High Value Home Improvements
Spring is the perfect time to put that budding home improvement project idea into action and really watch your home’s value blossom.
More than half of U.S. homeowners are planning to spruce up their homes in 2018, according to a recent survey. Outdoor improvements (43 percent) topped the list of planned work, followed by bathroom remodels (31 percent), home repairs (28 percent) and kitchen remodels (26 percent).
A well-planned home improvement project, large or small, can add aesthetic enjoyment, functionality, efficiency and value to your home. A poorly chosen one, on the other hand, could waste your time and money.
Before you dig into a renovation project, consider what types of improvements will have the greatest impact on your home’s value. Also examine various funding options — like a Zions Bank home equity loan or a Zions Bank home equity line of credit — which could open up additional possibilities.
According to Remodeling Magazine’s 2018 Cost vs. Value Report for the Mountain region, which includes Utah and Idaho, the following six fix-ups will have the biggest return on your investment:
Home Remodel Ideas
Idea #1: Upgrade your garage door.
Enhancing your home’s curb appeal is one of the most effective ways to boost its value, Remodeling Magazine’s report shows. Leading the cost vs. value project list is an upscale garage door replacement. A high-end garage door will cost you an average of $3,449. However, you can expect to recoup $3,326 (or 96.7 percent of the job cost) in your home’s higher resale value.
Idea #2: Give the facade a facelift.
Adorning the front of your house with a sophisticated stone veneer will ramp up its elegance and its price tag. By replacing vinyl siding with manufactured stone along the bottom third of the house and around the entry, you could raise your home’s market value by $7,576. That’s 93.8 percent of the average $8,084 cost of the job. Comparatively, replacing the siding on your house will yield a cost return of about 65 percent.
Idea #3: Build a wood deck.
Adding open-air square footage to your living space is great for entertaining guests now and wooing potential buyers later. A new wood deck has an 84 percent return on investment, compared to a 63.9 percent ROI for a composite deck.
Idea #4: Revitalize your kitchen.
Less seems to be more when it comes to kitchen projects. In 2018, the highest-ranking kitchen project was a minor kitchen remodel with 83.8 percent of costs recouped, while a major kitchen remodel returned only 58.3 percent of project costs.
Idea #5: Swap out your entry door and windows.
Exchanging an aging front door and old windows for up-to-date, energy-efficient ones will cut down your energy costs and increase your home’s worth. In 2018, a steel entry door will recoup about 80 percent of the estimated $1,746 job cost. Vinyl windows have a 68.4 percent return on investment, compared to wood windows at a 64.5 percent ROI.
Idea #6: Freshen up the bathroom.
A universal design renovation makes your bathroom accessible to people or all ages, sizes and abilities. And this all-encompassing design brings slightly more bang for your buck than a standard bathroom remodel — with a 66.9 percent ROI compared to 63.8 percent ROI.
Embarking on a home renovation project may not be a bed of roses. But just as April showers bring May flowers, the time, money and emotional energy you pour into a project will help your home flourish.
Let Zions Bank help fund your next home project. A Zions Bank home equity loan or Zions Bank home equity line of credit can be used for a variety of home improvements. Because a home equity loan or home equity line of credit is secured by your home, the interest rate is usually lower than with other types of loans. And our loan decisions are made locally in Utah and Idaho so you can enjoy a faster turn-around time on approvals.