From convenience to aesthetics to safety, there are many reasons to undertake a home renovation project. While your upfront cost may not be the deciding factor when evaluating which prospects to pursue, it’s wise to consider the return on investment—especially if you’re planning ahead.
Related: Six Smart Ways to Spend Unexpected Money
Which begs the question: Which home remodeling projects make the most sense from a value perspective? Read on for a roundup of five proven-to-pay-off home renovation tasks.
Garage Door Replacement
Replacing a garage door may not seem like the most exciting choice, but this home remodeling project delivers some serious ROI. Replacing your garage door comes with a host of benefits, including the following:
- Enhanced protection and security
- Improved curb appeal
- Superior insulation
- Reduced maintenance
- Increased utility
Given the many advantages of replacing a garage door, it’s not surprising that this project claims the top spot on Remodeling Magazine’s 2021 Cost vs. Value Report. The total recouped costs of replacing your garage door? Upwards of 93 percent.
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Whether you’re considering a minor kitchen remodel or a major one, both earn top 20 spots in Remodeling’s breakdown of high-value remodeling projects. According to Remodeling’s findings, a midrange minor kitchen remodel that includes upgrading cabinet fronts (including new hardware), cooktop/oven range, countertops, and flooring is the more economically advantageous move.
However, a more comprehensive kitchen remodel also adds value. Plus, can you really put a price on cooking in your dream kitchen?
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Window replacements rank high on Remodeling’s rankings. There’s good reason for these results—especially when you factor in the advancements in window technology that do everything from improving energy efficiency to reducing sound. Other benefits of window replacements include improved home security and safety, reduced dust and allergens, improved home comfort, ease of care and maintenance, and enhanced curb appeal.
Speaking of curb appeal, new colors, styles, and designs have the potential to significantly alter the look and feel of your home. For example, one popular window trend maximizes glass area in order to create a contemporary look and unobstructed views.
Similarly, new doors also offer prime value. Upgrading to a new single French door, for example, can do everything from let in more light to creating additional access.
Hurricane impact windows and doors also make a huge difference when it comes to protecting your home and belongings from extreme weather. As catastrophic weather events continue to increase, many homeowners are choosing to invest in the extra protection provided by these doors and windows.
Related: How to Proactively Prepare for Hurricane Season
Homeowners have several options when it comes to upgrading the siding of their homes. Both fiber-cement and vinyl both made it into Remodeling’s top 10.
One of the primary reasons homeowners invest in new siding is its dramatic impact on a home’s appearance. In addition to modernizing the facade and giving it a like-new appearance, new siding also introduces the possibility of adding new trim and accents. The end result can be truly transformative.
Like new windows, siding can also significantly improve your home’s energy efficiency. This means that you won’t just reap long-term financial rewards when you sell your home. You’ll also enjoy short-term savings on your energy bills.
Furthermore, swapping out old siding allows you to identify small issues before they turn into big ones. This reduces potential deferred maintenance. Moisture, mold, and dry rot can all lead to serious damage if left unchecked and untreated. Viewed through this lens, investing in new siding is an invaluable preventative measure.
Bathroom Remodels and Additions
Bathroom remodeling projects and additions of all scales are also well-represented on the 2021 Cost vs. Value Report. While some bathroom remodeling projects are more valuable than others—for example, a minor bathroom remodel will yield a staggering 102 percent return at resale, according to HGTV.com—all have upsides.
Replacing leaky fixtures will trim your utility costs while also being more environmentally friendly. There are other opportunities to move in a greener direction, too, such as selecting fixtures and materials that are low-toxicity, biodegradable, and/or recyclable.
Lastly, a bathroom remodel also creates additional storage space to control clutter and create a more soothing, spa-like environment.
Related: No Style Sacrificed: High-end Design With A Lower Price Tag
If you’re considering renovating or remodeling your home, you may feel overwhelmed with the question of where to start. In addition to evaluating your own needs and priorities, evaluating value and ROI can help guide you to the most informed decision. Whether you upgrade your windows and doors or undertake a kitchen or bathroom remodel, all five of the projects on this list have the opportunity to improve your financial prospects—and your quality of life.