These Home Improvements Will Offer the Best Return for Utah Homeowners in 2020
Exterior renovations and kitchen remodels top Remodeling’s annual Cost vs. Value Report.
Enhancing your home’s curb appeal is one of the most effective ways to boost its value, according to Remodeling Magazine’s 2020 Cost vs. Value Report. The report, which compares average costs for remodeling projects with the value those projects retain at resale, suggests that exterior improvements yield the greatest return on investments. In fact, most of the top 10 investments listed for the Salt Lake City area are exterior home improvements, with the exception of a minor kitchen remodel.
According to the report, the following home fix-ups will have the biggest return on your investment in the Beehive State.
Utah Home Improvement #1: Upgrade your garage door
Leading Remodeling Magazine’s list of projects that return that greatest bang for your buck is a garage door replacement.
In Utah, new garage door will cost you an average of $3,500 in 2020. However, you can expect to recoup nearly $3,900 (that’s 108% of the job cost) in your home’s higher resale value.
Utah Home Improvement #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 having manufactured stone installed along the bottom third of your house and around the entry, you could raise your home’s market value by $7,750. That’s 88% of the average $8,800 cost of the job.
Similarly, scrapping your home’s old vinyl siding for fiber-cement siding comes with a cost return of 85%, compared to a 66% return on investment for new vinyl siding.
Utah Home Improvement #3: Revitalize your kitchen
In 2020, less is more when it comes to kitchen remodels. The highest-ranking indoor project on Remodeling Magazine’s list is a minor kitchen remodel, which includes replacing cabinet doors and updating countertops, flooring and kitchen appliances.
The project will recoup about 75% of the average $21,900 cost, while a major kitchen remodel returns only 44% of the $64,700 project cost.
Utah Home Improvement #4: Swap out your entry door
At an estimated $1,800, putting in a new front door is the least expensive improvement on Remodeling Magazine’s list and boasts a 71% return on investment. This project includes replacing your existing entry door and lockset with a new steel unit.
Utah Home Improvement #5: Re-shingle the roof
Outfitting your home with a new roof may cost you more than any other exterior improvement, but it should provide a decent return on your investment — in addition to keeping you properly sheltered. The average $23,300 project cost of re-shingling the roof has a 70% ROI, slightly higher than the 65% return on the $37,800 average cost of a new metal roof.
Utah Home Improvement #6: Put in new windows
Exchanging drafty old windows for up-to-date, energy-efficient ones will cut down your energy costs and increase your home’s worth. In 2020, both vinyl and wood windows have about a 61% ROI.
Let Zions Bank help fund your next home project with a Zions Bank home equity credit line[cite::701::cite]. Our loan decisions are made locally in Utah and Idaho so you can enjoy a faster turn-around time on approval. Visit a Zions Bank branch near you to speak with a banker.
Kallee Feuz is a Public Relations Officer for Zions Bank.