8 Things To Consider Remodeling In Your Michiana Luxury Home

Town and Country Kitchen Remodel

By early next year, Americans will spend nearly $320 billion on home improvement, with many of those dollars aimed at increasing resale value. Why spend money on your home when it’s too late to actually enjoy those upgrades yourself?

According to the 2017 cost vs. value report from Remodeling Magazine, a few select projects can increase your home value significantly compared to their cost. Which means you can do them now enjoying the upgrades and the final payout.  Here are eight top projects that pay back in resale value

New Insulation

If you could only choose one home improvement to jump the resale value of your home, while enjoying the financial benefits of saved energy cost at the same time it would be new insulation.  Attic insulation may just pay for itself by lowering your energy bills and well insulated homes are more valuable on average than less than desirable insulated homes.

The national average cost for new attic insulation is $1,343, and the resale value is $1,446, which means homeowners make back an average of $100 when selling. Plus, a properly insulated attic can shave 10 to 50 percent off your heating bill and keep your home cooler in the summer.

New Entry Door

A great front door will not only be not only protect against the elements and possibility of intruders, it will be visually appealing as well!

While the national average to replace an entry door is about $1,400, the resale value is around $1,300, which means you’ll recoup about 90 percent of your costs.

Stone Veneer

Manufactured stone veneer is more popular than ever because it’s an affordable way to add curb appeal to a home. It’s more cost effective than natural stone, it adds visual interest, and it complements the landscape.

The national average for parts and labor is about $7,850 and the resale value is around $7,000, so you’ll get back as much as 89 percent of your investment when you’re ready to sell.

Garage Door Replacement

Today’s garage doors are much stronger, more secure, and better insulated than doors built as recently as 15 years ago. A new door will work better and make the outside of your house more appealing to the eye.

The national average to replace a garage door is between about $1,750 (midrange) and $3,300 (upscale), while the resale value is anywhere from $1,345 to $2,810. Most people get back 77 to 85 percent of what they paid in resale value.

Kitchen Remodel

A new kitchen is usually near the top of a homeowner’s wish list — but a kitchen remodel could entail as much as your imagination (and budget) allows.

Here, we’re talking about small upgrades, like redoing your cabinets, replacing countertops, installing a new sink, repainting, and replacing flooring that make a big difference in your home’s value.

Remodeling Magazine estimates these kinds of updates will cost around $21,000 with a resale value add of about $16,700 on average, so statistically you’ll make back about 80 percent of what you spent for the upgrade.

Kitchen remodels typically involve several different pros, but the first person you’ll want to find is the contractor who’s going to help you see the job through from start to finish.

Window Replacement

Similar to replacing your installation, replacing your windows won’t just improve your resale value in the long run: it also lowers your energy bills in the short term.

Whether you prefer vinyl or wood windows, you’ll get about 73 percent back of what you spent to replace them.

Vinyl windows cost about $15,300 on average with a resale value of $11,300, while new wooden windows cost around $18,760 with a resale value of about $13,700.

Drafty, Rattling, or have windows that are stuck in the down position, consider getting an estimate to repair these issues rather than a full replacement.

Deck Install

There’s a reason decks were last year’s most popular home improvement project. A deck is a great place to relax and entertain, adds a ton of resale value, and can be improved and maintained with minimal intrusion into your life.

The trick to getting more value from your deck is to build from wood, not composite. You’ll get back almost 72 percent of what you spend for the upgrade with wood, compared with only about 65 percent for composite. Additionally, you will be saving money considering composite decks are more expensive overall with an average cost of more than $17,000, compared with just under $11,000 for a wooden deck. 

Roof Replacement

If your roof is older than 20 years, it may very well be time to replace it, even if it’s not showing signs of failure. (In fact, waiting too long to replace a roof can end up being more expensive down the road.)

The good news is that it’s also a good investment: you’ll get back about 69 percent in resale value what you’ll pay for the replacement. It costs about $21,000 on average nationally to replace an entire roof, with a resale value boost of around $14,200.

If your roof is mostly in good shape, address any minor repair you have with the contractor.