Are you thinking about undertaking a home renovation project this year? With any renovation, it is important to consider how much value it will add to your home. While doing a major, high end kitchen remodel may be something that you have dreamed of for years, according to Remodeling’s Cost vs. Value Report, this remodel has one of the lowest return on investments at only 60%. Read on so you can make a more informed decisions about renovating your home!
Projects that increase the curb appeal of the home get the most bang for your buck. A garage door replacement is the highest on the list of high return home renovations with almost 98% of costs being recouped! With an average job cost of $3,611, it is also one of the more affordable remodels. Replacing siding, windows, entry doors, and making a wood deck addition all yield about a 74% return. Repainting the front door is an easy, affordable DIY project that can add value. Zillow found that houses with navy blue front doors sold for over $1,500 more than expected so this is a good color to consider as long as it ties in well with the rest of the house.
Next up we have minor, midrange kitchen remodels. With costs averaging around $22,507, typically 81% of costs are recouped. These renovations typically include cabinet and drawer refacing, a new oven, cooktop, and sink, laminate countertops, and vinyl floors. A major cost saver when doing kitchen renovations is simply repainting existing cabinets and drawers and changed out the handles and pulls if needed, it really gives kitchens a fresh look! Once you are looking at a major midrange kitchen remodel of around $66,196, return on investment is only 62% so you could lose over $25,000. Finally we have a major, high end renovation averaging around $131,500 at only a 60% return.
Midrange bathroom remodels have the highest return on investment, costing on average $20,420 and having returns rates of 67%. Doing bathroom additions gets quite pricey, at midrange prices averaging $47,427 and with only 60% of the cost recouped. Similarly, upscale bathroom renovations only return 60%. We recently made a blog post about designing small bathrooms that has some great tips for working with smaller spaces.
We would love to know what your home plans are for 2020! Are you planning a remodel, a move, or are you happy with where you are? Tell us in the comments!