6 Value-Adding Renovations to Maximize Resale Price
Which renovations add the most value to your home? The answer might surprise you. You don’t have to spend tens of thousands of dollars on a garage or bathroom remodel to get more resale value. Most renovations that increase property rates cost a fraction of this price. Here are six value-adding renovations for homeowners that cost under $15,000.
#1. Manufactured Stone Veneer
A manufactured stone veneer is a material that replicates the aesthetic of natural stone, and it looks incredible. Use it to frame a fireplace or another interior feature. You can also create a facade at the front of your property for instant curb appeal. A manufactured stone veneer exterior might not be at the top of your renovation to-do list, but homebuyers love this striking feature. It could add serious resale value to your home.
A manufactured stone exterior costs about $9,357, but it adds about $8,943 to your resale value. That means you can recoup 95.6 percent of your costs, making this the home renovation with the highest investment return.
#2. Garage Door Replacement
Replacing your garage door doesn’t sound as elaborate as a bathroom remodel, but it provides a greater return on your investment. A simple garage door replacement costs $3,695 and generates a resale value of $3,491, so you could recoup 94.5 percent of your costs.
Perhaps the reason for a new garage door’s high resale value is its instant visibility from the street. Garages enhance the functionality and appearance of your property, adding value to the resale price.
Garage doors come in all colors and materials, and there are plenty of styles to choose from. You can opt for a design that complements the rest of your home exterior or pick a bold color that catches the eye.
#3. Siding Replacement (Vinyl)
While fiber-cement siding replacements provide a higher resale value, vinyl ones cost a few thousand dollars less. Remodeling Magazine estimates a vinyl siding replacement will set you back $14,359 but generate a resale value of $10,731, so you could recover around 75 percent of the original cost.
Any type of siding replacement is likely to add some resale value. It’s one of the first things homebuyers notice when you put your property on the market. Good siding also improves energy efficiency and insulation.
#4. Wood Decking
New decking is always a wise investment if you plan to sell your home in the future. This renovation improves the aesthetic of your landscape and increases resale value in one fell swoop.
Wood is the deck material that offers the most significant long-term investment. When incorporating wood decking into your yard, expect to pay $14,360 and recover 72.1 percent of that cost ($10,355) when it’s time to sell your home.
#5. Steel Entry Door
A new entry door is one of the cheapest home renovations you can make, and you’ll recover much of the cost when you sell your home. A brand new steel door costs $1,881 and has a resale value of $1,294, providing you with a 68.8 percent return on your investment.
#6. Fiberglass Grand Entrance
Fiberglass entry doors don’t provide as much of a return as steel doors, but you could recoup around half of your investment when you sell your property. A fiberglass grand entrance door costs $9,254 and comes with a resale value of $4,930.
Other Ways to Increase Property Value
You don’t have to spend thousands of dollars on home improvements to increase property value. Making some minor changes to your interiors could prove just as effective. Here are some tips:
- Add a splash of color to your living spaces by painting the walls. Neutral, inoffensive colors work best if you plan to sell your home soon, while pastels create a relaxing atmosphere that most homebuyers will love. Alternatively, brighten up walls with a decal or canvas art print.
- Upgrade your living space with a new sofa. The right piece of furniture can make your room appear bigger, which might attract interest in your home when it’s time to sell. Whether you’re looking for a traditional sofa or modular sofa, check out Home of Cozy for the latest furniture reviews and suggestions.
- Smart tech can be a great selling feature because it optimizes the functionality of your property. There’s more to this type of technology than just smart TVs and speakers. Consider smart light bulbs that save you (and any future homeowner) money on utility bills or a smart security system that protects your home from would-be intruders. Although some of this tech is expensive, it could provide you with a long-term investment.
All the home renovations above cost under $15,000 and have significant resale value, so you’ll get at least half of your money back when you put your home on the market. If you’re on a tighter budget, redecorating your interiors could also add value to your home and attract more buyers to your property. A splash of paint or a brand new sofa could be all it takes to increase resale value.