If you are a homeowner, then you are probably familiar with your local home improvement store. Its aisles tempting you with the latest countertops, flooring and lighting that you eagerly dream of installing in your home. Before you fill your cart and your “honey do” list with renovation projects, it may be good to know which renovation projects will bring you the most return on your investment when you decide to sell your home.
Remodeling’s 2023 Cost vs Value Report surveyed real estate professionals across 150 U.S. markets to compare the costs of the 22 most popular renovation projects to the anticipated improvement in a home’s value. Here is what they found
EXTERIOR AND CURB APPEAL PROJECTS DOMINATE.
It’s hard to sell a home if potential buyers don’t even want to pull into your driveway. Seven of the top 10 renovations with the highest returns were projects that affected the exterior or curb appeal of your home. The two highest ranked cost-to-value ratios for exterior enhancements were a garage door replacement at 102.7 percent, followed closely by manufactured stone veneer accents at 102.3 percent. Additional renovations such as siding and window replacement, roofing replacement and steel entry door replacement ranked between a 61.1 to 100.9 percent return on investment.
GREAT KITCHENS STILL HELP SELL HOMES.
When looking to the interior of your home for a renovation project, minor kitchen remodels scored an 85.7 percent return on investment. The survey defined a minor kitchen remodel as one that improves a functional, but dated, kitchen. These types of projects may include new countertops, upgraded vinyl flooring, new energy-efficient appliances, sink and faucet upgrades and updated cabinet fronts.
To see how renovation projects ranked in a city or state near you click here.
For tips on how to finance a renovation project click here.
By: Marlene Sheard
Marlene is the mortgage marketing representative for Ameris Bank and previous Sales and Marketing President for her local Home Builders Association. She enjoys sharing her experiences for the buying, selling, and financing of homes.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Ameris Bank is not affiliated with nor endorses any of the companies featured in this article.
Revised July 2023.