7 Projects Where You Can Spend Less & Increase Home Value More
May 22, 2023Costs Down, Value Up: These 7 hidden gem projects help maximize your home improvement ROI.
Getting the most out of your home improvement projects means choosing products that will stand the test of time, increase home value, and be affordable to maintain over time. (Free warranty service, anyone?) But before all of that, maximizing your home improvement ROI means spending less on home improvements that add value.
After scouring the 2023 Cost vs. Value Report, we found seven projects that give homeowners the best bang for their buck. For these projects, costs are down and value is up this year. This means you can take advantage of spending less to increase home value, and maximize your home improvement ROI. Here’s a look at these seven hidden gems:
Interior Home Improvements that Add Value
Kitchens and bathrooms are often hailed as the most valuable rooms in the home, and this year two projects in these categories are among the best ROI home improvements. Not only did both of these projects see costs decrease while value increased, but they’re the only two interior remodeling projects among the top 10 for home improvement ROI in 2023.
Midrange Bath Remodel
The national average cost of a midrange bath remodel fell 9.4% this year, according to the 2023 Cost vs. Value Report, while ROI on the project rose 7.8 points to 66.7% – its best showing in the Cost vs. Value since before the pandemic.
More to the point, high-end upgrades in the bathroom are not performing nearly as well as more affordable remodeling is. Home improvement ROI for a midrange bath remodel is nearly twice that of an upscale bathroom remodel! In fact, while upscale bath remodeling costs also fell this year (about 7% nationally), the value for those projects dropped dramatically to just 36.7%.
Minor Kitchen Remodel
Like bathrooms, a lighter touch in kitchen remodeling serves homeowners much better in terms of home improvement ROI. Featuring updates like cabinet refacing and countertop replacement, the cost for a minor kitchen remodel fell 5.3% in 2023, while the value increased 14.5 points to a whopping 85.7% ROI! Meanwhile a midrange kitchen remodel, including tear out and replacement of all materials, costs 2.5 times as much as a minor kitchen remodel (almost $78,000 on average), and an upscale kitchen remodel costs twice as much as that! Here’s the kicker: both of those projects lost value year-over-year, coming in at 41.8% and 31.7%, respectively for 2023, keeping minor kitchen remodeling well in the lead of best ROI home improvements in the kitchen.
Cabinet Refacing – Before
Cabinet Refacing – After
Exterior Home Improvements that Add Value
Exterior remodeling plays an important role in home value, both for curb appeal and to keep your home functioning properly. The best ROI home improvements in this category do both. Updating your windows and your roof will accentuate your home’s appearance, while also keeping it safe from moisture intrusion, drafts, heat loss, and other costly challenges that crop up as homes age.
Vinyl Window Replacement
While this popular project was a smaller mover in the 2023 Cost vs. Value report, it still fits our criteria: National average project costs for vinyl window replacement fell nearly 2% year-over-year, while value bumped up 1 point to 68.5%.
These numbers don’t take into account is the home improvement ROI homeowners see almost immediately with energy-efficient windows. High-quality windows with insulated frames and sashes, smart low-e glass, and non-metal spacers help eliminate drafts, increase energy efficiency at home, and lower utility bills.
Asphalt Roof Replacement
Replacing an old roof with new asphalt shingles will cost about 7.6% less this year than it did in 2022, with the national average project cost dropping back below $30,000. Meanwhile, home improvement ROI for this project bumped up 1.5 points to 61.1% for a better ROI than the last two years.
Siding Projects that Increase Home Value
Your home’s siding helps protect the building’s framing and everything inside it. Investing in updated siding help prevent moisture, drafts, and pests from entering your home, while adding to the curb appeal you love every time you pull into the driveway. Here are three siding projects with great home improvement ROI.
Manufactured Stone Veneer
This project, which involves replacing a portion of a home’s vinyl siding with manufactured stone panels, consistently ranks in the top 3 projects with the best home improvement ROI. In 2023, the average cost for this project dropped just 1.3%, according to the Zonda Cost vs Value Report, but its value rose 5.2 points, pushing it to 102.3% ROI.
Vinyl & Fiber Cement Siding
If replacing your old siding is in the cards this year, you’re in luck. Costs for vinyl siding and fiber cement siding projects each dropped 12.4% in 2023, bringing the average cost for both projects below $20,000. Even better, both projects dramatically increased in value. Vinyl siding value increased 27.5 points to 94.7% ROI, while fiber cement siding increased 20.2 points to 88.5% ROI. These represent two of the biggest year-over-year swings in the 2023.
increase your home value for less!
With these recommendations, you have some great guidelines to get the best home improvement ROI in 2023. The Improveit team is ready to help you make those plans a reality! Whether you’re looking for new windows or an updated bathroom, we have excellent financing opportunities and unbeatable lifetime warranties to maximize the value you get from your project. Give us call or schedule a free consultation today!
