Remodeling can add beauty, comfort, and measurable value to your home. Here in the Midwest, home improvements can be a smart strategy for making the most of your real estate investment.
As part of Trust Point’s mission to help you protect your hard-earned assets, make sound financial decisions, and reach your goals, we’ve compiled 10 projects that provide real bang for your remodeling buck, based on data from the experts at Remodeling magazine.
A New Front Door
While replacing your outdated front door is a relatively inexpensive, one-day remodeling project, it can deliver a strong return on investment, as it enhances curb appeal, increases safety and security, and saves on heating and cooling costs. Whether you spend around $1,500 for a steel door or $3,500 for a fiberglass door, you’ll likely recoup 60 to 90 percent of the costs when you sell your home.
A New Garage Door
Like a new front door, high-performance garage doors can cost anywhere from $1,700 to $4,000 and provide ROI of nearly 90 percent of the original cost at resale.
A well-insulated attic can deliver increased comfort and energy efficiency year over year. Plan to spend upwards of $1,500 to fix air leakages and add insulation, but you’re likely to recoup approximately 70 to 80 percent of the costs when you sell your home.
If it’s been years since you replaced your siding, there’s no better time than the present. While the regional average cost of a professionally done siding job is around $15,000, it provides instant curb appeal and a potential return on investment of 70 percent when you sell your home.
A New Roof
A new roof provides a wealth of benefits including energy savings and protection against weather, pests, and other issues. Expect to spend $25,000 to $30,000 to remove existing roofing and replace with quality underlayment, shingles, and flashing. When you sell, you’ll likely recoup nearly 70 percent of the original costs.
In extreme weather states, windows are a great investment in the health of your home. While top-quality wood or vinyl windows can cost several thousand dollars each, they’ll give your home a fresh new look, enable better temperature control, and potentially return up to 70 percent of the original cost at resale.
An Updated Bathroom
For a small bathroom, plan to spend close to $20,000 on a remodel to replace the tile, flooring, and wallcovering and install a sparkling new tub/shower, toilet, vanity, and sink. If you’re judicious in your selections, you might recoup 60 percent of your investment at resale.
A Finished Lower Level
If you need a home office, an extra guest room, or more space for entertaining, a finished lower level can be a worthwhile investment in your lifestyle. Expect to spend more than $70,000 to create a living area complete with bar, bathroom, and other spaces with quality materials and finishes. When it comes time to sell your home, your ROI is likely to be around 65 percent of the original costs.
A Kitchen Facelift
Updating your kitchen is an eminently practical investment. But, between new appliances, countertops, cabinetry, flooring, wallcovering, and lighting, remodeling costs can easily skyrocket. To keep costs down, use existing plumbing and electrical systems and work within the current footprint. If you spend approximately $21,000 on a minor facelift—the average for such investments in the Midwest—your ROI maybe 75 percent at resale.
A Master Suite Addition
Master suites are one of today’s most coveted remodeling projects. Spacious, serene and luxurious, these home sanctuaries often include a master bedroom, a sitting area with a coffee bar, a master bathroom, his-and-hers dressing rooms—and a six-figure price tag. If you’re ready to indulge, your master suite may provide an ROI of 55 percent at resale.