Key insights:
- The Remodeling 2019 Cost versus Value Report (www.costvsvalue.com) outlines the top home renovations that will give Minnesota homeowners a return on their investments.
- An entry door replacement may seem like an insignificant change, but this switch provides the ultimate ROI.
- Content homeowners and interested home sellers can both benefit from housing renovations.
Are you ready to take on some home renovations this year? The 2019 Cost vs. Value Report analyzed regional data from the West North Central states, including Minnesota, in order to determine the best remodeling value of various home projects. Take a look at these at-home projects so your renovations can not only look great, but also provide you with the best return on investment (ROI).
Manufactured stone veneer
Adding a stone veneer to the front entrance of your home can add ultimate curb appeal. This renovation has a 93.5 percent ROI, making it the top choice for homeowners who want to make their money back. The cost of the project is estimated at about $8,900, although the costs for each of the projects we mention will depend on the individual home, materials used and contractors selected.
Stone veneer siding can give a typical suburban or urban house an extra boost of visual interest. So, if you want your home to stand out from the rest of the houses on the block, be sure to consider adding a stone veneer to your list of potential renovations.
Siding replacement
It’s recommended that siding be replaced every ten to fifteen years. So, if the outside of your home is beginning to look dingy or you’re ready for a fresh exterior color, look into replacing your home’s siding.
You should expect to spend around $15,000 for the equipment and labor of this task, and a siding replacement can typically provide an 87.4 percent ROI for Minnesota homeowners. This makes perfect sense — buyers who are searching online will be able to tell the difference between aging siding and a brand-new facade. Homes in tip-top condition will be viewed more favorably.
Entry door replacement
Entry door replacements have always been a home renovation staple. This home upgrade lands homeowners with an 82.3 percent ROI, after costing about $1,800. Therefore, it’s easy to understand why this relatively inexpensive and minor change is so popular amongst homeowners.
By adding a new door, you’ll be able to draw in buyers both online and in-person. Plus, for the ultimate impact, consider purchasing a quality steel door in a catchy color — or paint over a neutral door to add the pop of color yourself.
Upscale garage door replacement
A high-end garage door replacement offers a high ROI of 81.0 percent and the upfront cost can be around $3,600. Similar to the entry door replacement, a simple garage door swap-out can provide a big impact on the curb appeal of your home. When choosing a new garage door, select a motorized door.
And, after choosing what color you’d like your new garage door to be, take a look at the different garage door styles. A variety of traditional, contemporary, and unique garage doors exist. The door profiled in this report includes windows in the top panel, which will add to the cost — but also are said to pay off at resale.
Minor kitchen remodel
If you’re hoping to make a larger upgrade within your home, your focus should go to the kitchen. A minor kitchen remodel, which includes cabinets, countertops, energy-efficient appliances, flooring, and wall color, has an estimated cost of $22,000. The report predicts a 78.4 percent ROI at resale. By transforming these aspects of the kitchen, you’ll be well on your way to an updated and exciting space.
Why renovate? And when?
Renovations are about more than just a financial return on investment upon resale. You should also consider how much of the upgrade you’ll be able to enjoy before you place your home on the market.
If, for example, you’ve been hoping to upgrade your kitchen for a decade, take on the renovations with enough time to enjoy your new cooking oasis before you sell your home.
By modernizing your house at a time that benefits you, you’ll be able to enjoy the upgrades now, then sell the space for more down the road. Therefore, you’ll ultimately get both a lifestyle and financial ROI.
If you’re renovating with the hopes of selling your home now, reach out to Edina Realty or one of our agents. We can set you up for success throughout the home purchase process.
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© 2019 Hanley Wood, LLC. Complete data from the Remodeling 2019 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.
