With refinancing interest rates at appealing lows, you might be considering using your home equity as a means of making the home renovations you’ve been wanting. However, not all renovation projects come with the same rate of return on investment (ROI).
In fact, the ROI for individual home projects varies per year and by area of the US. This year Remodeling’s 2020 Cost vs. Value Report indicated the best investments you can make on an Idaho home.
Here’s what they found to be the top 10 home improvements for your Idaho home, ranked in order of most-to-least of the costs you will recoup on your remodeling investments.
1. Manufactured Stone Veneer
Stone veneer is an alternative to vinyl siding and the perfect investment on an Idaho home this year. Strip away the bottom-third of siding on the front of your home and replace it with a manufactured stone façade that looks great and returns the entirety of your investment in home value. Remodeling reports that for 2020, this job is expected to cost $9,179 but will recover 100% of your costs, making it a more than just worthwhile but an upgrade you won’t want to miss out on.
2. Garage Door Replacement
This simple home renovation is nearly guaranteed to recoup almost the entirety of your investment no matter where you live. For Idaho’s housing market, replacing your garage door ranks at number two. At a cost of $3,626, Remodeling predicts you will get back 96.1% of what you spend on a new garage door for your property. If this is an improvement you’ve been putting off, consider it this year
3. Minor Kitchen Remodel
For the third-highest return you’ll get on a home improvement, consider a kitchen remodel on a midrange kitchen. If you have around a 200-square-foot kitchen with about 30 feet of counterspace and cabinets, Remodeling estimates you’ll spend about $22,472 on a remodel. This includes replacing cabinet fronts and updating appliances for energy-efficient models. Top it all off with durable flooring, and you’ll recoup about 79.4% of your investment. This is a great way to raise the value on your home immediately, while ensuring the home doesn’t stay on the market for long.
4. Fiber-Cement Siding Replacement
Exterior home improvements are great ways to recoup your investment costs. Fiber-cement siding ranks number four on investment returns, at an expected recovery rate of 78.6%. If you replace 1,250 square feet of your siding with a fiber-cement variant with a consistent water-resistive barrier, you’ll spend about $16,064, but you’ll make up the vast majority of those costs in resale value and a highly durable home exterior.
5. Vinyl Window Replacement
Coming in at the fifth highest ROI is vinyl window replacement. Upgrading your windows is an excellent strategy for raising resale value quickly or saving money long-term through cutting down on heating and cooling costs. Replacing 10 windows with vinyl variants plus adding a custom trim exterior finish will cost you around $17,188 and get you back 76.6% in resale value.
6. Vinyl Siding Replacement
Vinyl is a popular material for cost-effective home upgrades. Consider vinyl for your exterior siding for a significant return on your investment. 1,250 square feet with a water-resistant barrier is going to cost an estimated $13,562 and return 74.4% of those costs.
7. Wood Deck Addition
Thinking of building a deck? This can be a great way to add to the value of your Idaho home. A complete wood deck addition with stairs and built-in bench is going to cost around $14,159 and provide your or your buyers with an eye-catching outdoor area, sure to garner interest. You’ll recoup 70.1% of costs, but the memories you make out there will be priceless.
8. Wood Window Replacement
You can’t go wrong with upgrading your windows. Any upgrade to windows will add to your property value and save you money long term in energy efficiency, if properly installed. The wood variant uses interior hardwood that can be stained with beautiful finish to raise the quality and value of your property, costing you about $21,010 for 10 replacements and netting you back 69.8% of costs.
9. Composite Deck Addition
Build a deck addition using composite materials for the ninth-highest return on your home improvement. While composite materials will cost more and return less proportionally than a wood addition, your deck will be more durable, potentially saving you money long-term if you’re staying in the property. For $19,164, you’ll get back 66.7% of your costs in immediate home value.
10. Bath Remodel
Last but not least of your most valuable home improvements, bathrooms are one area of your home you never want to neglect. For a midrange bathroom of around 35 square feet, a remodel consisting of a porcelain tub, tile surround, tile flooring, vinyl wallpaper and more will cost an estimated $20,390. You’ll see 62.7% return in resale value, but you can’t put a price on comfort. Whether you’re flipping your home or staying in it, remodeling a bathroom is a worthwhile investment to consider.
For more information on property management and real estate investment, contact 208.properties today.
