return 67 percent of the cost or higher. A major remodel can return as much as over 100 percent of the cost.
2. Bathroom Addition
If your home has more than three bedrooms and only one bathroom, you can consider adding a new one. You can get back 80 percent to as much as 130 percent of what you spend. If you already have decent bathrooms, you can give them a boost without going overboard. Make them shine with a new paint job and new fixtures.
3. Siding Replacement
Replacing your home’s old siding with new fiber-cement or vinyl siding can yield a good payback. The average cost of a fiber-cement siding replacement job is around $19,100 with a return on investment of 79 percent. Vinyl siding costs $12,000 on average and yields a return of around 83 percent. Fiber-cement is more expensive than vinyl because of the perception of good quality that it has.
4. Front Door Replacement
Replacing your door is an easy way to increase your home’s value. A steel entry door will cost around $2,000 to install, and you’ll get back 75 percent to as much as 91 percent of that cost at resale. If you’re not a fan of steel, a fiberglass door can still fetch a significant return of around 82 percent.
5. Deck Addition
Adding a deck and patio is one of the most financial savvy improvements you can make to your home. They extend your living area at a low cost per square foot. A deck addition can return 65 percent to 90 percent of your investment.
6. Garage Door Replacement
A new garage door increases curb appeal and the value of your home. The cost of replacing a garage door averages $2,300, and you can recoup about 87 percent when you sell your home. The many color and window insert options available make it easy to create a look that suits your home.
7. Insulation Upgrade
These days, energy efficiency is of great importance to prospective homebuyers. A house that’s not energy-efficient is more expensive to live in and maintain. Therefore, upgrading your home’s insulation can make your home more attractive to buyers. An insulation upgrade costs about $2,100 on average and can fetch an ROI of about 95 percent.
8. HVAC Replacement
An HVAC upgrade not only enhances your comfort but also gets you a decent ROI. You can recoup 71 percent of your investment if you replace your older HVAC system with a new, high-efficiency heating and cooling system.
By investing in these home improvement projects, you’ll also enjoy extra benefits such as improved energy efficiency, curb appeal, and additional living space. For more expert advice on home improvements that will boost the value of your home, contact B.A. Morrison.
We’re an East Bay Area HVAC and general contractor company that has been in business for more than 26 years. We offer high-quality home remodeling, commercial property maintenance, and HVAC service, installation and replacement services.
All our employees are professionally trained, experienced, trustworthy, and can tackle both big and small home improvement projects. Call us today at 510-538-9817 or use our online free quote form to schedule a service appointment.