Priced out of the current housing boom? Remodeling might be the way to go instead of buying a new house, and these projects offer the best value for the money.
With rising inflation and surging home sale costs, some homeowners are opting to remodel rather than buy a new house. Even those choosing to sell want to maximize their profits. Some remodeling projects offer little return for investment (ROI), however. Find out which projects real estate media company Zonda says can offer the best value for the money spent whether you opt to sell or stay put in 2022.
A garage door is often the first home feature that visitors notice. For those wanting to update their home’s curb appeal, the cost to replace a garage door is relatively low—expect to pay around $3,900—and it comes with an enviable ROI of 93.8 percent. That means homeowners, on average, will recoup a large percentage of the money they spend to have the door replaced. In addition, an updated garage door makes the home more attractive to potential buyers in photos and drive-by looks.
Older Americans are choosing to remain at home longer, a trend known as “aging in place.” This means that the demand for accessible homes is on the rise. If someone in your family would benefit from an accessibility upgrade—think wider doorways and hallways, lever-style doorknobs, and recessed thresholds—2022 is a good year to do it. Not only will you improve the quality of life for a family member with mobility issues, you could also realize a 57.9 percent return on your investment.
Enhanced outdoor living and entertaining spaces rank at the top of many a home buyer’s wish list, so if you’ve been dreaming about a new deck, 2022 is an excellent year to make those dreams come true. Well-designed decks are top selling points, and you could recoup 63 percent of the money you spend on a new composite deck. Wood decks, such as cedar or redwood, are even more popular, netting homeowners an average 66 percent
ROI.Fiber Cement Siding Installation
Older homes with painted wood siding are a maintenance issue, and potential buyers know that. Replacing the old siding with new fiber-cement siding offers protection from rot and insect infestations. Plus, fiber-cement siding comes in a wide array of baked-on colors. It runs an average of $19,626 to have a home’s siding upgraded to fiber cement, depending on the size of the home. But when the home sells, the sellers can realize a 69.4 percent return on their investment.
Many of today’s new homes feature spacious primary bedrooms and en suites (bed/bath combos formerly known as “master suites”). If you’re dreaming of a large bedroom and bath, this might be the project for you. A midrange suite addition is a pricey project, running as much as $156,741, but it comes with an ROI of 54.7 percent, and it can turn this area of the home into a showstopper. Trending primary suite amenities include double walk-in closets, separate bathing and changing areas, and smart-home functionality.
If your home’s shabby, worn entry door is a visual downer, pencil in a new steel entry door at the top of your remodeling list. Not only will a new entry door freshen up your home’s facade, but you’ll recoup a sizable 65 percent of your investment if you then sell your house. Solid-wood entry doors are as beautiful as steel, but a steel door offers the most security and the best ROI.
Those wanting to add even more curb appeal might wish to upgrade a standard entry to a grand entrance, a door that comes with sidelights and a transom window overhead. It could cost $10,000, or more, for this upgrade, but it comes with a significant wow factor and an approximate 60.9 percent ROI. Like updating a garage door, upgrading to a grand entry spikes curb appeal and can bring more buyers to the house.
A new exterior is one of the best ways to refresh your home’s curb appeal. While any type of cladding offers an updated look, stone veneer will give you the best bang for your buck, with a whopping 92.1 percent return on investment. Choose from dozens of styles of either brick or stone veneer, and have it professionally installed for the best appearance and resale value.
Replacing old, drafty double-hung windows with more efficient windows that have double or triple panes, low-E coatings, or argon gas offers an approximate 68.6 percent return on material and installation costs. Old windows make a house look dated and turn buyers off, so if you’re renovating with an eye on resale, this is one upgrade that can increase your home’s appeal. Plus, with new, energy-efficient windows, you’ll save on utility costs as well.
The kitchen is one of the most expensive rooms to remodel fully, but a minor renovation can look almost as good, and it comes with a 72.2 percent ROI. A minor renovation involves replacing cabinet doors and drawer fronts and refacing the existing cabinet base. Add new hardware, a countertop, and a sink for a dramatic new look. By contrast, an entire remodel (complete tear-out and replacement) will net only a 57.4 percent return.
When the appraiser comes calling, a new roof on the house will translate into a 60.7 percent return on the money you spent to have the old shingles removed and new asphalt shingles (with a 25-year warranty) installed. Not only does a shabby roof discourage potential buyers, but a mortgage company may not lend money to buyers if the roof shows signs of damage. If you plan to sell your home in the near future, consider replacing the roof in 2022.
Midrange Bathroom Renovation
If your bathroom has seen better days, 2022 is a good year to take on a DIY bathroom remodel. Consider, for example, replacing all fixtures and adding a solid-surface vanity top. Midrange upgrades like ceramic tile flooring and a new ceramic tile bathtub surround will breathe new life into the room, and you could see a 60.1 percent return on your investment.
Increasing the size of an existing bathroom and adding luxury amenities is high on many remodeling wish lists. Incorporating a freestanding soaking tub or jetted tub, an additional shower, all-new ceramic tiling, and double vanity sinks with granite or quartz tops could cost as much as $75,692. However, it comes with a 54.8 percent ROI, and an upscale bathroom is a major selling point in a home.