Did you know half of American homes were built in the 80s? According to Statista, 2021 data, only 5% of American homes were less than ten years old as of October 2021. It follows that you could greatly benefit from home renovation projects, especially if your is a classic home.
However, when considering these renovations, it is important to consider the return on investment (ROI). Ideally, you want to prioritize home improvement projects that increase the value of your home. In this article, we will discuss seven modern home improvement projects that are guaranteed to boost your ROI.
1. Roof Repairs and Maintenance
A solid roof is crucial for any home. Not only does it protect your home from the elements, but it also adds to the overall aesthetic appeal. Additionally, with a well-maintained roof, your home could fetch a higher price on the market. If the first thing a potential buyer sees is a worn-out roof, they wouldn’t even go past the entrance. Take it from. These reasons make roof repairs a smart investment for homeowners looking to increase the value of their property.
Roof maintenance projects such as patching small leaks, replacing damaged shingles, and cleaning gutters can boost ROI. According to the 2019 Remodeling Impact Survey by the National Association of Realtors, a roof replacement can increase the value of your home by about 7%. You could also install proper attic ventilation and flash and reseal corroded spots. A rule of thumb is to schedule regular maintenance checks every 6–12 months, depending on your location and climate.
Note that your roof type affects the ROI of your home. According to Home Advisor, asphalt shingles, metal roofing, and slate are some of the best types of roofs in terms of ROI. These materials are generally durable and require little maintenance.
2. Siding Upgrade and Paint Job
Siding is a crucial aspect of a home’s exterior. It serves as a protective layer against harsh weather, pests, and other potential damages. Additionally, siding also adds to your property’s overall look and feel.
Depending on your current siding material, upgrading to a better quality one could increase your home’s ROI. For instance, replacing vinyl with fiber cement siding can significantly boost the value of your home. This material is sturdy, requires almost no maintenance, and prevents insect infestation. Although fiber cement siding comes in various prefinished colors, it also allows customization, making it ultimately desirable.
Other great siding options for modern home improvement include stucco, brick, and stone. According to the remodeling cost vs value report, the siding upgrade has up to 75.6% ROI. However, the return varies depending on the specific type of siding, location, and market trends.
Another ideal option is wood siding. It’s an ideal option for environmentally conscious homeowners enthusiastic about natural finishes. Typically made from redwood or cider, this option provides a classical beauty unattainable with any other option. While they require more maintenance than other types, redwood and cider are naturally insect-resistant.
Along with the siding material, a fresh coat of paint can significantly impact your home’s curb appeal. According to Forbes Home, professional house painters will charge you between $3 and $7 per square foot. To achieve a better ROI, stick to neutral colors that appeal to a wider audience. Avoid bright or bold colors that may not suit everyone’s taste.
3. New Garage Doors
Every potential buyer will make a stop at your garage. Before anything, they look at the state of the garage door. The condition and style of your garage door can impact how buyers perceive your property’s value. A damaged or outdated garage door can significantly reduce your home’s curb appeal and make potential buyers hesitant to make an offer. With an estimated ROI of 97.5%, according to Remodeling, replacing your garage doors is among the top modern home improvements.
Consider the style and material when choosing a new garage door. The classic raised-panel steel doors are often a safe bet as they appeal to most people’s tastes. This option is extremely durable and reliable and requires minimal maintenance. The Old House estimates replacing this type will cost you between $700 and $2,500. However, this may change depending on your local garage door repair company.
Various options are available if you’re looking for a different look. You can opt for sectional, roll-up, tilt-up canopy, and tilt-up retractable garage doors. Another key aspect to consider is the insulation of the garage door. An insulated garage door adds value to your home and helps with energy efficiency. It keeps your garage warm during winter and cool during summer, lowering utility bills.
Alternatively, if you can afford a new garage door, consider simple repair, paint job, and hardware replacement. These modifications can give your old door a fresh look and increase its value. According to Home Guide, a standard garage door repair service will cost you an average of $190.
4. Wall Protection
Wall protection is among the most crucial aspects of modern home improvement. As the name suggests, it helps protect your home’s inner walls from damage. These include scratches, scuffs, and dents that often impact your home’s value. It is a simple yet effective way to increase the value of your home.
Wall protection is especially essential in homes with pets or children as they are more prone to wall damage. Furniture such as chairs and tables can damage your walls, especially as movers haul them in or out. Therefore, it is always recommended to have wall protection at all times.
Various wall protection options exist in the market. These include chair rails for furniture, handrails for stairs, and corner guards for the edges. There are also wall guard panels and wall bases that can be installed in high-traffic areas such as hallways and entryways.
With various color and pattern options, wall protection adds a touch of style to your home besides its practical uses. Wall protection panels also come in various materials, including wood, plastic, vinyl, and cardboard. Some are even made with eco-friendly materials like rubber for those who prioritize sustainability. You can get all the various types of wall protection at various prices depending on the type, style, and material. While you could install these panels by yourself, hiring expert wall insulation services for professional installation is advisable.
