Top 5 renovations for improving resale value

Top 5 renovations

Living in your own home, you are constantly finding things you want to change and renovate. Sometimes you find yourself watching renovation shows and finding inspiration from that. Other times you might be on a trip where you find inspiration in the architecture of the city or town you’re staying in. Some major renovations, like the bathroom and kitchen, represent a large cost. It can be helpful to know the kind of return you get when investing the time and money into a renovation. Budgeting and planning for renovations, while knowing which ones get the best bang for your buck help you make an informed decision as a home owner. Here are our picks for the top 5 renovations to improve the value of your home!

The garage door

One of the most annoying things is having a broken garage door. When you try to close your garage door and the thing closes halfway but stops and goes back up. It’s like the thing has a mind of its own! Understandably, renovating the garage door is at the top of the list for getting the best return on your investment. A renovated garage door not only looks good, but also functions properly. The estimated cost for replacing a garage door hovers around $3,000. This factors in the size of the door, the type of door, the materials used, and a professional installing it. The materials used and the size of the door will affect the overall cost of it, but it is worth in later on. Renovating the garage door on the house is a very valuable investment since it will get you back almost every dollar put into it. The return is about 97.5 per cent when looking at resale!

The front entryway

Sticking with the exterior of the house, another cost-effective remodel is the front door. Everyday we walk through our front door and people passing by will glance at our front door. The front door is like an exclamation point for a house. It is sort of a statement piece that can tell a lot about a property. The character that each one has can be a story into the history of the home. One of the coolest things to see is those collages that photographers put together of different styles of doors. Renovating the door averages around $1,840. Investing on the front door can add some serious value to the home and has a decent return of 75 per cent.

The property’s siding

Another profitable renovation for a home would be the siding. See a general theme here with best returns on renovations? The siding on a home can make or break it. The home could look absolutely wonderful on the inside, but if the siding is old and worn out it can decrease its value. Moreover, damage to the siding can be an indicator of water damage or another bigger problem. The average cost of replacing siding can be anywhere from $16,000 to $20,000. The price to replace the siding on a home may seem hefty, but homeowners make a return of 76 per cent at resale.

Outside entertainment

Having a backyard to entertain guests is always a crowd pleaser. Simply adding a deck to the backyard is an easy way to increase the value of the home and retains its value. Having a deck with built in seating a and some planters can hold over 75 per cent of the value when its time to sell. The cost of making a wooden deck from scratch averages around $17,600. If you already have a deck and you just want to give it a little facelift, this will cost a lot less while still increasing the value a reasonable amount.

Minor kitchen upgrades

The last major renovation is the one that most think of when looking at retaining its value. Renovating the kitchen is a popular way to get the best return when renovating. Almost everyone uses the kitchen, so doing some minor renovations can be a smart investment. Minor renovations can range from upgrading the appliances to energy-efficient ones, to replacing the flooring and refacing the cabinets. The average cost of doing some minor kitchen renovations is $25,000. This may be the costliest one, but the cost retained is just over 80 per cent!

These are our picks for the top 5 renovations to improve the value of your home. When looking at home renovations that will yield the best return, think OUTSIDE of the home. When looking at ways to fund some home renovations, give us a call at Clinton Wilkins Mortgage Team. You can get in touch with us here!