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By Katie Pins
Before starting a home improvement project, do you ever wonder if buyers will see the same value you do? Many updates are made just for you and your family, but some will deliver a bigger bang for your buck than others. Remodeling magazine has come out with their 2019 cost vs. value report. The report looks at the average cost of various home improvement projects and the resale value of those costs. We’ve broken down the results so you can get to work on the projects that will make a big difference at resale time.
Job Cost: $3,611
Resale Value: $3,520
Cost Recouped: 97.5%
When anyone pulls up to your home and parks their car, they’re staring right at the garage door. It makes a huge first impression, especially when it’s treated as the front door. I had a neighbor who updated their garage door so that it looked like a beautiful barn door. Suddenly, the entire home had a different aesthetic, which I loved. That one change was a dramatic one. When my neighbors decide to sell their home, they will certainly see a return on their investment not only because the door is new, but also because it has really added to their curb appeal.
Job Cost: $8,907
Resale Value: $8,449
Cost Recouped: 94.9%
If your home is currently vinyl siding on vinyl siding, consider this home improvement. When done right, a manufactured stone veneer can really update a home and add a lot of curb appeal to the home. You will commonly see the stone veneer around the base of a home and the entryway. Manufactured stone is made of cement and other materials that look like real stone, but at a much lower cost. It is very hard to tell the difference up close, which is why the ROI is so high.
Job Cost: $22.507
Resale Value: $18,123
Cost Recouped: 80.5%
I was surprised that a kitchen remodel wasn’t No. 1 on this list. It seems like many home improvement shows focus on the kitchen because a complete remodel can yield some dramatic results. But, a minor kitchen remodel may be key. You want to remodel for your benefit, but be careful about appealing too much to your own personal tastes. If you plan on selling in the next few years, pick a countertop that has universal appeal. If you want to get the most back for your money, replace the front of your cabinets and purchase some new appliances instead of gutting the entire kitchen.
Job Cost: $13,333
Resale Value: $10,083
Cost Recouped: 75.6%
A future homeowner will want to host a housewarming party soon after they move in. Help them visualize a barbeque with loved ones with a deck. A home’s outdoor living space is just as important as its indoor space. If you have to endure long winters, you may notice how much you appreciate your backyard when it’s warm outside. Potential homebuyers feel the same way. Your resale value is big if you add an appropriately sized deck.
Job Cost: $16,036
Resale Value: $12,119
A home can look completely different with a siding replacement. It can also be a good idea to protect against water damage and unwanted critters. If there are any areas on your siding that look worrisome, a future homebuyer may take notice. Take your time picking out the color and type of siding since this can be a big change to the overall look of your home.
Job Cost: $1,826
Resale Value: $1,368
Cost Recouped: 74.9%
Nothing says “welcome to our home” better than a beautiful front door. There is definitely a theme to this list of which home improvements offer the best value. A potential homeowner begins to assess whether or not they could see themselves living there as soon as they see your home’s exterior. Remodeling magazine points out that a steel door will have a better ROI than a wood door, simply because a wood door is more expensive. Do an update if your door feels dated and unwelcoming.
The improvements listed above are ones that you will want to enjoy for a while. Even though you may get a good return on your projects, you will need to save and plan. Take a look at your potential expenses and get tips on how to budget for your next renovation. Put your money in a high-interest savings account or research your loan options. Pick the projects that you are most excited about. It’s always a bonus to know that future homebuyers will see the value as well.
Katie Pins is a marketer fascinated with finance. Whether the topic is about the psychology of money, investment strategies or simply how to spend better, Katie enjoys diving in and sharing all the details with family, friends and Money Mentor readers. Money management needs to be simplified and Katie hopes she accomplishes that for our readers. The saying goes, "Knowledge is Power", and she hopes you feel empowered after reading Money Mentor.