What to Know Before Taking Out a Home Renovation Loan
By Matt Lee, content writer for the Building Materials Industry
Remodeling your home is an exciting way to update some areas that could use a fresh look, while also boosting the overall property value. Some remodeling projects will net you a bigger return on your investment than others, however. If getting a great ROI on your next remodeling project is your top priority, you’re in luck. In case you’re interested, here are a few remodeling projects with the best return.
1. Stone Veneer
Stone is a stylish and elegant material that many people are attracted to. However, while stone is expensive to build with, stone veneer is not. And, while stone veneer is a synthetic look-alike material, it still looks exactly like stone and it’s hard to tell the two apart from a distance.
For this reason, stone veneer has the single highest ROI, coming in at a stunning 95.6%. If you’re looking to upgrade your siding, swapping yours out for a brand new stone veneer is nearly free in the long term.
2. New Doors for Your Garage
At an ROI of 94.5%, new garage doors come in at second on the list of remodeling projects with the highest return on investment. This is probably because they have a huge impact on curb appeal while also keeping your garage insulated and secure.
There are many modern doors to choose from that have advanced security and safety features such as keypad entry, electric openers, and motion sensors to prevent them from closing on you or your vehicle.
You can even find rustic garage doors that have these innovative features but also have an earthy, old-world look to them. There’s no shortage of design options when it comes to new garage doors so you should be able to match them perfectly with your home’s exterior aesthetic.
3. Kitchen Remodel
Third, on our list is a kitchen remodel. By swapping out your old sink, countertops, and appliances for new versions, you can recoup about 77% of your investment. You’ll also want to consider refacing your cabinets as well as exploring some new hardwood floor trends as well if you want to get the full 77%.
For the amount of personal usage you’ll get out of this project, an additional 77% return on the investment is incredibly high.
4 Window Replacement
Finally, coming in 4th place for the highest ROI is window replacement. Replacing your old windows with brand new ones will net you around a 70% return on the investment. Vinyl, low-E windows with a custom exterior finish color will net you as high as 72%.
However, other types of windows such as magnetic storm windows can also get you a decent ROI.
5. Vinyl Siding
For those of you who don’t like stone veneer siding, a fresh layer of vinyl siding for your home is less expensive and will still provide you with an ROI of about 74%. While the ROI isn’t as high as stone veneer or fiber cement siding, the upfront cost is lower as well, coming in at an average of about $14,300.
Maximize your ROI in San Francisco with these High-Value Projects
If you pick your remodeling projects right, you can recoup a whole lot of your money when it comes time to sell. By opting for remodeling projects like new windows, new vinyl siding, a kitchen makeover, stone veneer, and new garage doors, you can give your home a brand-new look without having to take much of a financial loss at the end of the day.
Any of these projects would be well worth your time and investment as a homeowner. If you need financial help, consider one of the many loan options we have:
Matt Lee is the owner of the Innovative Building Materials blog and a content writer for the building materials industry. He is focused on helping fellow homeowners, contractors, and architects discover materials and methods of construction that save money, improve energy efficiency, and increase property value.