Remodeling Ideas to Boost Your Home’s ROI
Summer might be winding to an end, but that doesn’t mean you have to stop doing projects that can help your home’s ROI. Sure kitchens and bathrooms always steal the show in a home remodel, but they aren’t always the ones with the best ROI. We’ve got a list of some of the best remodeling ideas that give your house the best return on your investment, which will help the value of your house soar. These remodeling ideas have been selected because they’ve shown a consistent boost to your home’s ROI over a long period of time, some of the projects on this list might surprise you!
Replacing Your Front Door
Every year, no single project has provided such a healthy home ROI dollar for dollar as a new front door. A replacement steel door averages a 98% return on investment. It also comes at a low cost, averaging approximately $1,230. One of the reasons replacing your door is because it’s an energy upgrade that also creates curb appeal with almost no maintenance. It’s a quick and painless remodeling idea that will go a long way in creating value for your home.
New siding is a feature that has the biggest impact on curb appeal. Well-maintained, clean siding is a sign of home improvement mastery. Old, worn siding can contribute a loss of up to 10% of your home’s value, which is why new siding has such a high ROI for your home, and is a great remodeling idea. Which type of siding should you choose?
- Vinyl siding is low-cost, durable, and easy to install, which is all of the majors selling points to getting a good home ROI. Another selling point is that it’s a low-maintenance feature that gives you more time. Vinyl siding includes fade-resistant finishes and transferrable lifetime warranties, which inspire much more confidence than the 10-year guarantees of just two decades ago. Over time, midrange vinyl siding replacement projects have returned 81.5% on the initial investment.
- Fiber-cement siding also shows a strong ROI, although it’s more expensive than vinyl, it still lacks the perception of quality among many homebuyers. Quality is important to prospective homebuyers, and fiber-cement siding comes in with an 83.5% return; however, it is more expensive than vinyl siding.
- Foam-backed vinyl is another winning project, with an average long-term return of just under 80% and a cost that’s slightly more than fiber-cement. However, foam-backed vinyl has a quality that other sidings don’t. It’s technically an energy-efficient upgrade with an R-value of R-2 to R-3, which means that you may also experience some energy savings with this upgrade, which is music to any homeowner’s ears as you’ll save money for years to come.
Minor Kitchen Remodel
Kitchen remodels are extremely popular, but this remodeling idea makes more sense for your home ROI. Here’s the thing. Small kitchen remodels actually have a better ROI than the big dream kitchen remodels you might see plastered on Pinterest. Those types of remodels took a big hit on home ROI during the recent recession. However, a minor kitchen remodel weathered the economic bumps with an average return of 81.8% over the years. The kitchen is the hub of the home, so people are always willing to update their kitchens. New cabinets and doors, flooring, or appliances are a smarter option for your remodel than fully gutting your kitchen and remodeling everything. One of the reasons for this is because the kitchen is a hub, it needs to fit the needs to be customizable enough for the next owner. Yes, your big dream kitchen remodel might fit your personality and style, but someone else might think the complete opposite.
Add a Deck
Deck additions have been popular projects with a high home ROI. While decks may having taken a hit in the home ROI department during the recession, these remodeling ideas are beginning to make a comeback. Why? A deck is a great remodeling idea that expands living space a low cost. Adding a deck is a bargain at an average of $8-$30 per square foot compared to an average of $150-$300 per square foot for the cost of a new addition to the house. Patios and decks both benefit your home ROI from an increasing love of outdoor living, which is a trend that looks to continue into the foreseeable future.
Remodel an Attic Bedroom
Attic bedroom remodels are on the list of smart investments with an average ROI of 79.3%. Attic conversions were especially popular remodeling ideas during the recession, when homeowners put off buying move-up houses and instead turned to increasing the living space they already owned. This remodeling idea makes sense with the rise of multi-generational households over the past few years. By converting an attic into a bedroom, you increase the living space without increasing your home’s footprint. Everything you need is already there (i.e. the walls, floor, and ceiling), which keeps remodeling costs under control.
Replace the Garage Door
Why a garage door? Because it’s a remodeling idea that provides a huge boost for your home’s curb appeal, which improves your home ROI. In fact, exterior projects that ramp up your home’s good looks and enhance marketability are some of the best projects you can do for your home. A project that replaces an older, two-car door with embossed steel door has a current cost of approximately $1,600. Over the years, midrange garage door replacement projects have returned a healthy 80.7% of a homeowner’s investment.
Choose your remodeling ideas and projects carefully and, when you’re ready to start your next job, come see us. Time Equipment Rental & Sales has all of the tools you need to finish all of your remodeling ideas to help boost your home’s ROI. Save even more money by renting your tools instead of buying them. From flooring equipment to nailers, concrete equipment and landscaping tools, we’ve got the tools to help you get the job done right. Give us a call at 605-348-2360 and find out how we can help you today. Like Us on Facebook to stay up to date with all your equipment rental needs!