February 25, 2021 at 9:10am | Michael Hunter
We make home renovations to make us home owners happy with where we live. Some of these changes can be beneficial to our home values, while others may not be.
Some of the best renovations will involve the kitchen, bathrooms, and the exterior of the house. Those these renovations can get pricey, it is best to know that value they will add to the house beforehand.
Some Examples:
  1. Manufactured Stone Veneer
    • Avg. Cost: $9,357
    • Avg. Resale: $8,943
    • Cost Recouped: 95.6%
    • Replacing vinyl siding with stone veneer (like at the entryway) is a big curb appeal. This cosmetic improvement is likely to catch the eye of potential buyers!
  2. Garage Door Replacement
    • Avg. Cost: $3,695
    • Avg. Resale: $3,491
    • Cost Recouped: 94.5%
    • A good looking garage door is high on the list of getting your cash back on your investment and is an amazing curb appeal enhancement.
  3. Minor Kitchen Remodel
    • Avg. Cost: $23,452
    • Avg. Resale: $18,206
    • Cost Recouped: 77.6%
    • Creating a modern-looking and functional kitchen adds value- Boosts enjoyment of everyday activities (cooking, entertaining, sharing meals, etc.). Replace appliances, reface cabinets, new countertops, new sink & faucet, replace hardware, etc. 
  4. Siding Replacement
    • Fiber-Cement
      • Avg. Cost: $17,008
      • Avg. Resale: $13,195
      • Cost Recouped: $77.6%
      • Get more than 3/4 of investment upon resale
    • Vinyl
      • Avg. Cost: $14,359
      • Avg. Resale: $10,731
      • Cost Recouped: 74.7%
      • Freshen homes exterior and is more budget friendly.
  5. Window Replacement
    • Avg. Cost: $17,641
    • Avg. Resale: $12,761
    • Cost Recouped: 72.3%
    • Install low emissivity, simulated-divided-light vinyl to attract eco-friendly buyers!
Remodeling a home adds enjoyment and boost home value over time. Higher home value means more equity and lower the loan-to-value ratio.
Make sure you have a solid understanding of what renovations yield the highest return for money before spending the big bucks!
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