Home Improvements with the Best ROI

Home remodeling has been very popular lately as homeowners look to maximize and refresh the space they have. Whether you’re looking to update part of your home or getting ready to list it for sale, it’s always good to balance your personal tastes with improvements known to bring a good return on investment (ROI). In this article, we’ll look at the 5 best projects for ROI to help you figure out your next home improvement project. Need financing to get started? We can help with that, too! Our mortgage lenders live and work in communities within Central Illinois and the Metro East. We are here to answer your home renovation questions!

Garage Door Replacement 

Upgrading your garage door instantly boosts the curb appeal of your home, and it could yield up to an 85% return on investment, according to HomeAdvisor. The average cost of a garage door installation is $1,121, with a range of $757-$1,548. When you get a quote, make sure it includes labor, the new door, tracks, and any hardware.

Types of Garage Doors

As This Old House notes, “today’s two- and three-bay garages are wholly integrated into the home’s footprint” and “they occupy a prominent chunk of prime visual real estate as well: about 33 percent of an average street-side facade.” So, when you’re choosing a new garage door, remember it’s about style as much as function. Here are the main types to choose from:

• Sectional: Has horizontal hinged sections that roll up and then back along the garage ceiling. 
• Swing: Two doors open from hinges on either side of the garage door. Best for milder climates, as snow can prevent access to the garage.
• Sliding: Looks like barn doors; hang from rollers and slide along a track at the top of the door.
• Bifold: Hinged vertical sections fold against the sides of the door.

Garage Door Materials

Once you’ve decided on the type of garage door you want, the next step is to pick out the material. Here are your options:

• Metal: Steel is the most common garage door material. It comes in a variety of designs and is strong, built to last, and low-maintenance. 
• Wood: The most expensive and high-maintenance option, wood doors are also coveted for their wide selection of styles, shapes, and decorative flourishes.
• Fiberglass/vinyl: Like metal, fiberglass and vinyl garage doors are relatively inexpensive. This material is also the most durable but may require repainting more often. Design options are limited.
• Composite: This material is made of cellulose fibers fused with resins. Composite is more expensive than metal or fiberglass/vinyl, but it is very low-maintenance, designed to resist cracks, warping, and rust.
• Glass: Dreaming of a light-filled garage? Consider a garage door made of tempered glass panels. They can be finished to be clear, frosted, or opaque.

Kitchen Remodel

In the world of home remodeling, a brand-new kitchen is the crown jewel. However, your kitchen remodel doesn’t have to be an “all or nothing” proposition. Ripping everything out and moving walls, a la HGTV, is one end of the spectrum. Toward the other end are a variety of smaller-scale projects. That’s why the average cost of a kitchen remodel can range from $10,000 for a smaller project to $30,000+ for all-new, high-end everything, but can yield an ROI of up to 80%. The primary factors that determine total cost are the size of your kitchen, the types of materials you choose, and whether you change the layout.

Kitchen remodeling ideas

A complete remodel may include all of the following, while a smaller project may simply include one or two items. Often, new cabinets are the most expensive option, so consider refacing or painting your existing ones if they’re in good shape. 

• Paint walls and/or cabinets
• Cabinet refacing
• New sink
• New flooring
• Install tile backsplash
• Replace cabinets
• New stone countertops
• New appliances
• Add island or breakfast bar 

Bathroom Remodel

Second, only to the kitchen, a bathroom remodel is highly desirable in the eyes of both current homeowners and prospective buyers. Depending on the size of your bathroom, a complete remodel should be less expensive than for a kitchen. And as with a kitchen, smaller projects can make a big difference in the visual appearance of your bathroom. Overall, bathroom remodels can deliver an ROI of 60-70%.

Bathroom remodeling ideas

A complete remodel may include all of the following, while a smaller project may simply include one or two items. The least expensive way to remodel a bathroom is to leave the layout intact. If you start moving things around, you’re likely to need plumbing work, which can get expensive.

• New shower and/or bathtub
• New tiling for floor and/or walls
• New sink and/or vanity
• Paint
• Lighting
• New Mirror or medicine cabinet
• Install shelving
• Heated floors

Siding Replacement 

Installing new siding gives your house an instant facelift. Total costs depend on the size of your house and the type of siding material you choose. On average, it costs $10,475 to side a house, with a full range of $5,327-$15,829.

Types of siding

• Vinyl is the most popular type of siding because it’s inexpensive, versatile, and easy to maintain
• Wood is commonly used with certain architectural styles such as bungalow and Cape Cod. It can give your home a rich look but needs regular maintenance to prevent rot, insect infestation, and more.
• Brick veneer gives your house a beautiful, classic look, but this more labor-intensive siding will cost more to install.
• Fiber-cement offers the look of stucco, wood, or brick siding at a lower cost. It’s also low-maintenance.
• Stucco is a classic look in Mediterranean, ranch, and Spanish-mission style architecture. It is very durable and can last the lifetime of your home.
• Stone veneer is similar to brick in that it creates a classic look. Stone is the most expensive type of siding, but you could always do it as an accent.

New Windows

Replacing old and inefficient windows can make your house look more attractive and lower utility bills. Total cost for materials and installations depends on the number of windows, size, and scope. According to HomeAdvisor, the price can range between $2,950 - $9,065. 

Finance your home remodeling project with Town and Country Bank and Peoples Prosperity Bank!

Do you have a home improvement project in mind but need financing to see it through? At Town and Country Bank and Peoples Prosperity Bank, we offer Home Equity Loans and Lines of Credit (HELOC), as well as Renovation Loans to help with all your home remodeling needs. To learn more contact one of our mortgage lenders today. Ready to get started? Apply online or visit one of our local branches. Our friendly and attentive staff welcomes you to any of our locations in Springfield, Jacksonville, Lincoln, Decatur, Bloomington, Edwardsville, Fairview Heights, and Quincy.