Want to spend less and recoup more on home improvement projects? The Remodeling 2020 Cost vs. Value Report (costvsvalue.com) compares the price of popular projects across the country and provides insight into which retain the highest value at resale. Before you start your next renovation, take a look at which projects will offer the highest return on investment (ROI) in 2020.
1. Update your facade.
Faux materials are an excellent, cost-effective way to add an eye-catching statement to your home. Manufactured stone veneer in particular stands tall amongst its peers with an average ROI of 96 percent, as compiled in the Cost vs. Value Report. Manufactured stone costs between $5 and $8 per square foot, according to HomeAdvisor's True Cost Guide. And with such high return potential, this is an improvement project that practically pays for itself.
2. Get a new garage door.
Opting for a new garage door is a relatively affordable way to revamp your home's exterior. Typically, you'll pay about $1,100, including materials and labor, homeowners report via HomeAdvisor's True Cost Guide. The best part? A high-quality garage door can last for decades - and you stand to recoup as much as 95 percent of your investment, according to the Cost vs. Value Report. Have your pro replace the insulation, too; this is an easy way to slash your utility bill.
3. Remodel your kitchen.
Good news for anyone in the market for a mid-range kitchen renovation: The average ROI sits at around 78 percent, according to the Cost vs. Value Report. For this type of enhancement, think refinishing cabinets rather than replacing them, modernizing your sink and splashing new paint on the walls. Homeowners typically pay between $15,000 and $30,000 for this type of a kitchen remodel, as reported in HomeAdvisor's True Cost Guide.
4. Replace your siding.
Increasing curb appeal pays off, and fiber-cement siding is no exception: ROI for the fire- and termite-resistant material averages nearly 78 percent, according to the Cost vs. Value Report. Wondering why it's a homeowner favorite? Fiber-cement siding lasts for decades and is more durable than some of its counterparts, even in a variety of climates. If you live in a wildfire-prone area, for example, some insurance companies offer discounts to homeowners who have it because it's non-combustible, while northerners don't have to worry about the siding becoming brittle in the cold. Expect to pay between $6 and $10 per square foot for installation, via HomeAdvisor's True Cost Guide.
5. Add a wooden deck.
Make the most of the time you spend outside with a wooden deck addition, which increases your living space (and your chances of being the neighborhood's best barbecue spot). You can earn back as much as 72 percent of your investment, according to the Cost vs. Value Report. Like the look of a wooden deck but not the maintenance required? Easy-care composite materials offer similar returns and resemble the real thing.
(Cost vs. Value Report data: (c) 2020 Hanley Wood, LLC. Complete data from the Remodeling 2019 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.)
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