According to Remodeling Magazine’s 2020 Cost vs. Value report, 9 out of 10 of high-return remodeling projects actually focus on the outside appearance of your home. The kitchen still trends near the top of the list, but curb appeal reigns supreme. Sprucing up the exterior of your property proves to be a substantial moneymaker for getting the highest ROI or return on your investment.
If you are planning on selling or refinancing your home in the near future, there are certain things you might want to place at the top of your to-do list. Whether you are new to house-flipping or are simply trying to add value to your existing property, knowing what areas of the home to target first will really help you get top dollar for your renovation efforts.
2020 Home Renovation Costs
Believe it or not, replacing your garage doors typically offers homeowners an almost 100% return on the renovation costs at resale and has held the top spot for the last two years. But 2020 revealed that exterior siding inched slightly ahead of garage door replacement when it came to profitable home renovations.
In real estate, first impressions are everything. The real estate industry provides a wealth of information about buying trends and what elements account for the most impressive cost to value ratio when it comes to home renovations. And in 2020, it appears that paying added attention to your home’s curb appeal is the best way to get the most money out of your initial investment.
To put things into perspective, the average American home is around 2,500-3,000 square feet. Depending on the quality of materials you are intending on using, whole home renovations for the average home can hit anywhere between $15,000 to $150,000. That is a pretty huge price gap, so let’s review what home renovations snag the highest return on investment so you can prioritize accordingly.
10 Home Improvement Projects with High ROI
In no particular order, here are 10 home renovation projects that will help you get the most return on your investment. If you’re on a tight budget, choose the projects with a reasonable average cost and high cost recouped percentage to start and then add on additional projects according to your budget.
Installing eye-catching siding, a new roof, and vinyl window replacement are excellent places to begin. With any leftover money in your renovation budget, you can replace the garage door and install a new front door to really elevate the exterior of your home and enhance curb appeal. This will put you in the most advantageous position when it comes time to sell your home.
1. Fiber Cement Siding Replacement
Average cost: $17,008
Average resale value: $13,195
Cost recouped: 78%
2. Vinyl Siding Replacement
Average cost: $14,359
Average resale value: $10,731
Cost recouped: 75%
3. Vinyl Window Replacement
Average cost: $17,461
Average resale value: $12,761
Cost recouped: 72%
4. Wood Window Replacement
Average cost: $21,495
Average resale value: $14,804
Cost recouped: 68.9%
5. Minor Kitchen Remodel
Average cost: $23, 452
Average resale value: $18,206
Cost recouped: 77.6%
6. Garage Door Replacement
Average cost: $3,695
Average resale value: $3,491
Cost recouped: $94.5%
7. Asphalt Shingle Roof Replacement
Average cost: $24,700
Average resale value: $16,287
Cost recouped: 65.9%
8. Steel Entry Door Replacement
Average cost: $1,881
Average resale value: $1,294
Cost recouped: 68.8%
9. Fiberglass Entryway
Average cost: $9,254
Average resale value: $4,930
Cost recouped: 58.6%
10. Bathroom Remodel
Average cost: $21,377
Average resale value: $13,688
Cost recouped: 64%
Contact Our Window Replacement & Roofing Professionals Today
*Our new office hours are Monday-Friday 10 am-2 pm.*
During these difficult times, your safety and the safety of our employees is our greatest concern. So, everyone at Window World is working under strict social distancing guidelines to keep you safe. We are answering all calls and giving estimates on all your Windows, Siding, Roofing, Doors, & Gutter projects.
Window World of Boston has an A+ BBB Rating and offers industry-leading solutions for roof replacement, roofing repair, window installation, and vinyl siding. At Window World of Boston, we are providing safe at-home and virtual consultations to protect our customers. Our experts are available to answer your questions and provide estimates while meeting all CDC guidelines when we install windows, roofing, or siding. Learn more about our products, financing options, and warranty or schedule an appointment by calling 781-262-3925 today.
