If you’re a fan of the home improvement shows, it’s easy to start dreaming of a few projects of your own, isn’t it? The results are always amazing leaving the homeowners in awe of a job well done. In fact, Americans spend billions of dollars a year upgrading their homes. Whether or not you were inspired by a television show, it’s a good idea to consider the overall value of your home improvement project before you begin.
Of course, ultimately, if you’re pleased with the result, the cost has no bearing. Turning your home into the home of your dreams is very rewarding. However, if you plan to sell your home at some point in the future, considering the overall value added to your home is something to consider. Oftentimes, the cost of renovation is hundreds, sometimes thousands, of dollars more than the value it adds to your home.
On that note, if you’re putting your home on the market soon and looking for a fairly inexpensive perk to entice buyers, we’ve got an inside tip for you. Joshua Silva, CEO, Silva Group, has this to say about the matter,
Paint is usually my biggest recommendation. All too often we as realtors walk into a home and see the seller’s color preferences. They usually don’t resonate with the buyers’ market and what they would like to see. Whites and light greys will usually open up a room to be lighter and make the room feel bigger. Where darker colors will make the room feel colder and smaller. There is a reason why the most popular paint color used by most home flippers is “Swiss Coffee.”
The site, remodeling.net conducts a nationwide research study each year comparing the cost of popular remodeling projects with the resale value it adds to the home.
Are you curious to know which upgrades add the most value?
Here’s your answer…
Garage door replacement
It may surprise you to discover that replacing the garage door adds nearly as much value to your home as the amount you spend. Seriously, you’ll recoup 98.3% of the cost at the time of sale.
Not only do they add beauty to your home, but thanks to Florida’s new building codes requiring using building materials with hurricane resistance, you can find doors rated to withstand winds up to 165mph. That adds even more value to them as far as we’re concerned!
The Federal Alliance for Safe Homes provided a shocking statistic — nearly 80% of homes suffering significant hurricane damage lost the garage door first! The huge opening allows the storm to enter your home full force. Sadly, things go downhill rapidly from that point.
Manufactured stone veneer
This popular product goes by many names.
- manufactured veneer
- veneer stone
- cultured stone
- fake stone
- lick and stick stone
Whatever you choose to call it, it’s used both inside and out as both a decorative and durable covering. The warranties differ depending on the manufacturer, but the average life of the product ranges from 20 to 75 years!
You can expect to gain 97.1% of your cost at resale.
Steel entry doors
Replacing your entry doors with those made of steel is another way to strengthen your home’s structural integrity. They, too, are rated for storm resistance for varying wind speeds.
And, we’re sure you know that they can have a stunning visual impact on your home both inside and out. The selection seems limitless and it can be a hard decision to make.
But, once you do, your new doors will add almost as much to the value of your home as the cost of the door itself. You’ll regain 91.3% of what you paid.
A beautiful wood deck goes a long way toward turning your backyard into a serene oasis. They’re a wonderful place to relax and reflect after a long day at work or on the weekends. Not to mention, the entertainment factor. As a matter of fact, sometimes it’s the back yard that seals the deal for homebuyers.
Installing a wood deck is expensive, but it adds 82.8% of its cost to your home value.
Minor kitchen remodels
It seems home designers and builders are always upping their game when it comes to kitchens. And, rightly so, we spend a lot of time there!
A well-designed kitchen that is beautiful to boot can be the deciding factor that sells a home. Home improvement projects that include new flooring, refurbished cabinets, and new appliances can increase your home’s value. You can expect to regain 81.1% of the cost when you put your home on the market.
There are many options to choose from if you’re replacing the siding on your home.
- brick siding
- metal siding
- stone siding
- stucco siding
- vinyl siding
While these options don’t provide you with as much resale value as manufactured stone veneer would, they are still appealing and you can expect to regain 76.7% of the siding’s cost when you sell.
Installing replacement windows is often something we, Floridians, do to increase our protection from hurricanes and tropical storms. Impact windows are built to withstand both wind and debris. When we throw our family’s safety into the mix, they are a worthy investment no matter how we look at it.
Whether or not the windows you choose are impact resistant, the type of window installed makes a difference in the cost versus resale value discussion.
Vinyl windows are the best choice when looking at added market value. As much as 74.3% of the cost will be reimbursed. Wood windows, on the other hand, will only recoup 69.5% of your expense.
Have you been wondering when bathroom renovations were making the list? They may be last, but they’re certainly not least. After all, bathrooms and kitchens sell houses!
If your bathroom is the buyer’s deciding factor, you may not make as much back percentage-wise, but it will certainly be a worthy investment nonetheless!
Bathroom renovations break down three ways in regained value.
- Upscale bathroom remodels — 56.2%
- Midrange bathroom remodels — 70.1%
- Universal design (wheelchair accessible) bathroom remodels — 70.6%
Hitting the nail on the head
Home improvement projects aren’t something that most of us look forward to living through. Things can get messy! Not to mention the possibility of unexpected delays drawing out the timeline.
Even if you don’t plan to ever sell your home, it’s nice to know the added value your renovation project brings with it. It can help you decide whether or not you’re actually going to incur the cost and go for it.
Then, just keep imagining the finished product. You, too, will become a beaming homeowner in awe of what you see — even if you aren’t on TV.