Are you dreaming of new countertops, a finished basement or an updated bathroom? With so many beautiful home improvement options available, what’s the best way to make sure your hard-earned money is being spent on the projects that will give you the highest return on investment (ROI)? According to the Remodeling 2019 Cost vs. Value Report (www.costvsvalue.com), the three projects below have the highest ROI, helping you decide where to start on ‘demo day’.
1. Replace Garage Doors - This improvement will immediately increase the curb appeal of your home, and you’ll be recouped the majority of your investment when you decide to sell. Garage doors will cost approximately $3,500 to replace, and you can expect a whopping 97.5% ROI. You’ll also benefit from your new doors’ energy-efficient features, such as better insulation and weather-stripping, making this update a win-win for your wallet.
2. Add Stone Veneer - By adding manufactured stone veneer around the bottom 1/3 portion of your home, you can increase your home’s beauty and curb appeal and expect to recoup a hefty portion of your investment. On average, this project costs approximately $8,900, and you should see a 94.9% return on your investment.
3. Complete a Minor Kitchen Remodel - By taking a dated kitchen and making minor updates, you can create a space you love that will provide a considerable return in the future. The average cost of this project is approximately $22,500, and you can expect a 80.5% ROI. If you’re planning to do a mini overhaul on your kitchen, here are the updates that should top your list:
• Leave cabinet boxes in place and replace cabinet fronts with updated, shaker-style panels, drawer fronts and hardware. If you like the style of your current cabinets but hate the color, consider having your existing cabinets refinished.
• Update your existing cooktop, oven and refrigerator with new, energy-efficient models.
• Replace old countertops and install a new sink and faucet.
• Update existing flooring. There are lots of inexpensive, waterproof options available that are perfect for families with kids and/or pets.
• Paint your walls, trim and ceiling to finish the look.
Keep in mind, if you can provide some sweat equity and complete a few of these tasks yourself, you can expect a lower overall cost. Or, go ahead and feel guilt-free about putting the money you saved towards higher cost materials!
Ready to get started, but bummed your dream project didn’t make the Top 3? It’s important to remember that the majority of home projects end up costing more out-of-pocket than you will recoup when it’s time to sell. Your home is your oasis, so if that man-cave or backyard patio improves your quality of life, it can definitely still be worthwhile. Focus on creating spaces that are functional, inviting and beautiful and you’ll have a home you love now that will attract top-dollar in the future.