6 home renovations that return the most at resale
Trying to make your home “Flip or Flop”-worthy? Whether you plan on staying in your house for a few more years or you intend to sell soon, it’s wise to know which home renovations will generate the most resale value.
Remodeling magazine’s 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.
These six interior home remodeling projects 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 goes a long way when it comes to returning cash to your pocket, according to the report. This project involves removing an existing 16-by-7-foot garage and replacing it what a new four-section garage door with new heavy-duty galvanized steel tracks. Not only will you get to enjoy a great-looking garage door, you’ll get almost all of your investment back when you sell.
2. Manufactured stone veneer
- Average cost: $8,221
- Average resale value: $7,986
- Cost recouped: 97.1%
Swapping out siding for stone veneer can be a rewarding purchase. For this project, remove the existing vinyl and replace it with adhered manufactured stone veneer. You’ll add curb appeal to reel in buyers and also recoup more than 97 percent of your costs.
3. Entry door replacement (steel)
- Average cost: $1,471
- Average resale value: $1,344
- Cost recouped: 91.3%
This remodeling project is simple but effective. Those who remove and replace their existing 36-by-80-inch entry door with a new 20-gauge steel unit, complete with clear dual-pane half-glass panel, jambs, and an aluminum threshold with composite stop, will recoup about 91 percent of their costs when they sell their house. These doors come already factory finished with same color on both the front and the back.
4. Deck addition (wood)
- Average cost: $10,950
- Average resale value: $9,065
- Cost recouped: 82.8%
One advantage of owning a house is yard space. It’s no surprise, then, that a feature that takes advantage of this glorious space, like a wooden deck, will retain more than 82 percent of its value come resell time. This project involves adding a 16-by-20-foot deck, including a railing system with pressure-treated wood posts, railings and balusters.
5. Minor kitchen remodel
- Average cost: $21,198
- Average resale value: $17,193
- Cost recouped: 81.1%
Before you go for a major kitchen overhaul, consider a minor one. This approach will recoup about 81 percent of its cost. This upgrade uses a 200-square-foot kitchen with 30 linear feet of cabinetry. Instead of removing cabinet boxes, update the fronts with modernized shaker-style wood panels and drawer fronts. The same goes for the countertops; simply replace them with new laminate. Next, swap out older appliances with energy-efficient models. Update the sink and faucet; refresh the paint trim; add wall covering; and replace resilient flooring.
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.