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Owning a home is an investment. And like any investment, the end goal is to generate some sort of profit. Given the financial implications of COVID-19, maximizing the value of current investments has never been more important.
To help Colorado homeowners make the most of this uncertain time, our experts crunched the numbers to identify the eight home improvements you can make this year to generate the highest ROI for your property.
Before we discuss the most valuable home improvement projects for 2020, let’s look at the official definition of ROI from Merriam-Webster:
ROI – Return on investment (ROI) measures the gain or loss generated on an investment relative to the amount of money invested. ROI is usually expressed as a percentage and is typically used for personal financial decisions to compare the efficiency of different investments.
Your garage door is a functional part of your home, but it also has a big impact on the appearance of your house. If your garage door is outdated, damaged, or simply doesn’t match your home’s architecture, replacing it will not only spruce up your home, but it will give you almost 100% ROI.
Replacing your home’s vinyl siding not only improves the appearance of your home, it also increases the energy efficiency. Modern vinyl siding insulates your home and provides a watertight seal to protect your home from the elements. It’s one of the most expensive home improvement projects but the high ROI and energy savings make it a great choice for exterior renovations.
Average Cost: $14,359
Average Value Added: $10,731
Windows have a larger impact on a home’s value than many people realize. Old windows are more than an eyesore. They may be impacting the home’s energy efficiency, which results in higher energy bills every month. Replacing your outdated windows with new vinyl windows is a home improvement project that will pay for itself gradually over time and when you sell.
Average Cost: $17,641
Average Value Added: $12,761
Stone veneer is a purely cosmetic addition but it’s one that can really elevate your home’s appearance. Stone veneer can be a natural stone or a man-made alternative (typically concrete pressed into molds). On your home’s exterior, it adds style and curb appeal to columns and as a siding accent. Inside your home, you can use it to revamp your fireplace, kitchen island, or any other area that you want a natural touch.
Average Cost: $9,357
Average Value Added: $8,943
Nothing spruces up your entryway quite like a new entry door! Not only does it give your home a new look, it can also increase your home’s energy efficiency and security. If your front door is drafty or damaged, the replacement will pay for itself in no time.
Average Cost: $1,881
Average Value Added: $1,294
Most families use their kitchen several times a day and if you love to cook, you may even consider it the focal point of your home. Updating it with new appliances, countertops, cabinets, windows, and/or floors is a great way to update your kitchen and add some serious value. The cost of a kitchen remodel can vary wildly depending on the size of your kitchen, the extent of the remodel, and the materials you choose. The figures below are for a mid-range minor kitchen remodel.
Average Cost: $23,452
Average Value Added: $18,206
You don’t have to be a home improvement professional to know how important a sound, secure roof is to a home. If your roof is damaged or is more than 20 years old, replacing it will add value and peace of mind. The cost and value-added figures below are based on a new roof with asphalt shingles. Metal roofing is much more expensive and tends to have the same ROI.
Average Cost: $24,700
Average Value Added: $16,287
Adding value doesn’t have to be confined to your home. Your lawn has an impact on your home’s value. Whether you have a small yard or several acres, investing in landscaping improves the look of your home and adds serious value.
Average Cost: $4,900
Average Value Added: $4,900
With our doors and replacement windows, we can help you improve your home with high-ROI renovation projects. Explore our product lines to find the perfect additions to your home and get started on your home renovation by requesting your free consultation!
*The average cost, values, and ROIs included in this article are based on national data from the 2020 Cost vs. Value Report by Remodeling, a division of Hanley Wood. Hanley Wood gathers and distributes data in the residential, commercial design and construction industry.