Many homeowners in Salt Lake are eager to remodel their home. Whether it be something small like a new garage door or something large like a new kitchen, it’s important to not jump into a remodeling project without first looking at the potential value it will add to your home.
This may or may not surprise you, but all remodeling projects are not created equal. Some projects are worth more than others. And some will recoup nearly all of their cost, while others not so much.
We listed the top 10 home upgrades in Salt Lake for 2021 based on Remodeling Magazine’s data. The region-specific details will help you choose which projects add the most value to your home’s resale price.
Which projects then should you consider to get the best value for money?
1. Garage Doors and Manufactured Stone Veneer – 93% ROI
If you spend approximately $3,860 on a garage door replacement, you can expect to recoup 93% of your investment.
Garage door replacements remain the top home upgrade in Salt Lake in terms of ROI. However, the projected returns significantly fell from 2020 when you could recover 108.6% of expenses.
Replace an old garage door with a new four-section door and heavy-duty galvanized steel tracks for maximized returns. The new installation must have the following elements:
- a lifetime warranty
- at least R-12 foam insulation
- two coats of factory paint
Interestingly, manufactured stone veneer installations also provide a 93% ROI based on a project worth $9,860. It’s higher than the previous year when this home upgrade provided the second-best return at 88.1%.
Focus on installing manufactured stone veneer on the street-facing façade because curb appeal matters! Most property buyers can decide right away if they want to bid after only seeing the front yard.
2. Mid-Range Minor Kitchen Remodels Yield Nearly 79% ROI
First-time homeowners often make the mistake of splurging on kitchen remodels in the hopes of a higher ROI. This isn’t a wise move! For instance, a mid-range minor kitchen remodel will yield a 78.6% return on an investment worth almost $25,000.
On the other hand, spending $74,000 on a mid-range major kitchen remodel will only provide a 55% ROI. A high-end major kitchen remodel offers an even lower return—a 48.4% yield from an estimated project worth approximately $146,000.
Instead of replacing cabinets and countertops, you should focus on:
- refinishing to save money
- installing shaker-style wood panels and drawer fronts to make a kitchen look new; and
- adding energy-efficient appliances like cooktops and slide-in refrigerators.
Sometimes, even a new coat of paint for ceilings and walls can greatly enhance a kitchen’s appearance.
3. Siding Replacement Returns Almost 78% of What You Spend
Choose fiber-cement when installing new siding because you can recover 77.8% of an investment worth approximately $17,500. Factory-primed and factory-painted fiber cement are advisable for the best ROI.
You should install fiber-cement siding based on the manufacturer’s specifications, including factory trim at all openings and corners. Vinyl sidings can also yield a decent ROI of 64.8% based on a project worth almost $14,800.
4. Vinyl Windows Offer a Higher ROI Than Wood
An $18,900 vinyl window replacement can provide a 64.5% return. It’s better to install insulated vinyl windows with custom colors for exterior finishing. Don’t change the existing interior trim, although the exterior should be trimmed to match the current one.
If you prefer wood, the projected return isn’t that bad. You can recover 62.4% from a project worth $22,710.
5. Asphalt Shingle Roofing Provides More Value for Money
Asphalt shingle roofing can last up to 40 years on average with proper care and maintenance. If you plan to replace an old one, you can expect an ROI of 61.5% from an investment worth $27,000.
Install at least 235 pounds of fiberglass asphalt shingles across 30 squares of roofing space. The warranty coverage should also last for at least 25 years.
Some people may prefer metal for roofing replacements. This is more expensive and can only yield a 58.7% return from an investment worth roughly $42,000.
6. Steel Entry Door Replacements Yield a 60% ROI
The estimated yield for a steel entry door replacement dropped from last year’s ROI of 71.3%. This project, though, is the cheapest one on the list. If you spend exactly $2,025 on a new steel entry door, you can expect to recoup $1,215 of the cost after you sell the house.
7. Wooden Decks Are Better Than Composite
Wooden decks offer a potential return of 54.7% based on an estimated project cost of $16,630. A composite deck installation worth $20,400 can provide a 52.1% return.
Whichever you choose, a 16×20-foot deck is ideal. Use pressure-treated joists with 4×4-inch posts for support and anchored to concrete piers.
(One caveat here is this: with wood prices skyrocketing across the globe, composite is quickly becoming a more affordable alternative to wood. Check your local prices before assuming wood is cheaper.)
8. Mid-Range Master Suites Are Also Better
Just like kitchens, adding a mid-range master suite offers a higher ROI than an upscale addition. Your home’s resale value can increase by around $69,300, assuming you spent approximately $141,000 on a new suite (a 49.1% return).
On the other hand, an upscale master suite addition will only net you 43.1% based on $290,100 of estimated project expenses.
9. Bathroom Additions Are an Exception on the Spending Front
Bathroom additions are the exception when we talk about splurging on a home upgrade. You can expect a 48.3% ROI from an upscale bathroom addition. Mid-range bathroom additions will barely return 43% of what you spend on the project.
10. Remodeling the Bathroom Can Yield a 47% ROI
Mid-range bathroom remodels make more sense money-wise when you can’t add another bathroom. If you spend $22,000 on the project, you can recover approximately $10,300 of the expenses.
Pay more attention to upgrading countertops and fixtures by using:
- standard chrome faucets
- general and spot lighting; and
- cultured stone for vanity tops with molded sinks.
This list covers the basic principles of upgrading a house. There are several other factors that only a real estate expert can determine for you. Contact our team today to find out the best home upgrades for your property.