Home renovations are on the rise across North America — to the point where quality contractors are often in short supply!
And, really, when you think about how much more we need from homes post-COVID, it isn’t all that surprising that homeowners are more inclined to make their living space the best it can be.
Still, when upgrading, you’ll want to make sure you’re getting a solid return on your investment.
Here are the 8 home updates that, according to Remodeling Magazine’s 2021 Cost vs. Value Report, deliver the best ROI.
1. Garage Door: 93.8% ROI
Garage doors are consistently at or near the top of the ROI food chain. Why? They’re what you see every time you pull in the driveway and they take up a lot of real estate on your home’s facade; an update here makes a huge aesthetic impact. As far as bang-per-buck improvements go, it’s hard to argue against a garage door upgrade. It’s an open-and-shut case.
2. Manufactured Stone Veneer: 92.1% ROI
With stone veneer, you can get the look of luxury without the sticker shock you might expect. It’s a refined look that you’ll love and homebuyers will instantly notice when searching Zillow.
(It pairs VERY nicely with a modern garage door, we might add.)
3. Minor Kitchen Remodel: 72.2% ROI
Your kitchen is one of the most-used rooms of your home. Naturally, upgrades made here tend to pay off.
Now, with any upgrade, your ROI will come down to the materials used and how appealing your design choices are to the masses. In other words, you’ll likely experience declining returns the more lavish and unconventional your remodel becomes. Keeping your renovation simple, clean, and classic is likely to net you a tasty return.
4. Fiber-Cement Siding Replacement: 69.4% ROI
If your siding is old, cracking, or otherwise in a state of disrepair, replacing it is a solid move from an ROI standpoint both in terms of resale value and energy savings.
Fiber-cement siding can last up to 60 years and delivers the best return; vinyl will last up to 40 and delivers an oh-so-close 68.3% ROI.
5. Vinyl Window Replacement: 68.6% ROI
Replacing your windows isn’t something you’ll want to do on a whim; you’ll want to see some serious signs of failure before pulling the trigger.
That said, if it’s time, new windows are attractive to buyers (one less major thing to fix) AND you’ll get some energy savings in the interim.
6. Deck Addition: 65.8% ROI
A fresh new deck adds a whole new element of entertaining and relaxation possibilities to your home – something future buyers will LOVE.
Wood decks perform best at 65.8%, followed closely by composite at 63.2%. Either way, you can’t go wrong.
7. Entry Door Replacement: 65% ROI
Just like with a new garage door, a new steel entry door provides two benefits: aesthetic appeal and security. For those reasons alone, and for the relatively low cost of acquisition and installation, a new front door is something you’ll want to be open to.
8. Roof Replacement: 60.7% ROI
Aside from the foundation which holds your home in place, is there a most important part of your home than the roof? It is one of the most common repairs we provide during the home sale because buyers DO NOT want water issues.
If it’s time — and you should always check for the signs of wear — a roof replacement is a solid investment. You can’t go wrong investing in the long-term health of your home.