In 2018, homeowners spent an average of $15,000 on home renovations.
But were those smart renovation choices?
If you're considering renovating or remodeling parts of your home, you want to ensure that the cost is worth it in the long run. Here is a list of the best home renovations that will give you bang for your buck.
10 Best Home Renovations
Ready to renovate your home? Here are nine areas of your home to consider!
The bathroom is the number one space in a home that receives renovation. Not only that but potential homebuyers prefer bathrooms that are modern and up-to-date.
Bathrooms are rarely a weekend project, often taking a month or two to complete. The good news is that you'll likely recover about 80% of the cost.
If your space allows it, adding an additional bathroom to your floor plan is also a wise investment.
The kitchen is the crown jewel of many homes, and homeowners and buyers alike can benefit from renovating this room. Kitchen renovations are often one of the more expensive costs, but they also will give you a return—about 60%.
If the bones of your kitchen are in good shape, yet it lacks cosmetic appeal, even a minor kitchen reno will only cost you a third of the cost of a full gut. Surprisingly, it will still give you over 80% of the price.
3. Garage Door
A garage door brings together the other elements of your outdoor landscape, and buyers notice when garage doors are old and outdated.
Replacing your garage door with a more modern edition will yield you a high return—almost 100%! Also, this replacement takes less time than gutting an entire room and can likely be finished in one day.
4. Wooden Deck or Patio
Places to entertain are essential to homeowners. Building a deck or patio is a great way to create an entertaining space and retain some value on your home.
A patio is more expensive than a wooden deck. However, it can contain more entertaining elements, such as a grill, firepit, a kitchenette, and more. Depending on what you've incorporated in your patio, you should yield close to a 50% return.
A wooden deck is significantly less expensive, but the recoup cost is higher—around 80%.
5. The Exterior of Your House
Curb appeal is everything to a potential home buyer; it's like deciding to eat a portion of food before you taste it based on appearance. Most exterior jobs might include:
- A fresh coat of paint
- A new front door
- Stone veneer
- Replacing the siding
The cost recouped will depend significantly on which projects you choose. Adding stone veneer has a high recoup cost, around 97% while replacing the siding has about a 70% recover cost.
You may not need all of these repairs, but it's possible some or all of them could be the difference between a buyer coming in and just driving by.
6. New Window
Windows add a particular aesthetic to the home. If the windows are old, falling apart, or rotting, this makes the house look old and could even be hurting your energy costs.
Newer windows create a better look for the home, and if they're energy-efficient, you could see lowered energy bills. The window recoup cost is around 70-80%.
7. Add a Mastersuite
A master suite is an attractive quality in a home, an oasis of sorts from your typical bedroom with a dresser and small bathroom.
These days, a master suite might have a full bath, walk-in closet, extra space, and anything else the homeowner might wish to include. The job isn't cheap, but the recoup cost is around 60%. Potential buyers are very interested in homes with this quality.
8. New Roofing
We often don't give thought to the roofs of our houses, but ideally, they'll need to be replaced or maintained every 20 years.
Replacing the roof isn't a cheap job either, depending on the type of roofing shingles that you have. Though you can recoup close to 70% of your cost if you sell, and you won't have to worry about it again for the next 20 years.
A dark and gloomy basement is a turn-off to homebuyers. For one, it's not inviting, and they see space that needs work.
A finished basement defines the space and takes the pressure of buyers to renovate the space themselves. Ensure any basement problems are addressed before you start the renovation.
The recoup cost of a finished basement is also high, around 90%.
A Renovation Isn't In My Budget!
Renovations can be pricey, and if you're not careful, they can cost more than you budgeted for. If you lack the funds for a complete renovation, there are a few things you can do.
Painting a space is economical and can refresh and define a room. If you plan on moving, stick with neutral tones to create a more open and inviting space.
Continue to maintain your home well. Fixing small problems like leaky faucets, patching holes in the wall or roof, are signs to a buyer that the house has been well taken care of. Staying on top of small problems avoids bigger ones in the long run.
Home Renovations: Which One is For You?
The best home renovations are the ones that work for your home and your budget. Look around your home and see how you can remodel and recoup your cost today.
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