Your home is one of the most important investments that you will make in your lifetime. Because of this, it is important to do everything you can to protect your investment and increase its value. There are a lot of different home improvement projects that you can undertake to achieve this goal, but not all of them are created equal. In order to get the most bang for your buck, you need to choose projects that will net you the highest return on investment (ROI).
To help you earn the highest resale value, I’ve compiled a list of the top seven home renovations according to Remodeling Magazine for your Salt Lake City, Utah home.
Table of Contents
Garage Door Replacement
Average Cost – $4,001
Resale Value – $3,724
ROI – 93.1%
A new garage door is a great way to improve the curb appeal of your home. But did you know that it can also be a great investment? Replacing your garage door has the highest return on investment for any home improvement project.
There are several reasons why replacing your garage door is such a good investment. First, unlike many other home improvement projects, garage door replacement does not require any major structural changes or additions. This means that the installation process is typically quick and easy. Second, a new garage door can have a major impact on the curb appeal of your home. This is especially true if you choose a style that contrasts with the rest of your home in an attractive way. Replacement can be completed quickly and easily.
Not only can it make your home look more updated and modern, but it also increases security and energy efficiency. Plus, it’s a relatively easy and inexpensive project to do. I recommend you hire a professional to install it for you.
Manufactured Stone Veneer
Average Cost – $10,794
Resale Value – $9,855
ROI – 91.3%
A manufactured stone veneer is a type of siding made to look like natural stone. It’s made from concrete that is molded and colored to look like stone and then mounted on your home as a veneer (a thin layer). Manufactured stone veneer comes in a variety of colors, styles, and textures—so you’re sure to find something that will complement the style of your home.
There are many benefits to choosing manufactured stone veneer for your home improvement project, including increased curb appeal, easy installation, lightweight, it’s affordable, durable, and low maintenance. It’s a great way to add style and value to your home.
Vinyl Siding Replacement
Average Cost – $17,514
Resale Value – $12,701
ROI – 72.5%
While it might not seem like much, old, faded, and peeling vinyl siding can make your whole house look shabby and run-down. Replacing it with new, high-quality vinyl siding can completely transform the look of your home for a fraction of the cost of other home improvement projects on this list. When compared to other siding materials, vinyl siding is very inexpensive. This makes it a great option for homeowners who are working with a tight budget. Not only is the material itself affordable, but vinyl siding is also easy to install which can help you save on labor costs.
An important factor to consider is how long replacement vinyl siding will last once it’s installed. On average, quality vinyl siding will last anywhere from 20 to 40 years—and sometimes even longer with proper care and maintenance. It’s resistant to wind, rain, and sunlight which means it won’t fade or crack over time. This durability will help protect your Salt Lake City, Utah home from the elements and keep it looking its best for years to come.
This makes it a great long-term investment for your home.
Minor Kitchen Remodel – Mid-range
Average Cost – $27,436
Resale Value – $19,672
ROI – 71.7%
If you’re considering a kitchen remodel, but the cost and inconvenience of a full kitchen remodel are too much, then consider a minor kitchen remodel. A midrange minor kitchen remodel is a great way to update your space without breaking the bank.
A mid-range minor kitchen remodel retains your existing layout and cabinet boxes but replaces the doors and drawer fronts with a more modern style. Other updates include new countertops, energy-efficient appliances, and flooring. Installing new cabinet hardware, sink and faucet is also part of the overall package.
Don’t forget to finish the space with new paint on the walls, trim, and ceiling.
Fiber-Cement Siding Replacement
Average Cost – $20,736
Resale Value – $14,422
ROI – 69.5%
Fiber cement siding is one of the most popular sidings on the market today for good reason. Not only will replacing your fiber cement siding increase the value of your home, but it will also make it more energy-efficient and weather-resistant. It’s durable, low maintenance, and fire-resistant, which makes it ideal for homes in Salt Lake City’s climate. With so many colors and styles to choose from, you’re sure to find a look that you’ll love.
Fiber cement siding is made from a mix of wood fibers and Portland cement, which gives it strength and stability. It’s also nontoxic and environmentally friendly. Because it’s so durable, fiber cement siding typically has a lifespan of 20-40 years—and sometimes longer!
Vinyl Window Replacement
Average Cost – $20,257
Resale Value – $13,953
ROI – 68.9%
In recent years, there has been a surge in the popularity of vinyl window replacement. And it’s no wonder why. Replacing your old, drafty windows with new energy-efficient ones can save you money on your energy bills, make your home more comfortable, and increase its value.
Windows play an important role in your home. Not only do they let in natural light and fresh air, but they also help keep the elements out. Over time, though, windows can become worn and damaged, which is why replacing them is often necessary. New vinyl windows are energy efficient, increase comfort inside your home, and can update your home’s aesthetics with the variety of styles and colors available.
Wood Deck Addition
Average Cost – $24,182
Resale Value – $12,122
ROI – 64.5%
A wood deck addition is a relatively easy and inexpensive project to complete, but it can also make a big difference in how potential buyers view your home.
A wood deck adds financial value to your home, but it also adds enjoyment value for you and your family. A well-designed and built deck can provide years of outdoor living space for entertaining guests, cooking out, or simply relaxing and enjoying the fresh air. A deck can even become an extension of your indoor living space.
Potential buyers will definitely take notice of a beautiful wood deck—especially if it’s large enough to accommodate furniture and has features like built-in lighting or stairs leading down to the backyard.
No matter what your home improvement budget is, there’s a project that will give you the biggest bang for your buck. Whether you’re looking to update your kitchen, add a new bathroom, or renovate your entire home, these projects are sure to give you the most value for your money. So what are you waiting for? Start renovating!
Need help with financing your next home improvement project? Get unbiased advice from a top-rated mortgage lender in Salt Lake City.