The 5 Home Renovation Projects with the Highest ROI

Dated: May 30 2018

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We all want the perfect house...

And of course, we want it to be comfy, updated and welcoming at all times! Keeping it updated can force us to dip into our savings account and it may seem as though the updates are a never-ending list. It is important to know the average return on investment (ROI) of the projects you are thinking about completing so you can get the biggest bang for your buck. This could help you with the decision-making process of what needs to be renovated in your home before you sell.

Being happy with your home is a big factor with ROI, however, below are the 5 Highest ROI Home Renovation Projects. 

We hope these tips help you decide which renovation projects you want to tackle this year.

1. Siding Replacement

Replacing siding can create some massive curb appeal for you home. It will give your home a fresh and beautiful new look. This ROI varies across regions of the U.S., however, the average ROI for Greensboro is a whopping 106.9%!

2. Garage Door Replacement

Not only can a new garage door increase the value of your home, but it can also increase its curb appeal exponentially. When it comes time to sell, the home will sell quicker, and for more money. The average ROI on an upscale garage door replacement is 89.6% in Greensboro. The average cost of this project is only $3,433!

3. Manufactured Stone Veneer

Improving the look of your home with manufactured stone veneer will not only make it more beautiful, it will also increase the value of the property, and will make it more marketable should you decide to sell. The average ROI in Greensboro for this midrange project is 85.9%, and the average job cost is $8,207.

4. Minor Kitchen Remodel

This room can make or break the sale of your home. Want to make your home impossible to walk away from without receiving an offer? Update the kitchen! If you do not have enough in the budget to update the entire kitchen, start with the countertops and go from there. The average cost to update the kitchen is just under $20,000, and the ROI is 80.1%.

5. Wood Deck Addition

Families spend a lot of time in their backyards, so the deck is an important component of the home. The appeal is linked to today's more thrift-conscious consumers. They want to enjoy their exterior and their outdoors. It's an opportunity to make you feel like you have another room in your home. The average cost to install a wood deck is just under $10,000. High-end composite decks have a much lower ROI. The average ROI in Greensboro is 77.7%.

We hope these tips help you decide which renovation projects you want to tackle this year.

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Michelle Porter

I have been a leader in Greensboro’s real estate market since 1994 and have consistently been a top producer in many segments of the Triad market. As a Greensboro native, I have extensive knowledge....

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