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Increase Your Home's Value with Renovations
Remodeling projects are an excellent way for homeowners to increase functionality and add beauty to their homes. Additionally, if you intend to sell your current home soon, the projects you tackle today can pay off in the future. Depending on the type of remodeling project, improvements can add to your home resale value. However, not all remodeling projects are equal when generating the greatest resale value for homeowners.
Zonda, a housing market research firm, recently released their annual Cost vs. Value Report, which tracks the value ratio over the cost for 23 common remodeling projects. According to Zonda, the value figures are derived from a survey of more than 6,000 real estate agents. As in previous years, exterior projects deliver the best return on investment. Why? Curb appeal has an outsized influence on potential buyers and a home’s exterior that is well-maintained leaves a positive impression.
One essential home exterior feature is an attractive garage door. According to the Cost vs. Value Report, homeowners can recoup 102% of the garage door replacement cost. There are numerous types of garage doors to choose from. However, the best place to start is focusing on function and design. Experts recommend purchasing a new garage door that seamlessly fits your existing exterior style.
Jesse Cox, CEO of Access Garage Doors shares, “Year after year, garage doors stay at the top of the list when it comes to return on investment for homeowners. Not only do you recoup your investment, but garage door installation is also one of the quickest remodeling projects to tackle to improve your home’s value. As a local Chattanooga business for over 18 years that has now evolved into headquarters for our national franchise program, we are proud to serve the community that has always supported us in our mission to provide the highest quality in garage door systems, along with repairs and service.”
A garage door isn’t the only entryway feature that reaps rewards. In addition, homeowners recoup 100% of their investment of an entry door replacement. When selecting a front door, you’ll also want to ensure the style and materials complement your overall home aesthetic.
Another exterior project that topped the list was manufactured stone veneer. Homeowners that tackle this remodeling project are estimated to recover 102% of their investment. Manufactured stone veneer exhibits the look of natural stone and is available in various colors and sizes.
A couple of interior projects also generate a generous return on investment. For example, according to the report, homeowners who invest in a minor kitchen remodel will likely recoup more than 71 percent of their investment. This type of remodeling is generally smaller and involves replacing dated materials and fixtures instead of knocking down walls or reconfiguring plumbing and electrical. Similarly, with a mid-range bathroom remodel homeowners can expect to recoup 66% of their investment.
To learn more about remodeling projects that prove their value or to find a local remodeler in Chattanooga, visit our member directory.