Remodeling Projects that Add Value to Your Home
Interest in home remodeling and DIY home projects has increased in the past year. About 17 percent of remodelers directly attribute the pandemic for inducing at least a quarter of their projects, according to a recent survey from the National Association of Home Builders (NAHB). Home improvements can modernize your living space, enhance your level of comfort, and add to the resell value of your home. With a range of home improvement projects, large and small, which projects generate the greatest resell value for homeowners?
Zonda, a housing market research firm, recently released a Cost vs. Value Report , which tracks the ratio of the value over the cost for 22 common remodeling projects. The report authors note that the pandemic highly influenced the data this year. The highest return on investment was found in exterior home projects. Also, the returns were slightly lower than previous years, given the increase material costs, especially for decking and framing lumber, despite the project’s value.
Garage Door Replacement. All areas of your home need regular maintenance and garage doors are no exception. Exposure to the elements or general wear and tear can serve as good reasons to upgrade or replace a garage door. According to the Cost vs. Value Report, homeowners can recoup a whopping 94 percent of the cost of a garage door replacement. If you consider taking on this remodeling project, experts recommend choosing a door that fits well with your overall architectural style and price point of your home.
Minor Kitchen Remodel. Homeowners who make kitchen upgrades are likely to recoup more than 70 percent of their investment. Smaller in scope and size, minor kitchen remodels do not generally involve a complete demolition or new layout. This type of project will allow for certain features of your kitchen to remain in place, such as cabinets, while other materials such as flooring or appliances are replaced.
Roof Replacement. Roofs do more than protect your home from the elements. A new roof adds to your home’s curb appeal as one of the most visual exterior components of your home. More than half (56 percent) of homeowners will recoup the costs from their investment with an asphalt shingle roof replacement. A professional roofer can discuss the many roofing options available for homeowners, from a variety of colors and textures, enhanced energy efficiency and extended warranties.
Window Replacement. Another eye-catching investment is upgrading to vinyl windows. Homeowners investing in this project can expect to recoup 70 percent of their costs. One of the benefits of these types of windows is their low maintenance and durability. Vinyl windows are resistant to moisture, humidity and are generally energy efficient and affordable.
Entry Door Replacement. One of the best ways to make a good impression for a future home buyer is an inviting entryway. It is no surprise that a majority (65 percent) of your investment will be recouped by updating your entrance with a steel entry door. Durability and security are two of the primary benefits of a steel door. The material is stronger than a wood door and resistant to cracks and warping. While the strength of the door is a valued feature, it doesn’t come at the expense of a stylish aesthetic. Steel doors can match any color or style to fit your home.
To learn more about remodeling projects that prove their value, or to find a remodeler, search our member directory at hbaknoxville.com/members.