K.M. Minemier & Associates is a certified Woman Owned Small Business (WOSB) engaged in full service real estate asset management and marketing.

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Home Renovation Costs

May 05, 2021

Home renovation costs: 5 improvements to boost your home’s value

-Bank of America

 

Whether you’ve found your forever home or just a stepping stone, improving it can be a winning proposition. Smart updates, such as the ones below, can increase your home’s value. By researching home renovation costs, budgeting wisely and checking out expert tips on how much to renovate a house, you could not only recoup costs but improve your lifestyle as well – for multilevel returns.


1. PROTECT YOUR MOST VALUABLE ASSETS
New roof (asphalt shingles)
Replacing an aging roof, while pricey, can prevent structural damage, enhance your home’s appearance and win over buyers. New roofing is the most popular exterior project for renovators.

Average cost: $24,700
Average amount recouped: 66%

2. ADD SOME LUXE APPEAL
Master suite addition
Add grandeur to your life, and impress potential buyers, with a dream suite.

Average cost, midrange remodel: $136,739
Average amount recouped: 59%

3. COOK UP A HIGHER RESALE
Major kitchen remodel
Kitchens are key if you are selling, and they make being home more pleasant if you plan to stay. You can get a remodeled feel at a lower cost by resurfacing cabinets, changing hardware (such as drawer pulls) or replacing appliances.

Average cost, midrange remodel: $68,490
Average amount recouped: 59%

4. INCREASE YOUR CURB APPEAL
New entry door (steel door)
Your front door is one of the first things friends, neighbors and potential buyers see when they approach your house. For a low-cost way to improve this area, add a fresh coat of paint to your existing door and buy a new welcome mat.

Average cost: $1,881
Average amount recouped: 68%

5. RAISE YOUR HOME’S WORTH
New garage door
This update can have multiple benefits, including improving your home’s exterior, bolstering energy efficiency and ratcheting up your home security.

Average cost: $3,695
Average amount recouped: 98%

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