Top 5 Home Renovations with the Biggest Return
These renovations pay off to the tune of 76–94% at resale.
Renovations can not only enhance how much you enjoy your home, but they can also increase its value. However, not all renovations are created equal. Some provide larger returns on investment than others. Here are some of the top projects that have been noted by Remodeling magazine that give you the best bang for your buck.
Manufactured Stone Veneer
This man-made material is designed to emulate the appearance of natural stone. It can be used nearly anywhere inside or outside of a home, but you've most likely seen it on the exterior or around a fireplace. This change may provide as much as a nearly 94% return on investment in resale value!
Garage Door Replacement
Not only does a new steel garage door practically pay for itself, but it is also touted for its durability, low maintenance, and wide variety of style options. You could receive 88.7% of its initial cost back.
Siding Replacement - Fiber-Cement
This option is suitable for hot and humid climates and is resistant to damage from fire, wind, insects, and rain. Expect an average return of 80.5%.
Deck Addition - Wood
Who doesn't love enjoying the outdoors? Increasing the amount of outdoor entertaining space could pay you back as much as 77%.
Minor Kitchen Remodel - Midrange
A project of this size could include updating as many of the following: cabinets, appliances, countertops, backsplash, floors, and fixtures. It can yield a 76.3% return on investment.
To learn more about your home's value, contact a Better Homes and Gardens Real Estate Metro Brokers agent.