The main goal behind remodeling your home is typically to make the space more comfortable, aesthetically pleasing and functional as your needs and lifestyle evolve. However, it also doesn’t hurt to consider evaluating which upgrades are most valuable from an objective standpoint.
Home remodeling projects provide a varying range of return on investment (ROI), based on several factors. For example, the age and condition of your home, the average home values in your neighborhood, and the status of the real estate market when you go to sell are some of the variables that influence what percentage of your remodeling costs you’re likely to recoup in resale value.
As you evaluate your property in Fenton or the surrounding area and decide what needs work, consider which home renovations are your best investments and if they should be included in your project.
What Remodeling Projects Will Bring the Best ROI
As housing prices continue to rise across Eastern Michigan in 2020, now is an opportune time to invest in your home’s infrastructure. When it comes to what remodeling projects bring the best ROI, there isn’t a perfect science for determining the exact resale value of a renovation or upgrade. However, based on empirical data, here is a look at some of the best remodels to consider if you want to increase your home’s resale value:
1. Garage Door Replacement
While replacing your garage door may seem like a fairly basic remodeling project, it is effective for increasing the value of your property in Eastern Michigan. This upgrade typically costs about $3,500 to $4,000, and you can expect an estimated ROI of approximately 80% . Part of the reason this project is so valuable is because faulty or dysfunctional garage doors decrease your home’s energy efficiency and can cause flooding or other weather damage. Ensuring your garage door is in tip-top shape is both practical and makes your home more attractive.
2. Adding or Replacing Siding
Another way to enhance your home’s curb appeal is by replacing part of your existing vinyl siding and adding manufactured stone veneer that imitates a luxurious, natural product. The average ROI is about 88%. As a lightweight material, engineered stone places less stress on the foundation and frame of your house, while still being durable and long-lasting.
Another one of the best renovations for resale value is replacing your siding with new fiber-cement siding that is primed and factory painted. You especially want to be sure you create a water-resistant barrier to protect your home. The cost of this project is usually between $450-700 per square foot, and you can expect to recoup about 70% of your remodeling costs in potential resale value.
3. Minor Kitchen Remodel
Kitchens have become a central part of family life for many homeowners in Eastern Michigan, which is why upgrading this space tends to pay off in a big way. However, minor kitchen upgrades that use midrange products and materials are more cost-effective and have a higher ROI than luxury kitchen makeovers. The average cost for a minor midrange kitchen remodel is about $20,000 to $30,000, which typically covers refacing your cabinets and installing new countertops, flooring and fixtures. The estimated ROI for this scope of project is about 70%.
4. Window Replacement
Replacing about 10 to 12 windows in your home with new insulated, low-E models is an effective way to increase your home’s resale value. If you go with vinyl windows, you should budget about $15,000 to $20,000 for the project at your home in Fenton or the surrounding area. The estimated ROI for vinyl is about 70%. Replacing your windows with appealing wood models is a more expensive project—about $20,000 to $25,000—and you should expect to recoup a slightly lower percentage, or about 67%, of projects costs in added resale value.
5. Deck Addition
Outdoor living spaces are in high demand, so if you’re seeking to make your home more functional and valuable, consider adding a new deck to your property. The cost to add a basic 16”-by-20” foot wooden deck with a built-in bench and a few steps down to your yard costs about $15,000. If you instead choose to build a composite deck of the same size and configuration, the project price increases to about $20,000. In either case, this remodeling project—which enhances your home’s usable living space—offers an average ROI of about 64% to 67%.
6. Midrange Bathroom Remodel
Bathroom remodeling is also an investment worth making into your home in Eastern Michigan. For about $20,000 to $30,000, you can update a standard 5”-by-7” bathroom with new fixtures, tile flooring, lighting and wallpaper or paint. This scope of project includes a new vanity countertop with a integrated sink, standard toilet and porcelain-on-steel tub. If you upgrade a bathroom at a midrange level, you can expect to recoup about 63% of your remodeling costs in potential resale value.
7. Entry Door Replacement
Replacing your entry door is another small-scale home renovation that pays well for homeowners in Fenton. Your front door is one of the first things potential buyers see when they come to peruse your home, so it’s worth upgrading this infrastructure. If you’re replacing the entire door system, you should budget about $4,000. The average ROI for this project is approximately 64%.
Is Remodeling Your Fenton Home a Good Investment?
Depending on what rooms or features of your home in Fenton you decide to upgrade, you have the potential to significantly enhance its overall value and get a good ROI on the investment you make. However, home remodeling also has intangible benefits, such as improving the comfort, convenience and quality of life for you and your household while you’re residing in the space. At Top Choice Builders, we offer a range of remodeling services to help transform your home to increase its value for both you and potential future buyers.
“What renovations add the most value to a home?” Bankrate. Accessed online https://www.bankrate.com/real-estate/home-renovations-that-return-the-most-at-resale/
“5 Best ROI Home Improvements” HomeAdvisor. Accessed online at https://www.homeadvisor.com/r/top-5-return-on-investment-roi-projects/
“REGIONAL DATA – EAST NORTH CENTRAL.” Remodeling 2020 Cost vs. Value Report. Accessed online at https://www.remodeling.hw.net/cost-vs-value/2020/east-north-central/