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2024 might not have been the easiest time to buy a new home. With home prices at historic highs, many aspiring homeowners were willing to buy a place that needs substantial work if it’s the only way to make a purchase happen. Meanwhile, elevated mortgage rates caused many current homeowners to not buy, but to stay put and upgrade their homes instead.
In fact, a survey by Discover Home Loans, found that more than half (55 percent) of American homeowners would rather renovate their current home than move to a new place. All of which is lending a new significance to repairs and renovations.
Though some of the best home improvements can be pricey, they can also enhance your home’s worth when it’s time to sell or refinance. That’s why, before you decide to take on a remodeling project, it’s helpful to know what kind of return on investment you might expect before calling a contractor.
A good-looking garage door is high on the list when it comes to getting cash back on your investment. This curb appeal enhancer could get you back more than you spent on it when you sell your home — one of the few home remodeling projects to do so.
Your front door is a beacon for homebuyers. Lavishing some love on it can both save on energy costs and enhance your home’s looks.
Replacing the front door — with, specifically, a steel one — has become the new trend. That could be because these doors offer a double-whammy: enhanced curb appeal and energy-efficiency — they fit more tightly into door-frames, reducing drafts that increase heating and cooling bills. And while they sound like something for a bank vault or jail cell, steel doors (actually, a steel skin with a polyurethane foam insulation core) come in a variety of styles and finishes.
A modern, functional kitchen can of course boost your enjoyment of everyday activities like cooking, sharing meals, and entertaining friends. It’s a strong selling point with prospective home buyers too. A minor remodel with midrange materials includes replacing appliances with new, more energy-efficient models, refacing cabinets with shaker-style panels, installing new countertops, replacing hardware, adding new flooring, and repainting the walls.
Old or dilapidated siding can make even the nicest, structurally sound home look worn-out. The report considers replacing it with two types of quality man-made materials: fiber-cement and vinyl. Vinyl siding can be more budget-friendly than fiber-cement siding, though it has a slightly less ROI.
Bathroom renovations to enhance looks, functionality, or both are perennially popular and a good selling tool. The cost range is large, about $70 to $250 per square foot on average and the return on investment is about 74 percent. As with kitchens, less is more.
Bear in mind that all these figures are national averages. Costs can vary greatly by region based on the cost of labor and materials, as well as the level of service offered, and they can change over time.
Still, the right remodeling project can still boost your home’s worth over time. Likewise, when you go to sell your home, buyers are likely to pay more for a clean, well-kept property with modern updates that’s move-in ready.
If you’re ready to renovate your home’s bathroom or kitchen, give Terry’s Plumbing a call! Our experienced team can help you design and execute the perfect remodel that will not only increase the value of your home, but also improve your daily living experience. With transparent pricing and high-quality service, Terry’s Plumbing is the right choice for all your plumbing needs. So why wait? Contact us today and start planning your dream renovation!
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