When you buy a home, the chances are that even if you’re not planning on moving again for many years, you’re still hoping for your property to increase in value. While property values have, on average, risen over 5% in the last year, there are a few home improvements that you can make that have a high return on investment (ROI) and can increase the value of your home when it’s time to sell.
7 Home improvements with high ROI
In the 2019 Cost Vs. Value Report, 22 home improvements are reviewed to consider the average cost of the project and the value retained at resale. While there’s no guarantee when it comes to property values, if you want to invest in your home, these projects have the potential for the highest ROI.
Garage door installation
It might not be the first renovation project on your list, but nothing increases curb appeal like a new garage door. The report estimates an average cost of $3,611 with a resale value of $3,520.
New vinyl siding
Unless you work in home renovations or design, vinyl siding might not sound that exciting, but it’s a beautiful, customizable way to give your home a facelift. Whether your siding is old and damaged or if you want to refresh your home’s exterior, vinyl siding is an excellent investment. The average cost of vinyl siding is $15,072 with a potential resale value of $11,554
Adding stone veneer to your exterior is another excellent way to update the look of your home, increase its curb appeal, and catch a high ROI. The average cost of adding stone veneer to your home is $8,907, with a resale value of $7,986.
Replacing your windows, especially if you have older or single paned windows, makes your home more comfortable, more energy efficient, and more attractive. Replacing your window has an average cost of $15,955 and a potential resale value of $11,855.
New front door
Your front door is like the smile on your face, the first thing people notice. While a new front door may cost around $1,471, the resale value is about $1,344. This relatively inexpensive renovation nearly pays for itself.
Wooden deck installation
Here in Northern Virginia, there’s nothing quite like spending an evening sitting on your deck, watching your kids chase fireflies. Wait, you don’t have a deck? Adding a deck gives your family a great way to enjoy your outdoor space, and with an average cost of $10,950 and an estimated resale value of $9,065, it can give your home a little boost when you’re ready to sell.
The roof on your home is so important, but a replacement is a big undertaking. That’s why so many home buyers are always attracted to the magic words “new roof.” Yes, a new roof is a significant investment at an average cost of $20,939, but when it comes time to sell it will bring potential buyers streaming through your door and potentially add $14,320 to the resale value.
Even if you’re not planning on selling, investing in your home makes it more comfortable for you and your family and can help you save on energy bills. Often, renovations like new windows and roofs can at least partially pay for themselves with the money you’ll save on heating and cooling your home.
If you’re looking for reliable, expert home renovators, contact the Trusted Vets. The team has years of experience in renovating and remodeling homes and always act with integrity and respect.