Trying to figure out which home improvement projects to tackle in 2020?
Home remodeling can be costly, so before moving forward, it makes sense to take a step back and consider which upgrades are likely to give you the biggest bang for your buck.
Remodeling Magazine recently released its 2020 Cost vs. Value Report, which looks at 22 home upgrades that offer the best value.
The magazine uses survey results from real estate professionals and consumers to determine which projects are likely to return more of the money spent on them by increasing value.
Here are the home upgrades from the 2020 report with the best potential return.
11. Roofing replacement (asphalt shingles)
Average cost: $24,700
Return on investment: 65.9%
Replacing a roof with asphalt shingles means removing the current roofing, all the way down to the bare wood sheathing. Then, new roofing with asphalt shingles is installed.
Using fiberglass asphalt shingles with a long warranty (at least 25 years) could allow you to recoup almost 66% of what you spent.
If you’re in the market for a new roof, be sure to first check out “7 Tips for Getting the Best Deal on a New Roof.”
10. Deck addition (composite)
Average cost: $19,856
Return on investment: 66.8%
This simple deck replacement uses a linear pattern and adds a built-in bench and planter.
Composite deck material is used, and the project includes three stairs and a railing.
9. Entry door replacement (steel)
Average cost: $1,881
Return on investment: 68.8%
According to the Cost vs. Value Report, the upgrades most likely to offer the best return on cost were related to curb appeal. Replacing a front door with a steel door and new lock set provides the opportunity to spruce things up.
If you choose a black-colored door, you might get an even bigger return on your money, as we explain in “Painting With This Color Can Boost Your Home’s Sale Price by $6,000.”
8. Window replacement (wood)
Average cost: $21,495
Return on investment: 68.9%
This project to replace 10 existing 3-by-5-foot double-hung windows uses insulated windows that are low energy.
The interior window is trimmed in stained hardwood. The exterior adds to curb appeal with an aluminum cladding custom color-matched to the existing trim.
7. Deck addition (wood)
Average cost: $14,360
Return on investment: 72.1%
According to the report, this 16-by-20-foot wood deck addition provides a better return than a composite deck addition. Plus, it costs less.
6. Window replacement (vinyl)
Average cost: $17,641
Return on investment: 72.3%
Sometimes the material makes a difference in your ability to recover more from an upgrade.
This can be true of window replacements as well as deck additions. Choosing vinyl over wood can potentially cost less and recoup more of the expense, as this project to replace 10 existing windows with vinyl ones suggests.
5. Siding replacement (vinyl)
Average cost: $14,359
Return on investment: 74.7%
This is another curb appeal project that can boost your ability to get a little more of your money back when you make an upgrade.
Remodeling Magazine suggests making sure there is a water-resistant barrier, like a house wrap, installed below the new siding.
5. Siding replacement (fiber-cement)
Average cost: $17,008
Return on investment: 77.6%
However, according to the Cost vs. Value Report, you’re likely to recoup a greater portion of the cost by enjoying an increase in the value of your home.
4. Minor kitchen remodel (midrange)
Average cost: $23,452
Return on investment: 77.6%
This is the only upgrade on this list that is an interior project, rather than an exterior project.
Remodeling shows that making rather minor changes, such as replacing the range and fridge and changing the cabinet fronts and counters, pays you back better than most projects. Also included: a new midpriced sink and faucet.
If you opt to replace the cabinets instead of just the fronts, you might want to check out Ikea’s Sektion collection. They earned the highest customer satisfaction rating in J.D. Power’s Kitchen Cabinets Satisfaction Study in 2018 and 2019, as reported in “This Top-Rated Kitchen Cabinet Brand Doesn’t Cost Much.”
2. Garage door replacement
Average cost: $3,695
Return on investment: 94.5%
Spend less than $4,000 to replace the garage door, and you could enhance your curb appeal as well as see a return on investment of more than 94%, better than most projects in this study.
This project uses new heavy-duty galvanized steel tracks and the garage door has a lifetime warranty.
1. Manufactured stone veneer
Average cost: $9,357
Return on investment: 95.6%
Topping the list for the best return on investment is another curb appeal project.
This Remodeling Magazine project includes removing a band of siding from the bottom facade and replacing it with manufactured stone veneer. The resale value attached to this project is $8,943, resulting in the potential to recoup nearly 96% of what you spent.
Will return on investment be a factor in your remodeling plans? Post a comment below or at Money Talks News on Facebook.
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