Even if you plan on staying in your home for years, it’s always a good idea to take on remodeling projects that will increase its value and be worth the cost of your investment. But if you do plan to sell your home in the near future, considering the cost versus value in your remodeling choices is essential.
So which home remodeling projects actually pay off?
Putting together our years of expertise along with Remodeling’s Mountain Region’s 2022 National Average data, we’ve compiled a list of the six remodeling projects with the best return and highest resale value.
Exteriors
Curb appeal is the first impression! So top of the list is garage door replacement, which has a 93.1% recoup here in the mountain region. Also, new siding is an investment almost guaranteed to pay you back. It can increase home value by roughly 70% to over 90% depending on the materials selected. In 2022, a fiber-cement siding replacement costs an average of $20,736, vinyl siding replacement averages around $17,514, and manufactured stone veneer costs around $10,794. Here, the lowest-priced materials reap the greatest return on investment with an ROI of 91.3% for manufactured stone veneer, 72.5% for vinyl, and 69.5% for fiber cement siding replacement.
Kitchen Remodels
As our very own Adam Berlin says, “Rooms with running water have the best ROI (return on investment).” He’s right, folks! Think about it. The kitchen is the heartbeat of your home. Not only do we prepare meals in our kitchen, but we gather, play games, start our days, do homework or share wine.
Kitchen remodels are broken down into minor to major projects. According to the Cost vs. Value 2022 Mountain Regional Data, the cost of a remodel job can range anywhere from $27,436 for a minor remodel to $156,826 for a major upscale kitchen remodel. Wondering which garners the best return? A minor kitchen remodel has a 71.7% return in value, while major remodels is 53.7% for midrange, and 51.1% for an upscale one.
Take a look at some of our kitchen remodels for inspiration. ➡️ KITCHEN GALLERY
Bathroom Remodels
There’s that running water again! Like your kitchen, bathrooms are another area that gets daily use. Also like the kitchen, people want their bathrooms to allow for more than one person at the same time during busy weekday mornings. That’s why today’s home buyers rank a double-sink vanity as one of the most desired bathroom upgrades.Bathroom remodels can be broken down into numerous categories, but their average ROI is over 54% for the most part per the Cost vs. Value 2022 Mountain Regional Data.
Bathrooms remodeled to be wheelchair-accessible, also known as “universal design,” have a return rate of 54.7%. Bathroom remodels can range from $25,802 to $79,446 per this report. However, in our experience, an upscale bathroom remodel can reach into the $200k+ pending product choices, like steam showers, added media equipment, rare stone/tile, and high-end toilets. But it is important to note that a bathroom remodel costs significantly less than a bathroom addition. (see #6 below)Take a look at our gallery of bathroom remodels for inspiration. ➡️ BATHROOM GALLERY
Window Replacement
New windows enhance your home by increasing its resale value, energy efficiency, and overall aesthetics. Installing new energy-efficient windows can yield a higher return on investment than many other home improvement projects. The ROI on a window replacement depends on several variables like the type of window and frame (vinyl vs. wood) you choose and how many you replace. You can generally expect an ROI of around 68% from window replacement.
Roofing Replacement
Replacing your roof has many benefits, including greater home energy efficiency, improved curb appeal, and a decent return on investment. Depending on materials, roofing replacements range from $29,535 for asphalt shingles to $47,378 for metal, with an ROI above 57%.
Bathroom Addition
Who doesn’t love a luxurious spa? We certainly do. So much so that we dedicated an entire blog to it. Check it out here.
And for those wanting that spa experience, expanding or adding a bathroom to their home may be the ticket. A midrange bathroom addition has an ROI of 49.5% while an upscale addition has a 50.5% rate of return. And for a master suite addition, this can run around $338,000 and provide about a 45% return.Take a look at our gallery of master suite remodels for inspiration. ➡️ MASTER SUITE GALLERY
Deck Addition
If you’re considering a deck addition, we say go for it! Amplifying your property’s outdoor space is always a wise investment, although the cost and value vary depending on materials. Wood decks have a 64.5% cost recouped rate, while composite deck additions follow closely behind with a 60.3% ROI. For Colorado, we recommend composite decking over wood to protect from UV light damage, arid climate, and wood dry rotting.
Take a look at some of our deck remodels below for inspiration. ➡️ DECK GALLERY
Putting aside numbers for a moment, we want to remind homeowners to consider another factor when it comes to remodeling – your happiness! The return on your personal satisfaction is priceless. If you want to do a unique renovation that your heart (and budget) are set on, we will work with you to reach your vision, regardless of ROI. We offer pre-construction, construction and consulting services, and would love the opportunity to renew your home
Looking for an experienced and reputable home remodeling contractor that has been helping homeowners fall in love with their homes? Contact us below!
