The new year is a great time to start thinking about those long-awaited home renovation ideas for 2020. But before you start your home remodeling you should know what projects will pay off the most in regards to return on investment (ROI) in 2020 here in Billings, Montana. Whether you are thinking about selling your home or living in it for the long haul, being strategic about which home renovation projects will give you the best return on investment is just wise decision making. Truth is, not all home remodels have the same value when it comes to ROI. So what are the top home renovation projects for 2020?
According to relator.com, in 2019 Americans expected get back about 66.1% of their renovation investments—this was a minor gain from 2018’s ROI which was 65.8%. The best investment is still the one that the entire neighborhood can enjoy. Therefore, the home renovation project with the highest ROI for 2019 was a garage-door replacement. True, garage-door replacement is not as appealing as a bathroom remodel or a kitchen remodel but replacing your garage-door is an easy way to bump up your home value, earning you a stunning 97.5% return on your investment.
Coming in second place in 2019 for the best ROI was stone veneer. Appearance (curb appeal) is everything and complimenting your home with stone veneer does not only make it attractive but will give you a 94.9% return on your money investment. The great thing about stone veneer is that it looks expansive (like real masonry work completed with actual stones) but is actually rather inexpensive in comparison with real stones. Stone veneer is light weight and can be use both indoors and outdoors for the ultimate stone like appeal.
Home Renovation in 2020
Other home renovation projects to consider in 2020 (along with their corresponding ROI) include:
- Minor kitchen remodel (81% ROI)
- Adding a wood deck (76% ROI)
- Replacement of siding (76% ROI)
- Changing the front door to a steel door (75% ROI)
- Replacing windows with vinyl (73% ROI)
- Putting in fiberglass at the entrance way (72% ROI)
- Replacing roof (68% ROI)
- Bathroom Remodel (67% ROI)
- A major kitchen remodel (62% ROI)
With all the popular ROI home renovation ideas for 2020 mentioned it makes sense to mention some of the items that don’t hold much ROI. Those home renovations that do not increase the value of your home by much include:
- Adding a master suite (although still a 59% ROI)
- Putting in an additional bathroom (58% ROI)
- Building a backyard patio (50% ROI)
- In-ground pools
Although these home remodels do not increase the value of your home by much they do increase your life in your home. So if you plan on living in your home for a while then these are perfect examples of where we can help you redesign your home for your life.
You are not alone in your home renovation journey. Pinnacle Remodeling can help you accomplish your home renovation goals. Looking to do some complete home or partial home renovations? What could I do to help you make your home renovation project come to life? Let us help you to facilitate your home remodeling. Reach out to me and let’s talk about how we can make your home renovation goals a reality.