Renovations to a home can make it a more inviting, up-to-date home as well as make spaces more useable. Not only do renovations improve the space you are living in, but they can also add value to your home. Renovations can be expensive depending on what space you are updating. This is why it is important to understand what kind of return you can expect before deciding to make renovations.
Below are the top six renovations that have the highest return numbers according the 2021 Cost vs Value Report in Remodeling magazine. (https://www.remodeling.hw.net/cost-vs-value/2021/)
1. Replacing an old garage door-enhance the curb appeal of your home.
Estimated Cost: $3900
Estimated Resale Value: $3600
Return on Investment: 92.3%
2. Replacing vinyl siding with stone veneer to areas such as an entryway-enhance the exterior of your home.
Estimated Cost: $10,300
Estimated Resale Value: $9,500
Return on Investment: 92.2%
3. Minor kitchen remodel-replace appliances, reface cabinets, install new countertops, replace hardware, add new flooring, repaint walls.
Estimated Cost: $26,200
Estimated Resale Value: $18,900
Return on Investment: 72.1%
4. Replacing old siding with fiber-cement siding.
Estimated Cost: $19,600
Estimated Resale Value: $13,600
Return on Investment: 69.3%
5. Replacing old windows with vinyl windows.
Estimated Cost: $19,300
Estimated Resale Value: $13,200
Return on Investment: 68.4%
6. Replacing old siding with vinyl siding.
Estimated Cost: $16,500
Estimated Resale Value: $11,300
Return on Investment: 68.5%