Your home has become a refuge, a school, an office and more over the last two years.
What’s the best way to make it better and improve your investment?
Replace the roof?
Expand the owner’s suite?
Add a fancy bathroom?
Remodeling magazine creates an annual cost-versus-value report, comparing the cost of home renovations and the return on investment at resale.
The 2021 report explores which projects add the most value to your home. In Lancaster County and throughout the country, most of the top projects are exterior upgrades. That makes sense. The curb appeal of a garage door and siding can make big impressions. And while decks are popular, they did not make the cut with the increased cost of materials.
Garage door replacement
Replacing an old 16-by-7-foot garage door in Lancaster County costs an average of $3,847, one of the cheapest renovations. The return, based on the percent recouped in the sale of the home, is the highest: 96%.
Manufactured stone veneer
Wrapping the front of a home with stone veneer (an average cost of $10,247) is another project on the lower end for the cost of renovations. The return is 88%.
Siding replacement, vinyl
Replacing 1,250 square feet of siding (an average cost of $15,683) brought a return of 74.8%. In Lancaster County, that’s a slightly better return than fiber-cement siding.
Siding replacement, fiber-cement
Replacing the same amount of siding with fiber-cement will cost about 17% more than vinyl siding (at an average cost of $18,715) but the return is still high at 70.9%.
Minor kitchen remodel, midrange
Only one high-return project came from indoors. Renovating kitchens, bathrooms and bedrooms have so many options, it’s tough to have a wide appeal, according to Remodeling Magazine. However, a minor kitchen remodel still is a top-return project.
With an average cost of $25,302, the return is 70.8%, more than double the major and upscale kitchen renovations.
What is a midrange, minor kitchen remodel? Remodeling magazine defines it as a dated 200-square-foot kitchen with new shaker-style wood cabinet and drawer fronts, including new hardware. Replace cooktop/oven range and slide-in refrigerator with energy-efficient models. Replace laminate countertops; add a mid-priced sink and faucet. Add new resilient flooring and paint.