As a homeowner, you have every right to add upgrades to your home to fit your personality and needs. Part of the excitement of having your own home is customizing it according to your liking. However, if your home improvement projects are geared towards appraising your home value, some projects are more worth it than others. Even if you’re in your retirement home you’ll still want to consider return on the investment.
In this article, we will be enumerating the 6 home renovation projects and compare which 3 are more expensive and which 3 are less expensive.
3 Small, Less Expensive Improvements that Earn their Keep
- Wood Deck Addition – This renovation may cost you around $9,237 but the cost recouped will be 77.3%. Home buyers like having a deck to relax or entertain guests in, so if your house doesn’t have this, it is best that you have one installed. Not only will your house be more functional and have a more spacious outdoor living space, it will also improve your house’s value.
- Vinyl Window Replacement – This renovation may cost you around $9,770 but the cost recouped will be at 71.2%. Insulated vinyl is a great upgrade for aging windows. This material also saves on heating and cooling.
- Steel Entry-Door Replacement – This renovation may cost you around $1,137 but the cost recouped will be at 85.6%. A steel door is one of the least expensive front door options. It may be susceptible to dents but it can easily be repaired. Home owners prefer this type of door as it can also help cut energy costs because of its insulating value.
3 Big Home Renovations that are More Expensive
- Kitchen Remodeling – This renovation may cost you around $53,931 but the cost recouped may only be around 68.9%. The kitchen is one of the most important parts of a home to a homeowner, aesthetically and functionally. This is why most owners choose major renovations in this part of the home by adding top-of-the-line appliances, custom cabinets, granite counter tops, commercial-grade range, and tile backsplash. All of these additions may amount to $107,046 but may only add $64,113 in the home’s value.
- Master Suite Addition – This renovation may cost you around $101,873 but the cost recouped will only be around 63.2%. Do you know that adding a walk-in closet and full-bath can only add $64,000 to your home’s value? Commercial bathroom upgrades make a better return here.
- Two Story Addition – This renovation may cost you around $152,470 but the cost recouped may only be around 65.4%. Adding second story with a 26×16-foot addition with a family room, bathroom, and bedroom will cost you $53,00 more than it will add to your home’s resale value.
While you can do whatever you want to your home, it’s a great idea to consult with a real estate agent near you to figure out if this is going to add value in your neighborhood.
If you’re thinking of upgrading your home it might be time to upgrade your security. Contact Us today to get a free estimate and evaluation to give you peace of mind while you have these upgrades.