Which Home Renovation Projects Are Most Worth the Investment?
Thinking of a special project to improve your home’s beauty, function and value? You can make that dream a reality by using the equity you’ve built up in your home. Remodeling projects can have an immediate payback in pleasure and convenience to you and your family.
Additionally, when the time comes to sell your home, some renovations can add substantially to its resale value. It’s important to note, however, that some projects have a higher return on investment than others. The Remodeling 2019 Cost vs. Value Report (www.costvsvalue.com) reveals the six remodeling projects yielding the greatest payback value in the Albany, NY, region:
- Entry door replacement – A new steel entry door is a remodeling project that often returns more than you pay for it. The cost of a new 20-gauge steel unit with a clear dual-pane half-glass panel is about $1,852 — but it will earn you $25 more than that, or 101%, when you sell your home.
- Minor kitchen remodel – Realtors agree that remodeled kitchens are one of the features most attractive to home buyers. The best value is found in modest kitchen remodeling projects such as modernizing cabinets and countertops, replacing appliances, updating sinks and faucets, and replacing flooring. With this type of kitchen remodel, you’ll spend approximately $23,000 and recoup about 92% of the cost, the report says.
- Manufactured stone veneer – Made of composite material, manufactured stone veneer is an alternative to real stone. You can upgrade an older exterior and improve curb appeal at a fraction of the cost of actual stone. Even a partial renovation around your front door can change your home’s appearance and draw positive attention. The average cost of adding manufactured stone veneer is approximately $8,600, and you’ll get back about 81% of your investment.
- Grand entrance – Removing an existing standard size entry door and replacing it with a fiberglass door with dual sidelights will run you about $9,100 but offer approximately a 76% payback.
- Siding – Old siding dates a home and can dissuade potential buyers. New vinyl siding that will enhance your home’s appearance is easy to maintain and can make your home more energy efficient. The typical replacement cost in the Capital Region is about $16,000 and you can recoup about 75% of that investment when you sell your home.
- Garage door replacement – Upgrading garage doors to newer ones built with durable materials like steel, fiberglass, aluminum and wood composite is another solid remodeling investment. The average cost is about $3,600 with a 70% payback.
Whether you are planning to sell your home or stay in it, remodeling projects make a home more comfortable, attractive and energy efficient. Using your home’s equity to get these projects off the ground is one of the smartest and most cost-efficient ways to achieve your dream renovation.
Did you know that Adirondack Trust’s residential lending consultants are right here in our community? Plus, all loan decisions are made right here. We’re fast and knowledgeable in all types of loans from home equity to mortgages. Please stop by any ATC branch to learn more about our home equity products that go above and beyond to help you reach your financial goals.