You’ve been thinking about making home improvements for a while now, but you’ve been delaying the process due to the cost. Whether some aspects of your home are dated or not as functional as you’d like, you’re finally ready to get started.
In 2020, homeowners spent an average of $8,305 on upgrade initiatives, according to the HomeAdvisor State of Home Spending Report. This covered approximately 2.77 home projects.
There’s plenty of great reasons to update your home, such as making it more enjoyable for your family or preparing it to sell. However, it’s important to make sure the upgrades you make increase the property value, because you don’t want to make an investment you can’t recoup.
Remodeling magazine’s 2020 Cost vs. Value Report is a great resource to help you decide which home renovation projects are actually worth the extra money. Here’s a look at five upgrades that will increase the value of your home.
Manufactured Stone Veneer
Right now, the outside of your home is covered in vinyl siding, but you’ve been thinking about upgrading the street-facing side to manufactured stone veneer. The national average cost to remove a 300-square-foot band of vinyl siding and replace it with manufactured stone veneer is $9,357.
You’ll enjoy the enhanced curb appeal and bragging rights from having the chicest home on the block. If you decide to sell, this project will increase resale value by $8,943, allowing you to recoup 95.6% of your costs.
Garage Door Replacement
Let’s face it — your current garage door is a bit of an eyesore. It might also leak, causing rain to seep in or lack insulation, making it hard to actually get much use of the space.
The national average cost to remove and dispose of an existing 16×7-foot garage door and tracks and install a new four-section garage door — reusing the existing motorized opener — is $3,695. You’ll be able to recoup 94.5% of your costs, as it will increase resale value by $3,491.
Minor Kitchen Remodel — Midrange
Right now, your kitchen serves its purpose, but it’s definitely dated. Finally giving it a refresh will make the space more enjoyable to spend time in and increase its appeal to potential buyers, if you decide to sell in the future.
The national average cost for a minor — midrange — 200-square-foot kitchen remodel is $23,452. This includes updates like replacing cabinet fronts, countertops, sink and faucet and flooring, upgrading appliances and painting the entire space.
Expect this project to increase resale value by around $18,206, meaning you’ll recoup 77.6% of your costs.
Find Out: Home Renovations That Will Pay You Back
Siding Replacement — Fiber-Cement
Right now, old siding is causing your home to look a lot more shabby than chic. Opting to replace your existing siding with new fiber-cement siding is a great investment.
The national average cost to replace 1,250 square feet of existing siding with fiber-cement siding is $17,008. You’ll be able to recoup 77.6% of your costs, as this upgrade will increase resale value by $13,195.
Enjoy having a home that looks brand new from the street, along with the satisfaction of knowing you spent your hard-earned money on a worthy upgrade.
Window Replacement — Vinyl
If drafty windows are causing your heating and cooling bills to surge, replacing them can pay off in more ways than one. The national average cost for a vinyl window replacement is $17,641.
This includes replacing 10 existing 3×5-foot double-hung windows with insulated vinyl windows, along with a custom-color exterior finish. Successful completion of this project will increase resale value by $12,761, meaning you’ll recoup 72.3% of costs.
This will also allow you to be more comfortable in your home — and you can’t put a price on that.
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