Renovation ROI (Return on Investment)
Hello Friends and Neighbors,
Is a renovation project on your list for 2020? If so, this article is a must read! Not only do home improvement projects make your space feel fresh and new, they add value to your home; however, not all updates are created equal when it comes to ROI (return on investment). Here is a list of renovations worth considering:
1. Minor Kitchen Remodel
By replacing your cabinet fronts, countertops, flooring and stovetop with new mid-range options, you can recoup 77.6% off an average $23,452 renovation cost. Check out these local and online options for good deals on new or slightly used appliances, cabinetry and more:
2. Garage Door Replacement
A new garage door not only has a lifetime warranty but is also made with high-tensile-strength steel and foam insulated. This can save you in heating costs and provide a good selling point. Project costs will run an estimated $3,695, with a 94.5% return on investment.
3. Siding Replacement
A vinyl siding replacement project costs an average of $14,359 with a 74.7% return on investment. Another option: new fiber-cement siding projects rose in popularity this past year with an average price of $17,008 with the chance of recouping 77.6% of that cost. This project is one that can turn out to be more costly than expected, depending on variables such as the age and condition of current siding and what is underneath. One option could be tackling this project in phases; this way, you can upgrade the most visible or damaged areas first (i.e. front of house).
4. Manufactured Stone Veneer
Consider replacing vinyl siding with manufactured stone veneer. With an average cost of $9,357, you can expect to recoup a whopping 95.6%. Needless to say, this update took the top spot in the year’s survey.
For more tips, please reach out to schedule a complimentary renovation analysis by yours truly: (804) 356.9045 meg.traynahm@LNF.com
All the best,