If you’ve been thinking about making renovations to your home–and who isn’t– it’s in your best interest to select a project that will add to its overall value.
While Chip and Joanna Gaines have popularized kitchen islands and crown molding, some of the most valuable upgrades are far less dramatic. In the DC area, there are four specific projects that will return more than 100% of your investment.
Surprisingly, none of them are related to the kitchen, bathrooms, bedrooms, or living areas. If you’re serious about doing the best home renovations for your house, consider these upgrades.
According to remodeling, attic insulation is the number one most valuable home improvement in Washington DC. This simple upgrade costs roughly $1,400, but earns nearly $2,200 on resale.
The reason for this price inflation is simple — fiberglass insulation can reduce the costs of heating and cooling a home by as much as 50%. As such, most homeowners are willing to spend a bit extra to know that their home is fully insulated.
Garage Door Replacement
The next improvement on this list is almost as exciting as the last. A new garage door, which runs close to $1,800, nets approximately $2,300 on resale.
Since they are usually only replaced every 15 years, newer models tend to add a lot of value. When choosing your garage door, make sure you consider the material and safety features. Steel doors are in vogue right now because they’re more durable and cost-efficient than wood and plastic.
Add on an object sensor, electronic lock, and finger-guard joints, and your garage door will be the talk of the town.
Manufactured Stone Siding
The third-place spot goes to manufactured stone siding. Unlike the last two items on the list, this improvement is largely superficial.
While manufactured stone tends to be more durable than natural stone, neither material is superior to vinyl or brick siding. Nevertheless, this stylish upgrade yields nearly $1,000 in profit.
One word of caution, though. Several DC neighborhoods have laws that regulate the appearance of historic homes. In these areas, stone siding may be prohibited.
Front Door Replacement
The last profitable upgrade on this list offers both curb appeal and peace of mind. In Washington DC, replacing your front doors can cost anywhere from $1,400 to $3,300.
While fiberglass doors (the pricer option) resist wear and tear better than steel, the resale value is only 93 percent. Steel doors, however, offer an ROI of 101 percent.
Warning: Stay away from wooden doors. Front entryways are subject to large fluctuations in temperature and humidity that can cause wooden doors to crack and warp.
In general, large renovations accrue value more slowly than smaller upgrades. That said, some upgrades are unavoidable. In Washington DC, adding a mid-range bathroom will run close to $46,000. The final resale value, however, is close to $26,000. That’s an immediate loss of 44%. Not so good.
Kitchen remodels fare only slightly better. In DC, major kitchen remodels cost around $64,000 and sell for approximately $37,000 — a loss of approximately 41%. Also not good.
Last, but not least, family rooms run approximately $92,000 and sell for $63,000 — a loss of approximately 32%. Better…but not great.
If you’re considering one of these large renovations it might be best to look for a new home that meets your needs. Call one of our realtors here at Eng Garcia Properties and let us help find the perfect home for you.