Note: this is a partnered post and consideration was received for its publication. CC-licensed image by Michel Ngilen.
When you make home renovations, you want your dollars to be well spent so the upgrades help increase your home’s value.
Some home improvements offer a bigger return than others. Before you sign on the dotted line for extensive renovations, make sure you’ll get a decent return on your investment when it comes time to sell.
From Remodeling magazine’s Cost vs. Value Report for 2016, these are the best home renovations for mid-level homes in top ranking order.
- Fiberglass Attic Insulation
Fiberglass attic insulation offers the highest return on your investment at 116.9% of your costs recouped. Adding or improving your attic insulation reduces energy bills by keeping the heat inside in the winter and the cool air inside in the summer.
Insulated attics can save homeowners anywhere from 10%-50% on their monthly utility bills. This renovation is a no-brainer and the savings can really add up over time. Homeowners looking to save money on utilities and increase the value of their home should immediately consider this renovation.
- Manufactured Stone Veneer
Outside home improvements increase the curb appeal and monetary value of your home. Consider upgrading the outside of your home by replacing the bottom third of your vinyl siding with manufactured stone veneer. Manufactured stone veneers create a "high-end" look to your home, and homebuyers are often willing to pay for this increased curb appeal. This renovation offers an almost full return on investment with an estimated national average of 92.9% of costs recouped.
- Garage Door Replacement
Replacing your garage door is another great upgrade to improve the outside of your home or property. Your garage doors are one of the first things a prospective homebuyer sees and it can positively or negatively affect their perception of the home’s condition. Replacing or updating your garage doors can do wonders for improving the exterior look and appeal of your home. Not only that, new garage doors make sure the garage is secured. It’s estimated this improvement allows you recoup costs at 91.5% when you sell.
- Steel Entry Door Replacement
Though the market has fluctuated with the return on investment for steel entry doors, replacing an entry door with a new steel door gives you a higher return on investment than fiberglass doors. Similar to garage doors—this is another area that creates a “first impression” for homebuyers—and a brand new door will set a positive impression.
At a national average of 102% of costs recouped, you can enjoy a secure, fire-resistant entry door and future buyers are willing to pay more for it than you paid to install it!
- Minor Kitchen Remodel
Not all home remodeling gives you a high return on investment, but a minor kitchen remodel can come fairly close. A 200 square foot kitchen with new wood panel doors, new hardware, an energy-efficient wall oven and cooktop, new laminate countertops, a mid-priced sink and faucet, and new flooring could recoup your costs at 83.1% when you sell.
- Fiberglass Entry Door Replacement
If you don’t want to upgrade to a steel entry door, a new fiberglass door can still recoup your costs at 82.3% according to the national average. These doors are energy efficient, require minimal maintenance (they don’t rot or warp like wood), and can be stained or painted.
While some of these renovations can be done DIY-style, others may require professional help. To ensure you get the best return-on-investment always work with vetted and qualified home renovation contractors.
While these percentages are national averages, do research in your area to know which renovations homebuyers are willing to pay more for. With careful planning, you can enjoy beautiful home renovations and get a higher return on investment when it comes time to sell your home.