Your guide to interior and exterior upgrades that are most worth the time and investment.
Homeowners remodel, redesign and restructure their homes for many reasons. Even a newly constructed dream home needs improvements over time. Common renovation projects include upgrading worn-out surfaces, finishes and materials, or adding features and improving livability.
However, many find the idea of taking on a remodeling project too overwhelming. Thirty-five percent of U.S. homeowners would rather move to another home than remodel their current home, according to research by the National Association of Realtors.
Taking on projects is often worth the investment and time. The same study showed that 75% of homeowners who remodeled had a greater desire to be at home when the project was completed. Others reported incresed enjoyment in their home and a major sense of accomplishment.
Satisfaction aside, there are financial implications that may influence how you prioritize home renovations. Learn which interior and exterior upgrades could bring the biggest return on investment with the leading in-demand projects identified by the National Association of the Remodeling Industry and the National Association of Realtors.
Exterior Upgrades: Improvements to your home’s structural features and exterior elements drive the greatest returns on your renovation dollars.
New Roof: Your home’s roof takes a beating from the elements. Upgrading this protective feature is one of the greatest investments you can make with an estimated 109% return on value. There’s a reasonable expectation for long-lasting results, and you’re likely to see some improvement in your home’s energy efficiency.
Garage Door: A new garage door is another exterior feature that’s likely to bring a strong return. A new door may be an opportunity to create a new look for your home, but it could also improve the function of a worn-out door.
Updated Siding: Enhancing an architectural element like siding is another way to improve your home’s aesthetic appeal while making it easier to maintain. Thoughtful material selection is key, as fiber-cement siding brings a slightly higher return than vinyl selections.
Interior Upgrades: Although many improvements inside the home tend to be based on your personal tastes and lifestyle, you can still reap the benefits of undertaking certain high-return projects.
Wood Flooring: Refinishing existing wood floors or installing new ones could bring at or near a 100% return on investment. The project improves a home’s aesthetic appeal, eliminates possible signs of wear and modernizes the living space.
Sustainable Considerations: Not only does improved quality or quantity of insulation help reduce energy bills, it’s an investment you can expect to recoup a large percentage on. Similarly, replacing the HVAC may be necessary if the old unit is failing to perform. It can also improve energy efficiency and result in better functionality and livability.
Livable Spaces: Adding square footage always helps a home value, especially when you can convert unused, unfinished space into a cozy living area. Complete kitchen remodels with modern touches and upgraded features provide a big return while improving function.
Find more advice to maximize the value of your next home improvement project at remodelingdoneright.com.
Source: National Association of the Remodeling Industry