Over the past year, record-low mortgage rates have fueled a strong demand for housing. Many homeowners see this as an opportunity to remodel or renovate their homes to increase the resale value. Not only do home improvements increase your return on investment but it also impacts the quality of your daily life. With the prices of wood coming back down, it’s a great time to educate yourself on what upgrades can increase the value of your home the most.
Number one on the list may catch some of you by surprise. According to the Zonda Annual Cost vs. Value report, in 2021 on average a new Garage Door has the highest return on investment. Even with the prices of material being higher than what we are used to, replacing a garage door still shows that you can get up to 94% of your investment back. The increase in value and appearance are some of the obvious benefits of a new garage door. Other benefits include improved security, reduced energy consumption, and lower maintenance.
Manufactured Stone Veneer
Next on the list is manufactured stone veneer. If you are looking to boost your home’s curb appeal, right now stone veneer is the best route. The Cost vs. Value Report shows a 92% return on cost making it the second-highest for 2021. There are a lot of ways to implement stone veneer. Replace exterior siding on the base of your home to make it look like you have a stone foundation or on the fireplace surround. Stone veneer is especially popular in and around Minnesota, it’s a unique design feature that will help curb appeal and the overall value of your home. There are a lot of different options of manufactured stone, this versatile feature can be applied to many different styles of homes.
Minor Kitchen Remodel
Outdated, inefficient kitchens are a common problem that can frustrate you into oblivion. Remodeling your kitchen is a smart investment for several reasons. From a financial perspective, if a kitchen remodel is done correctly, you can increase your return on investment and add significant value to your home. New, updated kitchens are more appealing to prospective buyers which can provide you the opportunity to make more money when it comes time to sell your home. On top of the financial benefits, kitchen remodels give you more room for storage, increase your comfort levels, and help you save on energy. New appliances, lights, and sinks are three things you could upgrade that will save you money as they will operate more efficiently. New cabinets, countertops, and backsplash are other kitchen upgrades that will help build value.
New Siding is another one of those investments that will immediately improve your home’s curb appeal. During the year 2021, homeowners could recover up to 69% of their money with new fiber cement siding and vinyl was at 68%. Our leadership team at Bruckelmyer Brothers recently went through factory install labor training with LP siding. After learning about this type of siding I would recommend this over fiber cement and vinyl. LP is durable, easy to install and replace, and more importantly it looks great. If you want to replace your siding, I recommend doing some research on different types of siding so you can figure out what’s best for you. At the end of the day, replacing your siding will increase the overall value of your home.
Installing new windows is a common upgrade. Windows have come a long way and they are continuously evolving. Every window manufacturer strives to have an efficient window that functions to the best of its abilities. Windows can get expensive especially the bigger they are and depending on what brand you go with. We all know what new windows can offer. Number one, they reduce your energy bill. And two, they look good. Over time the functionality of your windows will get worse. If you do not install them correctly or maintain them, they will leak, and you will have drafty windows. I would recommend Marvin windows to anyone. Our leadership team at Bruckelmyer Brothers also attends Marvin Window labor install training so that we can stay up to date on how to properly install their products.
Remodeling or renovating a bathroom has been the most common project over the last year according to the National Association of Realtors (NAR). Updating your bathroom has an endless array of benefits. Like the kitchen, usually, you spend a lot of time in the bathroom. This is the room where you prepare yourself in the morning and where you clean up at the end of the day. Updating the cosmetics of your bathroom can be affordable and well worth it as it will increase your comfortability and it can add substantial value to your home. Another benefit of an upgraded bathroom that most people look past is how it can boost the quality of your daily life. When you are comfortable with your space, naturally you will feel less stressed, and it will help reduce your anxiety levels. Some examples of upgrading your bathroom are vanities, tile, medicine cabinets, faucets, lights, and walls.
Traditionally, in Minnesota, most homes were built with basements so that the foundation would not shift during the freeze/thaw cycle. The average frost depth in Minnesota is 80 inches. Regardless, if you have a basement, the footings of a house are now installed at least 1 foot below the frost line so your house can hold strong structural integrity, this will prevent your home from shifting over time. Unfinished basements are a great place for storage, workshops, utility rooms, etc. But if you are looking to upgrade your home, sometimes your basement is the smartest option. More space means more money, so making your basement a livable area will add substantial square footage and with that your home will increase in value as well. However, just like the bathroom and kitchen, it’s smart to finance any upgrades so you can figure out how much money you can make back on your project. Aside from the financial perspective, a finished basement can make your home feel like a completely new place. Finishing your basement can also benefit the overall health of your home. Taking care of the common issues found in basements such as cracks or leaks increases the durability and longevity of your home.
Being a homeowner is truly a great thing. What can make it even better? Increasing the resale value while you live there. Planning home upgrades can be intimidating as it can be a lot of work and sometimes a lot of money but if you do enough planning and research, you will find out that you can get your money back and in some cases, you will be able to make money. Evaluating what project will have the highest return is a good place to begin, you will be able to increase your comfort and make money when it comes time to sell.