These three common home improvement projects not only add function and style to your home, but they also offer a strong return on investment. Making strategic upgrades to your property will help you increase its value over time.<\/p>\n\n\n\n
Minor Kitchen Remodel<\/strong><\/p>\n\n\n\n The kitchen is often referred to as the \u201cheart of the home,\u201d and for good reason. Traditionally used for preparing food, it has morphed into so much more. Many of us now eat our family meals in the kitchen, it serves as a favorite spot for homework and kids\u2019 art projects, and it\u2019s the place guests tend to gather when we host events.<\/p>\n\n\n\n Because we spend so much time in our kitchens, it\u2019s natural that we will eventually want to make updates and upgrades to better suit our needs and changing style preferences.<\/p>\n\n\n\n Luckily, a minor kitchen remodel is one of the best investments you can make in your home. According to Remodeling Magazine\u2019s<\/em> annual Cost vs. Value Report, it has an average 80.5% return on investment.1<\/sup><\/p>\n\n\n\n The key to making a kitchen remodel pay off is to keep it modest in scale. Spend too much on custom or high-end selections, and you are less likely to recoup your investment. Instead, make an effort to keep your existing layout if it works for you and your family. Paint or reface cabinets instead of replacing them. Update countertops with low-maintenance quartz and swap out old light fixtures with modern alternatives. Replace outdated appliances with energy-efficient models. The average cost for a minor kitchen remodel is $22,500, and it\u2019s likely to recoup more than $18,000 at resale.1<\/sup><\/p>\n\n\n\n Wood Deck Addition<\/strong><\/p>\n\n\n\n A deck addition is a popular way to extend and enhance the use of your outdoor space. It\u2019s the perfect spot for grilling, dining alfresco, and entertaining. In fact, 81% of surveyed homeowners said they have a greater desire to be home since completing a deck addition.2<\/sup><\/p>\n\n\n\n For a 16 x 20-foot wood deck, you can expect to spend around $13,000. Fortunately, the money you invest offers an average return of 76%.1<\/sup><\/p>\n\n\n\n Decks made of composite material are a popular alternative these days, as they don\u2019t require the regular sanding and staining that wood decks need. However, at an average cost of $19,000 for a 16 x 20-foot composite deck, they are significantly more expensive. Plus, the expected return on investment is only 69%.1 <\/sup>Still, if you plan to hire someone to provide regular maintenance to a wood deck, then a composite deck may offer cost savings over time.<\/p>\n\n\n\n Siding Replacement<\/strong><\/p>\n\n\n\n Everyone knows good curb appeal is important when selling your home. And while it may not be the most exciting way to spend your remodeling budget, new siding can make a big impression on buyers \u2026 and your selling price.<\/p>\n\n\n\n Your home\u2019s exterior is one of the first things buyers see when they view your home. It sets the tone for what they are going to see inside. It also gives an impression of how well the property has been maintained. Worn, peeling, or rotted siding can be a major red flag for buyers.<\/p>\n\n\n\n Replacing 1,250 square feet of siding costs around $16,000 and will net you an average of 76% at resale.1<\/sup><\/p>\n\n\n\n For an even greater impact, consider replacing a portion of your siding with manufactured stone veneer. It can have a dramatic effect on the visual appeal of your home. A 300 square foot area will run you around $8,900, but you can expect to see a nearly 95% return when it comes time to sell.1<\/sup><\/p>\n\n\n\n RENOVATIONS WITH WEAK RETURNS<\/strong><\/p>\n\n\n\n These three popular remodeling projects are homeowner favorites. However, don\u2019t expect to see a high rate of return at resale. Instead, consider them an investment in your current quality of life. Just make sure you\u2019ll be living in the home long enough to make them worthwhile.<\/p>\n\n\n\n Major Kitchen Remodel<\/strong><\/p>\n\n\n\n If there\u2019s one room the majority of homeowners dream about making over, it\u2019s their kitchen. From custom cabinetry to high-end appliances, the possibilities are endless. But those dreams can come at a cost.<\/p>\n\n\n\n An upscale kitchen remodel with high-end cabinetry and countertops, commercial-grade appliances, and designer features can cost upwards of $130,000. And unfortunately, you\u2019ll only get back around 60% at resale. Even a mid-range kitchen remodel that includes new semi-custom wood cabinets, laminate countertops, and energy-efficient appliances could run you around $66,000 and net you a mere 62% at resale.1<\/sup><\/p>\n\n\n\n Of course, an outdated or non-functional kitchen could turn buyers off from your home completely \u2026 and keep you from enjoying it yourself! So if your kitchen needs a major remodel, you shouldn\u2019t necessarily scrap your plans. Just go in with the realization that you may only get back a fraction of what you invest. Then you can decide which upgrades are worth the splurge.<\/p>\n\n\n\n In-ground Pool<\/strong><\/p>\n\n\n\n Few additions deliver more entertainment or enjoyment than an in-ground pool. It brings families and friends together, provides a break from the summer heat, and offers a fun and convenient way to stay fit. Plus, you\u2019ll be the envy of your neighbors! But before you dive into a pool addition, consider whether the benefits outweigh the (substantial) costs.<\/p>\n\n\n\n The average expense to install a standard 18 x 36-foot in-ground pool is $57,500. And the estimated return at resale is only or 43%.2<\/sup> In addition to the installation cost, plan to spend money each year on maintenance, repairs, and additional insurance.<\/p>\n\n\n\n However, 92% of surveyed homeowners said they \u201chave a greater desire to be home\u201d since installing a pool, and 83% have \u201can increased sense of enjoyment when they are at home.\u201d For you and your family, the perks of a pool may be priceless.2<\/sup><\/p>\n\n\n\n Master Suite Addition<\/strong><\/p>\n\n\n\n If you own a house built before the 1980s, there\u2019s a good chance it lacks a master suite, which is a feature that has become commonplace in most newly constructed homes.3<\/sup><\/p>\n\n\n\n Master bedrooms have evolved from a simple place to sleep into a homeowner\u2019s retreat\u2014often featuring a sitting area, his-and-hers walk-in closets, and an attached bathroom with double vanities, a soaking tub, and a walk-in shower.<\/p>\n\n\n\n And master suite additions have become increasingly popular\u2014both in homes that lack one as well as those with aging owners who can no longer accommodate stairs to an upper-level bedroom.<\/p>\n\n\n\n But what\u2019s the typical return at resale? Unfortunately, a master suite addition offers one of the lowest returns of any remodeling project. With a median cost of $125,000, most sellers will only recoup around 52% of their investment. Nevertheless, in a survey of homeowners, the majority were satisfied with their decision to add a master suite, giving it a \u201cJoy Score\u201d of 10 out of 10.4<\/sup><\/p>\n\n\n\n WEIGHING COST VS. BENEFIT<\/strong><\/p>\n\n\n\n It\u2019s always wise to enter into a remodeling project with knowledge of how it will impact your home\u2019s value. In most cases, upscale or highly-customized upgrades are less likely to offer a high rate of return. That said, home renovations that improve your quality of life and enhance your enjoyment may be worthwhile no matter the cost.<\/p>\n\n\n\n![\"\"](\"http:\/\/myagent.site\/content\/uploads\/sites\/19\/2019\/06\/July-2019-MVP-Social-Media-Image-B-1024x538.png\")
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