Financial Wellness
5 Renovations that Add the Most Home Value
Spring is an optimal season to complete home projects that add charm to your property and, if done right, increase its value.
Before you start, some home renovations add significantly greater value than others, which is why it's always smart to research which projects have historically generated the most value.
Here are five remodeling projects that will bring the biggest lift to your home's worth.
Garage Door Replacement (193.9% return value) – A new garage door may not be the first project that comes to mind when you think of the top renovations, but it's remained high on this list for several years. Garage doors are a major component of a home's façade and leave a substantial impact on first impressions.
The average cost of a new garage door is between $4,000-$4,500, but the value added back to the home will likely exceed the cost. Just be sure the garage door is installed on galvanized steel tracks with a motorized opener. A higher insulated door material will increase the price, but might be worthwhile in colder climates.
Entry Door Replacement (188%) – Similar to a garage door, an impressive-looking front door will go a long way in giving your home exterior a cosmetic boost that will woo future home buyers. Steel doors are the most rewarding replacements and come in a variety of finishes and can also aid in lowering heating and cooling bills.
The average price of a door is around $2,300 and can be completed within a day. When the time comes to sell the home, all that money—and likely more—should be coming back your way. If you're not able to replace the door, consider giving it a fresh coat of paint to spruce it up. A can of exterior paint costs less than $100. Best front door color choice? Black, according to Zillow.
Manufactured Stone Veneer (153.2%) – Consider colors and styles that work well with other exterior elements of your home when choosing manufactured stone veneer, such as architecture and paint color. Don't worry about how much of your home's exterior needs this upgrade either, since even minor enhancements to the entryway can add curb appeal.
Minor Kitchen Remodel (96.1%) – The lone interior project on this list, a minor kitchen remodel may only require tasks such as replacing cabinet fronts, installing new hardware or stainless-steel appliances, and updating countertops. Don't overdo it, either, because major kitchen remodeling will likely not return as high an investment.
Other ideas include widening room openings, or removing a non-load bearing wall to create a contemporary, open-space layout. Changing wall paint color or adding a tile backsplash are easy updates—and don't forget to take advantage of natural sunlight.
Fiber Cement Siding Replacement (88.4%) – Fiber cement, also known as cementitious siding, has been around for decades. It's gained popularity in recent years because it requires no maintenance and is nearly indestructible—fiber cement won't warp, cut, rot, or check (separate). The material can do anything that wood can do and mimics its grainy appearance, even upon close inspection. It comes from the factory primed or painted with a baked finish.
Fiber cement siding can be costly depending on how much square footage is being replaced. A more affordable option is vinyl siding, which is not nearly as durable but can still provide a strong return.
Additionally, we offer a Tower World Mastercard® that earns points on every purchase, which can be redeemed for cash back or exciting rewards. Let us help you turn your home improvement plans into a reality with tailored financial solutions.
Before you start, some home renovations add significantly greater value than others, which is why it's always smart to research which projects have historically generated the most value.
Here are five remodeling projects that will bring the biggest lift to your home's worth.
Garage Door Replacement (193.9% return value) – A new garage door may not be the first project that comes to mind when you think of the top renovations, but it's remained high on this list for several years. Garage doors are a major component of a home's façade and leave a substantial impact on first impressions.
The average cost of a new garage door is between $4,000-$4,500, but the value added back to the home will likely exceed the cost. Just be sure the garage door is installed on galvanized steel tracks with a motorized opener. A higher insulated door material will increase the price, but might be worthwhile in colder climates.
Entry Door Replacement (188%) – Similar to a garage door, an impressive-looking front door will go a long way in giving your home exterior a cosmetic boost that will woo future home buyers. Steel doors are the most rewarding replacements and come in a variety of finishes and can also aid in lowering heating and cooling bills.
The average price of a door is around $2,300 and can be completed within a day. When the time comes to sell the home, all that money—and likely more—should be coming back your way. If you're not able to replace the door, consider giving it a fresh coat of paint to spruce it up. A can of exterior paint costs less than $100. Best front door color choice? Black, according to Zillow.
Manufactured Stone Veneer (153.2%) – Consider colors and styles that work well with other exterior elements of your home when choosing manufactured stone veneer, such as architecture and paint color. Don't worry about how much of your home's exterior needs this upgrade either, since even minor enhancements to the entryway can add curb appeal.
Minor Kitchen Remodel (96.1%) – The lone interior project on this list, a minor kitchen remodel may only require tasks such as replacing cabinet fronts, installing new hardware or stainless-steel appliances, and updating countertops. Don't overdo it, either, because major kitchen remodeling will likely not return as high an investment.
Other ideas include widening room openings, or removing a non-load bearing wall to create a contemporary, open-space layout. Changing wall paint color or adding a tile backsplash are easy updates—and don't forget to take advantage of natural sunlight.
Fiber Cement Siding Replacement (88.4%) – Fiber cement, also known as cementitious siding, has been around for decades. It's gained popularity in recent years because it requires no maintenance and is nearly indestructible—fiber cement won't warp, cut, rot, or check (separate). The material can do anything that wood can do and mimics its grainy appearance, even upon close inspection. It comes from the factory primed or painted with a baked finish.
Fiber cement siding can be costly depending on how much square footage is being replaced. A more affordable option is vinyl siding, which is not nearly as durable but can still provide a strong return.
Need a financial lift?
If you're looking for cash to fund your home renovation projects, come to us first. We offer a variety of options to help you make your dream home a reality, including a low-rate home equity loan, home improvement loan, or the new Dreamline Renovation HELOC (Home Equity Line of Credit). Unlike our traditional HELOC, the Dreamline Renovation HELOC allows you to borrow against the future value of your home after renovations.Additionally, we offer a Tower World Mastercard® that earns points on every purchase, which can be redeemed for cash back or exciting rewards. Let us help you turn your home improvement plans into a reality with tailored financial solutions.
Resources: HGTV, Bankrate, U.S. News & World Report
