Whether you plan to stay in your house a long time or just a few years, it’s smart to know which home renovations add the most value to your place.
“Remodeling,” a magazine for the construction industry, in its 2018 Cost vs. Value report, compares the average cost of 21 remodeling projects in 149 markets with the value those projects retain at resale in 100 U.S. markets.
Here are the six interior remodeling projects that deliver the highest return.
1. Garage door replacement
- Average cost: $3,470
- Average resale value: $3,411
- Cost recouped: 98.3%
A good-looking garage door tops the list when it comes to returning cash to your pocket, the Cost vs. Value report shows. This project involves removing an existing 16-by-7-foot garage door and replacing it with a new four-section garage door with heavy-duty galvanized steel tracks. This curb-appeal enhancer will get you back almost every dollar you spent on it when you sell your house.
2. Manufactured stone veneer
- Average cost: $8,221
- Average resale value: $7,986
- Cost recouped: 97.1%
Replacing vinyl siding on your house for stone veneer is a big aesthetic improvement. The vinyl siding is replaced with adhered manufactured stone veneer. This is another major curb-enhancing upgrade that will get you back over 97 percent of your costs.
3. Entry door replacement (steel)
- Average cost: $1,471
- Average resale value: $1,344
- Cost recouped: 91.3%
You will recoup over 91 percent of your cost by replacing your 36-by-80-inch entry door with a 20-gauge steel door, complete with clear dual-pane half-glass panel, jambs and an aluminum threshold with composite stop. These doors come factory-finished with the same color on the front and back sides.
4. Deck addition (wood)
- Average cost: $10,950
- Average resale value: $9,065
- Cost recouped: 82.8%
One advantage of owning a house is having yard space. Nothing enhances a yard like a wood deck. This project involves adding a 16-by-20-foot deck, including a railing system with pressure-treated wood posts, railings and balusters. This feature will hold more than 82 percent of its value come resell time.
5. Minor kitchen remodel
- Average cost: $21,198
- Average resale value: $17,193
- Cost recouped: 81.1%
Before you embark on a major kitchen overhaul, consider a minor one, which will recoup about 81 percent of its cost. This upgrade is based on a 200-square-foot kitchen with 30 linear feet of cabinetry. Cabinet boxes are left in place but updated with modernized Shaker-style wood panels and drawer fronts. Replace laminate countertops with new laminate. Next, swap out older appliances with energy-efficient models. Update with a mid-priced sink and faucet; repaint the trim; add wall covering; and replace vinyl flooring with new vinyl.
6. Siding replacement
- Average cost: $15,072
- Average resale value: $11,554
- Cost recouped: 76.7%
If you need a good reason to update old siding, consider that replacing 1,250 square feet of it will cost you about $15,072 and you’ll get back $11,554 upon resale. This upgrade includes the factory trim at the openings and corners.