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According to Zonda Media’s 2021 Cost vs. Value Report on home renovations, these five current projects offer aesthetic appeal and add value to ensure the effort and expense pay off.
- Smartly spending money on “first impressions” is always en vogue. Exterior improvement projects currently top the report’s list: a manufactured stone veneer (avg. cost: $10,386), fiber-cement siding replacement ($19,626) and vinyl siding replacement ($16,576) deliver recouped costs of 92.1%, 69.4% and 68.3%, respectively.
- Renovating doors and windows also provides tremendous value, including a garage door replacement ($3,907) topping the list with 93.8% costs recouped, while vinyl window replacement ($19,385, 68.6%) and wood window replacement ($23,219, 67.4%) additionally rated highly. Costing just $2,082, a steel entry door replacement recoups 65%.
Attention to the kitchen
- The only interior improvement to rate near the top of the list, a minor kitchen remodel-midrange includes replacing wood panels and drawer fronts, countertops, sink and faucet, flooring, a cooktop/oven range, and slide-in refrigerator, plus repainting. The job cost of $26,214 conveys a 72.2% return.
Hit the deck
- Outdoor decks add space to a property, create an attractive area for friends and family to gather, and make up another source of added value. Wood ($16,766) and composite ($22,426) deck additions recoup renovations costs at 65.8% and 63.2%, respectively.
Boost your bath
- A priority renovation for many, midrange ($24,424) and universal design ($38,813) bathroom remodels – while landing decidedly middle of the road on the list – can add immediate beauty, functionality and future value to your home. A more modest project returns 60.1%, while a more extensive redesign will give back 57.9%.
Consider the cost
Before starting any costly renovation, it’s important to ensure that the project actually fits your needs and will provide even a modicum of financial return. Here are three home improvements that could prove costly down the road.
- High-end bathroom ($75,692) and kitchen ($149,079) renovations can be prohibitively expensive, yet recoup their costs during home resale at 54.8 and 53.9 percent respectively. Focus on more modest cosmetic improvements to areas in these rooms that most need it.
- With more people working from their houses, a home office conversion may be tempting. But with potential electrical, telecommunication and hardware additions potentially reaching into the thousands, the possibility a future buyer may prefer an extra bedroom to this renovation makes it a shaky investment.
- Rising material and labor costs during the pandemic may make a DIY renovation more tempting, but understanding what you’re getting into is vital. Shoddy work can be easily recognizable by potential new owners and could lead to doubling up on costs if you have to bring in a professional to fix your mistakes.
Whether the goal is to fund a home renovation, pay off student debt, finance a medical procedure or stake a business venture, engaging a Home Equity Line of Credit (HELOC) loan may be the wisest choice. Secured by your home’s equity, it acts like a credit card, starts with a lower interest rate and is only tapped into when needed. (fee free?) American Airlines Federal Credit Union offers both fixed and variable rates depending on your needs and financial situation. To learn more or apply now.
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Budget for this stage in life
New job. New house. New addition to the family. Retirement. Each of these life stages can change how you look at your financial status. The good news, however, is that a creating and following a basic budget can help keep your financial goals on track — as long as you customize your spending plan so it meets your current demands.
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Niche Travel Towns
Here are four favorite U.S. destinations — tailored for four specific traveler types — to inspire your next getaway.
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Habit building: Doing it a little every day to build a solid financial foundation
Planning for a solid financial future requires work – and a good base. Here are four things that everyone should consider.
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Hidden beach towns worth finding
Who doesn’t appreciate a good beach town — or maybe any beach town? Pairing a town with a sandy coast naturally gives it a happier twang.
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The truth about inflation
It’s not always easy to prove fact from fiction when it comes to an unstable financial situation.
