Home improvements can add a lot of value to your home if you take on the right projects! Consider the return on investment you will gain if you make a renovation. Some projects will have higher ROIs than others.
Garage Door Replacement
According to Remodeling’s 2020 Cost vs. Value New England report, replacing your garage door is the top home improvement you can make to add value to your home. The project costs an average of $3,732, with a resale value of $3,715, making for a cost recoup of 99.5%.
Manufactured Stone Veneer
Another top home improvement is adding manufactured stone veneers. The manufactured stone veneer looks very similar to real stone veneer but it is much less expensive to install. According to Remodeling’s 2020 Cost vs. Value New England report, the project cost is $9,626 and the resale value is $8,453, so 87.8% of the costs are recouped.
Siding Replacement
Replacing the siding on the exterior of your home with vinyl siding adds value to your home. In New England, on average, homeowners found that the project cost $15,115, they got $11,575 back in resale, and recouped 76.6% of the costs.
Window Replacement
Replacing windows with wood is a great home improvement project. Consider replacing 10 existing 3x5-foot double-hung windows with insulated, low-E, simulated-divided-light wood windows. On the inside of your home, choose a stained hardwood finish, and on the outside, use a custom-color match aluminum cladding. Successful projects have cost $21,760, gotten $16,415 in resale, and recouped $75.4% of the costs.
Minor Kitchen Remodel
Making a minor, midrange kitchen remodel can be costly, but it also brings a high resale value. Turn your dated kitchen modern by leaving cabinet boxes in place but replacing the fronts with new panels and drawers. Replace ovens and refrigerators with new energy-efficient models. Install a new moderately priced faucet, laminate the countertops, install new flooring, and finish by painting the walls, trim, and ceiling. The project costs an average of $24,094, brings a resale value of $17,884, and recoups 74.2% of the costs.
Contact Allied Realty
Contact Allied Realty with any questions about adding value or preparing your home to sell in Maine's Central and Western Counties.