There are multiple reasons to remodel your home—whether you are looking to add space or cut energy costs, many renovations are done to increase the overall home value, particularly if you plan to sell in the near future.
Remodeling can not only renew your net interest, it can also make every one of your rooms more functional and aesthetically pleasing. Adding fresh paint, upgrading your kitchen cabinets, or converting your unfinished basement into a living space will not only add square footage and increase the resale value, but your home will instantly feel fresh and clean making it more suitable for the future now.
Most home renovations will increase the home’s value, but for some the increase will not cover the entire renovation cost. Different renovations have various returns on investment (ROI). It’s helpful to know which renovations yield the best return when making decisions for your home. Here’s the list of the most cost effective home renovations for 2017, according to Remodeling’s Cost vs. Value Report.
- Fiberglass attic insulation has the highest ROI at 107.7%, and is also one of the least costly renovations listed. While it won’t necessarily raise your home’s value by thousands of dollars, it will lower your energy costs and help you save money year after year.
- Steel entry door replacement is second on the list with a 90.7% return. Most entry door replacements will yield at least a small energy savings because new doors are more airtight, and steel entry doors offer greater safety.
- Manufactured stone veneer offers the third highest ROI at 89.4% of cost recouped. It’s a simple and affordable way to add extra curb appeal to your home. It can hide flaws under siding, cover cement foundations, and can even be used to cover the entirety of your home for a more rustic or natural look. Take a look at our gallery to see one of our recent stone veneer projects.
- A Minor kitchen remodel offers an 80.2% return on resale value, but if appliances are replaced with updated efficiency models, energy savings could help you recoup even more of the cost. An updated kitchen is one of the bestselling features of a home, according to the National Association of Realtors.
- A fiberglass entry door replacement has an ROI of 77.8% and offers up to four times the insulating value of wood. These doors offer beautiful wood-grain or smooth finish looks, and require minimal maintenance.
- Garage door replacement has an ROI of 76.9.0% of cost recouped, so if your garage door has stopped working properly or looks aged and worn, this could be a renovation that adds function as well as some energy savings.
- Siding replacement offers a 76.9% return and can make a quick and dramatic change to your home’s appearance.
- A deck addition (wood) has a return of 71.5%, expands your overall living space, provides a popular gathering place for guests and costs much less than what it would to add a new room.
- A basement remodel offers a 70.0% ROI and can have a cost savings of up to one-third less than an above ground addition. Even though living space above ground is worth more in the long run, basements already have a floor, walls, wiring, plumbing and a roof—making it very easy and affordable to renovate.
Zoe’s ProEdge Painting offers a variety of home renovations to help homeowners meet their goals and needs. Call 860-328-8600 for a free estimate on your next project.