The Most Lucrative Home Renovations
July 22, 2020
The Most Lucrative Home Renovations
Chef’s kitchens and elegant bathrooms sell luxury homes, but some of the most lucrative renovations for resale may be surprising. According to remodeling’sCost vs. Value 2018 report, the top five home renovations that will draw the largest return are those detailed below. All of these improvement projects have recently been trending up in terms of recouped investment.

Replace Your Garage Doors with a Steel Garage Door Package

Replace Your Garage Doors with a Steel Garage Door Package

Garage doors can either enhance a home’s curb appeal or dissuade high-end buyers. New, designer feature doors can draw attention to an estate and present a desirable first impression, while dated or damaged carriage doors can decrease the perceived value of a residence. By removing the existing package and replacing it with a modern four-section unit, the value of the property will accrue and 98.3 percent of the cost can be recouped.

Replace Your Siding with Stone Veneer Detailing

Replace Your Siding with Stone Veneer Detailing

Vinyl siding is a traditional exterior finish, but this look can be augmented by adding a three-foot-high stone veneer to the bottom third of the street-facing façade. A stone feature gives the home a sophisticated look, introducing an elegant color scheme. Match siding, trim, shutter and door paint colors to those found in the stone pattern for a unified design. The cost of this project will be 97.1 percent recouped in resale.

Replace Your Front Door with a Steel Front Door Package

Replace Your Front Door with a Steel Front Door Package

Replacing an entrance door can have the same effect as upgrading the garage doors. Complement a property’s curb appeal and heighten home security with a new steel front door package. A clear, dual-pane glass panel will give the home a distinguished look on the exterior, as well as the interior and allows for additional natural light within the home. About 91.3 percent of this expenditure will be recouped in resale.

Add a Wood Deck to Your Walk-Out

Add a Wood Deck to Your Walk-Out

With enough room and the proper configuration, constructing a wood deck is a luxurious addition to any outdoor living area. Installing a pressure-treated wood deck with built-in seating and planters is ideal for outdoor entertaining, cooking and enjoying family time in temperate weather. It extends the living space into the outdoors and allows for utilization of available space more favorably. A deck addition of this scope will be 82.8 percent recouped.

Give Your Kitchen a Cosmetic Update

Give Your Kitchen a Cosmetic Update

A major kitchen remodel and reconfiguration may blow the budget and isn’t certain to earn the income desired in resale, but a minor kitchen remodel and design update is a sound investment. Keeping the configuration of the kitchen the same, remove the front panels of the cabinets and replace them with modern shaker-style wood panels and drawers. Screw in new, updated hardware in a sleek finish and replace dated appliances with energy-efficient models. Stylish fixtures and lighting will complete the redesign. Eighty-one percent of the cost of a minor kitchen remodel will be earned back in resale.

Selling a luxury home is a lengthy and cumbersome process. To achieve the biggest return from a real estate expenditure, complete select renovations beforehand. These are the top five most lucrative projects for a home this year. Which ones are on your to-do list?

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