With tax returns starting to go out, now is a great time to make some upgrades and add lasting value to your home. While many home improvement projects can increase the value of your home, it’s important to consider the cost of the upgrade versus how much value it brings.
Remodeling, an industry trade publication, provides the annual cost vs value report which details the average cost of various remodeling projects along with the average value added at resale. This handy report is even broken down by region which is important, because not all home upgrades provide the same value across the country.
In the North East Central region, which includes Ohio and Michigan, the remodeling project that adds the most bang for your buck is replacing an older garage door with an updated model. This costs an average of $3,642 and resells for $3,465, returning 95% of the costs!
Manufactured Stone Veneer
The remodeling project with the second highest return on investment is adding a manufactured stone veneer to the exterior front of your home. This curb appeal enhancing addition will cost on average $9,174 and returns $7,943 or 86% of the project cost when selling your home.
A Fresh Coat of Paint
Real estate website Zillow also provides a great list of home improvements taken from surveys of home buyers and sellers who have used the site. For example, Zillow suggests that homes with living rooms painted a light taupe color or bathrooms painted light blue or blue grey, sell for $2,700+ more than other homes.
Natural Gas Appliances
For those who want to enjoy the benefits of their remodeling projects for several years, increase their home’s value and save money every year, upgrade your outdated electrical system and appliances for energy efficient natural gas is the way to go. Dr. Rosemary Avance of Consumer Affairs reports that converting to all gas appliances can save up to 30% on your energy bill! While the initial investment to convert older electric lines to energy efficient natural gas lines can range between $250 and $700 for major appliances, Dr. Avance’s research found that clean natural gas appliances have longer life spans, lower maintenance costs and are more environmentally-friendly.
Lastly, you may want to upgrade your home with smart technology. Investing in a smart thermostat alone can save you up to $180 a year in heating and cooling costs. Additionally, these kinds of smart technology are incredibly attractive to Gen Z and Millennial home buyers.
Before you decide to invest in a new home remodeling project this year, consider these top suggestions to receive the most cost-savings.
If you want to get a jump start on cost-savings, join the several Ohioans who have already enrolled and made Kratos the hero of their homes. See our current rates for reliable and affordable natural gas and sign up today.