These three common home improvement projects not only add function and style to your home, but they also offer a strong return on investment. Making strategic upgrades to your property will help you increase its value over time.
Minor Kitchen Remodel
The kitchen is often referred to as the “heart of the home,” and for good reason. Traditionally used for preparing food, it has morphed into so much more. Many of us now eat our family meals in the kitchen, it serves as a favorite spot for homework and kids’ art projects, and it’s the place guests tend to gather when we host events.
Because we spend so much time in our kitchens, it’s natural that we will eventually want to make updates and upgrades to better suit our needs and changing style preferences.
Luckily, a minor kitchen remodel is one of the best investments you can make in your home. According to Remodeling Magazine’s annual Cost vs. Value Report, it has an average 80.5% return on investment.1
The key to making a kitchen remodel pay off is to keep it modest in scale. Spend too much on custom or high-end selections, and you are less likely to recoup your investment. Instead, make an effort to keep your existing layout if it works for you and your family. Paint or reface cabinets instead of replacing them. Update countertops with low-maintenance quartz and swap out old light fixtures with modern alternatives. Replace outdated appliances with energy-efficient models. Our estimated average cost for a minor kitchen remodel is $31,500, and it’s likely to recoup more than $25,000 at resale.
Wood Deck Addition
A deck addition is a popular way to extend and enhance the use of your outdoor space. It’s the perfect spot for grilling, dining alfresco, and entertaining. In fact, homeowners often suggest that they have a greater desire to be home since completing a deck addition.
For a 16 x 20-foot wood deck, you can expect to spend $15,000 - $20,000. Fortunately, the money you invest will in all likelihood offer you an average return approximately 75%.
Decks made of composite material are a popular alternative these days, as they don’t require the regular sanding and staining that wood decks need. However, at an average cost of $25,000 - $30,000 for a 16 x 20-foot composite deck, they are significantly more expensive. Plus, the expected return on investment will not be quite as high as for a wooden deck. Still, if you plan to hire someone to provide regular maintenance to a wood deck, then a composite deck may offer cost savings over time.
Everyone knows good curb appeal is important when selling your home. And while it may not be the most exciting way to spend your remodeling budget, new siding can make a big impression on buyers … and your selling price.
Your home’s exterior is one of the first things buyers see when they view your home. It sets the tone for what they are going to see inside. It also gives an impression of how well the property has been maintained. Worn, peeling, or rotted siding can be a major red flag for buyers.
Replacing 1,250 square feet of siding will likely cost around $22,000 and will net you an average of 70-75% at resale.
For an even greater impact, consider replacing a portion of your siding with manufactured stone veneer. It can have a dramatic effect on the visual appeal of your home. A 300 square foot area will run you around $12,000-$13,000, but you can expect to see a nearly 100% return when it comes time to sell.