When you are embarking upon a luxurious home improvement, it is important for the outcome not only to increase your enjoyment of your home but add value too. The list below outlines some of the most valuable home improvements that will help you ensure that the investment you are making in your home will pay dividends.
1. Manufactured Stone Veneer
A 2020 cost vs value report has found that the manufactured stone veneer offers the best recouping value of all home improvements, with a 96% return on investment in resale value. The average job cost of $9,357 returned an average of $8,943 at resale. The most common projects that use manufactured stone veneer involve replacing the street-facing façade of a home. Manufactured stone veneer appears to be a trend that is rising rapidly in recent years, and its payback value has grown significantly since the average return of 89.4% in 2017.
2. Garage Door Replacement
The home improvement that offers the second-highest return is a garage door replacement, offering a 94% cost recoup upon the sale. A garage door replacement is sure to be a wise investment; however, the amount of return offered differs regionally, Remodeling Magazine reported that in some regions, it could return up to 132%. A typical garage door replacement involves getting rid of the outdated 16 by 7 door and replacing it with a more aesthetically pleasing option. The replacement garage door should also be fitted with foam insulation and thermal seals to ensure that it is as energy efficient as possible.
3. Minor Kitchen Remodel
Coming in at number three of the most valuable home improvements is the minor kitchen remodel, which has been offering increasingly high returns since 2014. The recouping value has now reached 84%. Although the minor kitchen remodel is one of the most valuable investments you can make in your home, things change significantly with a major kitchen remodel, which on average will only return 59.7% of your costs. The reason that you are advised to avoid a major remodel is that it is unlikely that your taste will be the same as the prospective buyers. No matter the scale of the kitchen remodel you embark on, it is important always to employ an experienced team of contractors. Not only will the right team help you to achieve the most luxurious remodel, but they will also help you avoid any unexpected costs, such as having to hire yourself a lawyer as a result of a workplace injury.
4. Sliding Replacement
The fourth most valuable home improvement is a fiber cement sliding replacement with a recoup percentage of 78. A fiber cement sliding replacement is followed closely by vinyl sliding replacement, a newcomer to the 2020 value leaderboard, which offers a 75% return on investment. Installing new sliding is seen as one of the best ways to boost the value and look of your home quickly.
5. Window Replacement
Coming in at number five on the most valuable home improvements is window replacements, offering a 72% return on investment. The average, mid-range window replacement project costs $17,461 with a return value of $12,761 at sale. The reason that window replacement are such a cost-effective home investment is that they have a big impact on how energy efficient a home is.