5. Updated Home Windows
Updating your home windows is another simple yet effective modern home improvement project. Aside from providing natural light and ventilation, new windows can also increase your home’s value. According to Remodeling’s cost vs value report, you could see up to 73.4% ROI by replacing old windows with new ones. However, this could be lower depending on the window size and material. For instance, wooden windows have an ROI of about 70.8%, while vinyl stands at 73.4%.
When choosing new windows, consider energy-efficient options as they add significant value to your home. Energy-efficient windows have a high insulation rating and prevent heat transfer, keeping your home warm in winter and cool in summer. They also reduce noise pollution, making your home more comfortable.
There are various energy-efficient windows, including double or triple-paned windows with Low-E coatings. These options help reduce heat loss and lower your utility bills. You can also opt for vinyl-framed windows in various styles and colors. However, these are not the most durable options due to their short lifespan, approximating about five, according to Forbes.
For a more upscale look, consider wood-framed or fiberglass windows. These options are relatively costly but offer better insulation and durability. Customer Reports estimates the cost of installing new windows to be between $100 and $300 per window. Moreover, a single-hung vinyl window is estimated to cost $550. However, this price can increase depending on the type and style of the windows you choose.
6. Modern Flooring
Flooring creates an ambiance within a room and sets the tone for the overall design aesthetic. It’s a vital aspect of modern home improvement. Replacing old flooring with modern options can significantly increase your home’s value.
Various factors, such as size, type, and labor costs, affect floor replacement costs. According to The Balance, the average cost of installing new flooring in a home is between $1,500 and $4,000. This price can vary depending on the type of flooring you choose.
Wooden floors have always been popular for homeowners as they add character and warmth to their living space. However, modern advancements offer more options, such as vinyl and laminate flooring. These modern options mimic the appearance of wood at a fraction of the cost.
Homeowners with pets or children may consider durable flooring such as tile or stone. These materials are resistant to wear and tear and can withstand high-traffic areas. They also come in various colors and styles, giving you many options for your modern home improvement project.
However, to install tile flooring, you should enlist a professional tiling service for proper installation. According to Forbes Home, ceramic tile installation costs between $2,000 and $6,300, with an average price of $4,200 per project. Ultimately, the type of flooring you choose will depend on your budget and personal preference, as there are various cost-effective options in the market.
7. Roof Replacement
Lastly, replacing your roof is an ideal modern home improvement project to increase your home’s value. According to Remodeling, a new roof has an ROI of up to 68.2%. However, this percentage may vary depending on the material and style of your roof.
While replacing an entire roof can be costly, its ROI makes it a worthy investment. When shopping for a new roof, consider durability and energy efficiency. Roofing materials with these qualities typically have better ROI.
A good example of this is metal roofs. In recent years, metal roofs have increased in popularity, becoming America’s second most common roof type. According to Build Using Steel, usage of metal roofs rose from 12% in 2019 to 17% in 2021. With their over 50-year life span and energy efficiency, metal roofs have become stable for many homeowners and local roofers. Although they can be costly to install, with This Old House estimates ranging from $4 for galvalume steel to $40 for copper, they guarantee an ROI of 60.9%.
Another typical option is asphalt shingles. Asphalt shingles remain the most common type of roofing material in America. According to The Asphalt Manufacturing Association, asphalt shingles account for 80% of all American homes. This dominance is due to their affordability, durability, and insulation properties.
Asphalt shingle roofs are more cost-effective than metal roofs and have a higher ROI of 68.2%. They also come in various styles and colors, which is ideal when consulting a custom home builder. According to Forbes Home, replacing your roof with asphalt shingles will cost you an average of $90 per square foot.
Whichever roofing material you choose, hiring a professional roofing service for installation is essential. Improper installation can lead to costly repairs and decrease the value of your home. A reputable roofing service will ensure proper installation that meets industry standards and warranties.
Besides these seven modern home improvement projects, several other renovations can add value and improve the functionality of your home. These include upgrading your kitchen by adding new countertops, cabinets, and appliances. You can also consider installing a deck or patio to create an outdoor living space, which has been trending among homeowners in recent years. Alternatively, you could remodel your bathrooms and undertake landscaping projects on your front lawn. These projects may vary in cost but will significantly increase your home’s value and provide an excellent return on investment.
Modern home improvement projects can significantly increase your home’s value and make it more appealing to potential buyers. However, thorough consideration is essential since some projects have a higher return on investment than others. Therefore, consult with professionals before embarking on any home improvement project. Additionally, consider hiring a real estate attorney to review the contract with your contractors to avoid hidden costs and ensure timely delivery. Enjoy your beautiful, upgraded home that will surely attract buyers should you decide to sell in the future.