Remodeling projects that add value to your home
Interest in home renovation and do-it-yourself projects has increased over the past year. About 17 percent of renovators directly attribute the pandemic to causing at least a quarter of their projects, according to a recent survey of the National Association of Home Builders (NAHB). Home improvements can modernize your living space, increase your comfort level and increase the resale value of your home. With a range of home improvement projects large and small, which projects generate the greatest resale value for homeowners?
Zonda, a housing market research firm, recently launched a Cost vs Value Report, which tracks the value-to-cost ratio for 22 common remodeling projects. The report’s authors note that the pandemic has had a major impact on the data this year. The highest return on investment was found in outdoor projects. Revenues were also slightly lower than previous years, given the increase in material costs, especially for decking and window frames, despite the value of the project.
Replace garage door. All areas of your home require regular maintenance and garage doors are no exception. Exposure to the elements or general wear and tear can be good reasons to upgrade or replace a garage door. According to the Cost vs. Value Report, homeowners can recoup as much as 94 percent of the cost of replacing a garage door. If you’re considering taking on this remodeling project, experts recommend choosing a door that goes well with your overall architectural style and price point of your home.
Small kitchen renovation. Homeowners who make kitchen upgrades are likely to recoup more than 70 percent of their investment. Smaller kitchen renovations, which are smaller in size and scope, generally don’t involve a full demolition or new layout. This type of project allows certain features of your kitchen to stay in place, such as cabinetry, while replacing other materials such as floors or appliances.
Replace roof. Roofs do more than protect your home from the elements. A new roof adds to your home’s appeal as one of the most visual exterior components of your home. More than half (56 percent) of homeowners will recoup the cost of their investment with an asphalt shingle roof replacement. A professional roofer can discuss the many roofing options available to homeowners, from a variety of colors and textures, improved energy efficiency, and extended warranties.
Replace window. Another glaring investment is upgrading to vinyl windows. Homeowners who invest in this project can recoup 70 percent of their costs. One of the advantages of these types of windows is their low maintenance and durability. Vinyl windows are resistant to moisture, moisture and are generally energy efficient and affordable.
Replacement of the entrance door. One of the best ways to make a good impression on a prospective home buyer is an inviting entryway. It is not surprising that a majority (65 percent) of your investment is recovered by providing your entrance with a steel entrance door. Durability and safety are two of the main advantages of a steel door. The material is stronger than a wooden door and resistant to cracking and warping. While door strength is a valued feature, it doesn’t come at the cost of stylish aesthetics. Steel doors can match any color or style to match your home.
Contact Buckeye Valley BIA to learn more about remodeling projects that are proving their worth, or to find a remodel near you.
Deborah Quackenbush is Executive Officer, Buckeye Valley Building Industry Association (BIA)