There are many reasons why you might want to renovate your home. For instance, you might be growing tired of seeing the same boring, old white walls around you. Or maybe you’re thinking that it’s time to think about putting it on the market, and you’re hoping to net a tidy profit on it. No matter what reasons you decide to spruce up your humble abode, though, it’s important to remember that you’re going to be investing a pretty penny into transforming it.
Because of this, it’s incredibly important to go into each and every renovation project with both open eyes and an open mind. The fact is, not every renovation project is going to go in your favor financially, and some might actually be what is considered money sinks – that is, you might wind up losing a fairly considerable chunk of change in the process. If you’ve been thinking about renovating your home, then these are the seven projects that will give you the best ROI.
Manufactured Stone Veneer
While we all want to believe that it’s what’s on the inside that counts, it doesn’t change the fact that many of us still judge a book by its cover… or rather, a house by its exterior. Perhaps that’s why manufactured stone veneer is such a great investment option. Not only does it help completely refresh the exterior of your house, but it’ll also help you recoup an impressive 93.1% on your initial investment.
Installing manufactured stone veneer is a breeze, too. While there’s no shame in asking for professional help with it, chances are that you’ll be able to do a fairly solid job of it. All you need to do is to remove the bottom third of your existing vinyl from the street-facing side of your home. Don’t forget sills, though, and a handsome archway to complete the look. In doing so, you’ll enjoy a home that’s so much more attractive, as well as surprisingly environmentally friendly!
Garage Door Replacement
When it comes to renovation projects, replacing your garage door might not exactly be the first thing that pops into mind. However, considering how dangerous a faulty one is – as well as how important it is to have a secure, high-quality one in place – it’s no wonder that it takes second place in having a fantastic ROI. Replacing your garage door is going to give you a cool 92.1% return on your investment of $4,127, promptly putting $3,803 back into your pocket.
Fortunately, replacing your garage door isn’t just one of the more affordable renovation options you can choose. It’s also pretty quick and efficient, making it a no-brainer. To get the ball rolling, simply remove and get rid of the current door and tracks. You’ll want to install a new four-section garage door on equally new heavy-duty galvanized steel tracks. Feel free to keep your current motorized opener, though. No pain, but all the gain!
Siding Replacement (Fiber-Cement)
It doesn’t matter how breathtakingly beautiful your home is on the inside if no buyer wants to actually step into it. Remember, when it comes to your home, curb appeal matters. This is especially true when it comes to replacing your siding, as a tired and worn-out old home simply isn’t going to attract the kind of buyers who are looking to spend money on a home. Brand new fiber-cement siding, though, is going to return 84.7% of your up-front costs.
Why choose fiber-cement? Not only does it come with a wide variety of options and styles, but it’s also built to last. That means that neither you nor the new homeowners will have to worry about having to constantly replace it. To replace your old siding, or to refresh it with fiber-cement siding, just pry away the current siding and install the new siding. Be sure to include factory trim at the corners and openings to make it flawless.
Entry Door Replacement (Steel)
Your front door is more than just what guests step through when they enter your home. They’re also a powerful security feature. A well-made, solid door is going to work much better at deterring shady folks, and considering it’s going to look downright snazzy, it’s definitely an investment you want to spring for. You can’t go wrong with durable stainless steel, and spending $2,292 is going to give you back $1,889, which makes for a nice ROI of 82.4%.
This remodeling project is going to be a cinch, too, since you won’t be spending several days trying to complete it. All you need to do is remove your current entry door and jambs, then switch them out with a brand-new, 20-gauge stainless steel one. Be sure to include a clear, dual-pane window, jambs, and an aluminum threshold. The best doors are the ones that are already factory finished, with the same color on both sides. Remember to change the locks, too!
Minor Kitchen Remodel (Midrange)
One of the biggest turn-offs when it comes to buying a home is the state of the kitchen. Unlike other rooms in your house, the kitchen comes with its own sentimental connotations to buyers. Not only are they daydreaming about the meals they’re going to whip up in it, but they’re also thinking about family and spending time with loved ones in it. This means that a dated kitchen can make an otherwise perfectly fine home seem like a dud.
The solution? A nice, midrange kitchen remodel. This will give you an ROI of 78.9%, and you will barely have to break a sweat to update it. Simply replace the fronts of your cabinets with new shaker-style wood panels, and don’t forget to update the pulls and drawer handles. Upgrading the stove and refrigerator with energy-efficient models will be a great decision, and don’t forget to get rid of that outdated, tacky laminate countertop. New floors, a fresh coat of paint, and a sink and faucet will complete the look.
Siding Replacement (Vinyl)
While the ROI on vinyl siding isn’t going to be as high as you’d find with fiber-cement siding, you don’t want to sleep on this renovation project. Doing so is going to allow you to recoup a fairly decent 75.6% on your replacement costs. Remember, homebuyers are going to gloss over a home that looks shabby on the outside, so this isn’t something you want to overlook. Considering how relatively affordable this project is, at just $18,922, it’s more than worth it.
The process for switching out your old siding with vinyl siding is going to be somewhat similar to trading it out for fiber-cement siding. You’ll start by removing the outdated siding, then installing the new siding. Feel free to let a professional help you with it, or rope in a friendly neighbor or family member. Trade out that existing siding to the manufacturer’s specifications, and you don’t want to forget to include factory trim at all the corners and openings.
Window Replacement (Wood)
You could have a perfectly insulated home with the best in central heating and air, but if you’re neglecting your windows, then you’ve only thrown away your money on keeping your home comfortable. The fact is, your windows are going to be one of your best allies in keeping your home’s temperature nice and regulated, which is why replacing your current windows with wood ones is such a smart investment. In doing so, you’ll see 74.4% ROI.
You’ll want to go from room to room to remove the current double-hung windows with insulated, wood windows. For the interior, spring for striking stained hardwood. On the exterior, though, you’ll want to go for a custom-color aluminum cladding. Be sure to trim the exterior to match the current exterior, but don’t fuss with the existing interior trim. While this may seem like a labor-intensive task, it’ll be worth it when you get back $18,630 of your initial investment of $25,055.
When it comes to remodeling your home, there are a few things you want to think about. For starters, how much time do you have to commit to it? And you’ll want to be sure to make sure it’s affordable, or at least something that’ll give you back a sizable chunk of your investment. No matter which one of these seven renovation projects you decide to do, you can feel confident that you made the smartest choice possible – both for your own wallet, as well as the contentment of the person who decides to make your home their own future abode.