According to Remodeling’s annual Cost vs. Value Report of 22 different renovation types, the projects that show the greatest return on investment are those that boost your home’s curb appeal. The three exterior improvements with the highest recoup on investment , nationally, are garage door replacement (97.5%), manufactured stone veneer installation (94.9%), and a wood deck addition (75.6%).
On the inside, less is proving to be more in terms of return on investment. Kitchen improvement projects like keeping your cabinets, but replacing their fronts with new doors, drawer fronts, and new hardware are proving to have the highest return on investment at 80.5%. Other high ROI projects include replacing your range, cooktop or freestanding refrigerator with more energy efficient models.
And don’t underestimate paint. A paint job, including ceiling and trim, is relatively low in cost and makes a world of difference to your home. Allowing for regional cost differences, the national average renovation cost is $22,507 and average value $18,123, which will be very good news for starter home buyers.
If you’re a homeowner and you’d like to tap into the equity in your home to make home improvements, we encourage you to fill out the form below to see what your financing options are!