If you, like us, have been engrossed in home makeover programs in recent years, you're likely no stranger to the artful transformation process displayed by Chip and Joanna Gaines. Despite the challenging nature of their modern projects, they consistently deliver astounding renovations. But this leads us to question: Are these home modifications truly worth the investment? In partnership with CrossCountry Mortgage, we have conducted research and curated a list of practical and cost-effective renovations that could substantially increase your home's value.
Garage Door Upgrade
It may seem unconventional, but replacing an outdated 16-by-7-foot garage door with a more modern four-section variant can significantly boost your home's curb appeal. As reported by Bank Rate, this upgrade, offering nearly a 95% return on investment, is worth every penny. Need some design inspiration? Visit our Pinterest for a variety of options.
Average Cost: $3,695 Average Resale: $3,491 Return on Investment: 94.5%
Minor Kitchen Refurbishment
Before diving into an extensive kitchen renovation, let's clarify what we mean by 'minor changes'. A tasteful update could involve new barstools, a fresh paint job, or a new kitchen sink to provide a revamped ambience. For larger scale kitchen renovations, consider appliance upgrades or new flooring. With a minor kitchen refurbishment (below $24,000), expect an average return of around 78%. However, the true value of a warm, inviting kitchen, where countless meals are shared, is indeed priceless.
Average Cost: $23,452 Average Resale Value: $18,206 Return on Investment: 77.6%
Siding Replacement
Enhancing your home's curb appeal might involve more than just a garage door replacement. Worn out siding can negatively impact your home's first impression. A fresh siding makeover is particularly recommended for homeowners in the Pacific Northwest, given the region's weather conditions. Although the return on investment is around 78%, this aesthetic enhancement can make your home more attractive to potential buyers.
Average Cost: $17,008 Average Resale Value: $13,195 Return on Investment: 77.6%
Mid-Range Bathroom Remodel
A cluttered countertop or cracked tiles might signal the need for a bathroom makeover. Small changes like adding shelves or replacing the floor can have a big impact. If rusted showerheads or outdated cabinets are lowering your home's value, consider making more substantial changes. However, for significant overhauls involving water pipes or sewage lines, consulting with a specialist is advisable. Full-scale renovations may cost around $20,000, with an average return of 67%.
Average Cost: $20,420 Average Resale Value: $13,717 Return on Investment: 67.2%
Backyard Patio Overhaul
If you relish outdoor barbecues and chilled drinks on a warm day, creating an appealing patio space might be your best bet for home enhancement. Renovations could include building a wooden deck, refreshing outdoor furniture, or power washing surfaces. Larger landscaping projects or pool repairs, however, may significantly add to the cost. While this renovation might be the most expensive with an average return of 55%, the pleasure of a beautiful outdoor space is immeasurable.
Average Cost: $56,906 Average Resale Value: $31,430 Return on Investment: 55.2%
Whether you're planning a minor kitchen refurbishment or a full backyard overhaul, CrossCountry Mortgage has loan options to help you craft your dream home. Reach out to us today for more information.
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