There are generally two reasons people embark on home remodeling projects. One is to improve the look, function, and enjoyment of their space. The other is to boost their home’s resale value. If you’re looking to sell your home soon, you’ll want to focus on improvements that make your home more appealing while netting you back as much money as possible on resale.
Each year Remodeling Magazine publishes its Cost Vs. Value Report. They crunch data from around the country to arrive at the home renovation projects that offer homeowners the highest return on investment.
Here’s a nice bit of news to start things off. In the Pacific region, which includes Washington, home improvements provide higher returns than the national average, almost across the board. Below you’ll find 2020’s top projects for Seattle, Washington, the city included in the report that’s closest to the majority of our customers.
The Home Remodeling Project With the Best ROI? Manufactured Stone Veneers
Pure curb appeal rules the day for return on investment in Washington State, and buyers seem to love exterior stone veneers, whether they’re real stone or not. You’ll enjoy a whopping 118.5% return while simultaneously upscaling the look of your home dramatically.
If you have existing siding, it can easily be replaced with a manufactured stone veneer. This bold look is certain to catch the eye of prospective buyers, and the fact that you stand to recapture more than what you’ll spend makes this fairly affordable project a no-brainer.
Garage Door Replacements
This is another upgrade you can make that will pay for itself and then some. Homeowners can expect, on average, a 106.6% ROI for a new, high-quality, four-section garage door set on heavy-duty steel tracks.
If your existing garage door is bland, has seen better days, and is generally detracting from the overall look of your home you should consider putting in something more stylish. You’ll sell faster and make more money.
Wood Deck Addition
Wood decks, a classic home remodeling project, are highly desirable in our area. While we dip below 100% with this entry, we don’t fall far. You’ll recoup 95.1% of the money you spend adding a wood deck to your home. It isn’t difficult to understand why. They add useful outdoor living space as well as architectural and visual appeal.
Composite decks also made the list, though you’ll enjoy a smaller return, at 88.1%. This is likely due to the extra cost associated with composite materials.
New siding rounds out the curb appeal portion of our list. While it won’t net you the return that manufactured stone will, it still comes in at a respectable 94.9% for fiber-cement siding and 87% for vinyl.
Siding generally covers the majority of your home’s exterior surfaces. If it’s worn out, cracking, or sun-bleached it detracts significantly from the look of your home. It’s one of the first things prospective buyers see, so refreshing it with something more modern is a wise investment.
Vinyl Replacement Windows
Old windows detract from the curb appeal of your home, they aren’t energy efficient, and can be a lead paint hazard in the case of older wood windows. Upgrading to new vinyl replacement windows solves all of these problems, and will net you 89.5% of your investment back when you sell your home.
New wood windows are even more attractive, but they come with a higher price tag. As a result, you can expect to recoup only 82% of the purchase price.
Midrange Minor Kitchen Remodel
We’ve reached interior home remodeling projects. If you’re looking to stay in your house and get extra enjoyment out of it, a major kitchen remodel can be a great choice. But if you’re just trying to attract buyers, you’ll get a better bang for your buck with a minor renovation.
This involves leaving the bones of the kitchen in place. You might keep your existing cabinets but reface them, and then put in new countertops, fixtures, appliances, and flooring. A new coat of paint and our kitchen looks brand new. You can expect an ROI of 89.1%. In comparison, a major kitchen remodel will only net you 69.7% back.
Midrange Bath Remodel
The trick to recapturing the lion’s share of the money you spend on a bathroom renovation is to keep things neutral and affordable. You don’t want to install premium fixtures and high-end cabinetry. You want the bathroom to look great but appeal to as many people as possible. And you don’t want to spend more than you need to. With a midrange bath renovation, you can expect a return in the neighborhood of 79.4%.
If you’re looking to improve the curb appeal and resale value of your home in the Stanwood/Camano Island, WA area, give us a call at Cannon Construction Group. We can help you get the most value out of your home remodeling project. Get a free consultation today! Remote appointments are available.