Every year for the past 35, an annual Cost vs. Value Report has been released to help homeowners determine which home renovations offer the best return on investment (ROI). While some major products, like a room addition or total interior remodel, will obviously bring up the value of the home, there are many less obvious renovations that offer some pretty significant financial incentive.
Wondering what home renovations to prioritize, especially as you keep resale value in mind? Check out this list of the top 10 home renovation projects with the best ROI this year.
1. Garage Door Replacement-93% ROI
Replacing an old or damaged garage door offers the best ROI of all home renovations, clocking in at 93%. This means when you go to sell your home, you will recoup nearly the entire expense of the project! If you are looking for ways to improve the curb appeal of your home, consider updating your garage door.
2. Manufactured Stone Veneer-91% ROI
Another renovation that will allow you to make back nearly your entire investment is new manufactured stone veneer on the exterior of the home. Not only will this give an updated look, but it will extend the life of many other parts of the home, providing a new exterior protection layer with a classic aesthetic.
3. Kitchen Remodel-71% ROI
Kitchen remodels have long been known as one of the best investments in the home, and this year is no different. A kitchen remodel is an ideal way to increase both the beauty and functionality of your space, in a room that is truly the heart of the home. For the best ROI, focus your investment on timeless design and high quality cabinetry, countertops, and appliances.
4. Fiber Cement Siding Replacement-68% ROI
While replacing siding may not be the most exciting project, it is a practical investment in protecting the quality of your home. This is why we see such a significant ROI when it comes time to sell the home. Buyers want to see a house with a quality, newer exterior.
5. Vinyl Window Replacement-67% ROI
Replacing your vinyl windows is such a valuable project, your realtor will likely list it as a selling point when the time comes to list your home one day. In the meantime, you will benefit from an updated look and likely an increase in efficiency. Focus on high-efficiency windows, which cost a bit more but will require you to spend less on heating and cooling the home.
6. Vinyl Siding Replacement-67% ROI
With just a slightly lower ROI this year than fiber cement siding, replacing your vinyl siding is another surefire way to invest in a home renovation you won’t regret.
7. Wood Window Replacement-66% ROI
Just like the vinyl windows, replacing wood windows is an excellent way to make your home more energy efficient now, and more appealing to your future potential buyers.
8. Wood Deck Addition-65% ROI
If your home has space to build out a wood deck addition, this might be the perfect way to expand your entertaining space while adding equity to your home. A wood deck will be a major selling point for potential buyers, and can be built as a retreat off of the master suite or a family friendly space outside the living room.
9. Entry Door Replacement-64% ROI
Updating your entry door is a great way to give your curb appeal a facelift, while increasing the security of your home. Opt for a steel door for the highest ROI and the best long term quality.
10. Composite Deck Addition-62% ROI
Just like a wood deck, composite deck additions are a big selling point in the future and will provide you with additional living and entertaining space.
For all renovation services in Calabasas or remodeling contractors in Thousand Oaks and surrounding towns such as Hidden Hills, Universal City, Bel Air, and renovations in Canoga Park, Contact SK Home Design and Remodeling. We are experts in kitchen remodels, bathroom upgrades, home additions and all contracting services in Sherman Oaks and Lake Balboa.