It’s no surprise that homeowners continue to see the value in renovating. Putting some money into your home can mean big dollar signs in return. Not all renos are created equal, however, make sure to do your homework before you start your next project! If you’re thinking kitchens or pools are the number one renovation, think again! Remodeling Magazine does an amazing cost-versus-value analysis
each year to highlight return-on-investment. Here are the top 10 returns for the Nashville Market.
Nashville Top 10 Numbers:
1. 145%, Garage Door Replacement (Upscale)
By “upscale,” the report is referring to a 4 section, heavy-duty galvanized steel track garage door replacement! Oftentimes, buyers are looking for things that make their lives easier or safer. Doing something basic, yet extremely necessary like this returns the money over 100%! Now that’s a reno done right!
2. 112.4%, Minor Kitchen Remodel (Midrange)
Ok, so kitchens still home in high on the list of returns at 112.4%. Surprisingly, this is for what they refer to as a “midrange” update instead of “upscale.” This type of reno would include replacing the front of cabinets with wood panels, new drawer fronts, new hardware, new cooktop and/or oven, and a slide-in energy efficient fridge. It would also include new laminate countertops, mid-priced sink and faucet, repainted trim, and replacing the flooring with a resilient material.
There are lots of small parts to this renovation but you’ll be saving money by keeping everything mid-tier and getting more in return!
3. 112.1%, Steel Entry Door Replacement (Midrange)
Who would have that that something as simple as replacing the front door could return almost the same percentage as a kitchen? Buyers love those basic home repairs they won’t have to do upon move in! Change out your front door to a steel, dual-pane half-glass panel door with the same color, inside and out, to see a 112.1% return!
4. 110.4%, Manufactured Stone Veneer (Midrange)
Sticking with the theme of basic home repair, removing the bottom third of your street-facing siding, can mean a lot of cash back! Replace it with a midrange manufactured stone veneer and you’re good to go!
5. 109.5%, Roofing Replacement (Midrange)
Maybe the less surprising of basic repairs is the roof! Replacing your roof with fiberglass asphalt shingles results in a 109.5% return!
6. 98.4%, Universal Design Bathroom (Midrange)
Next on the list is a classic reno, the bathroom. Sticking with the midrange theme, here’s all you need to do to expect 98.4% back: make the bathroom 100% accessible by wheelchair (including the tub, shower-head, and doorway!), add towel hooks, replace tub with walk in, and add mid-priced light fixtures with LED bulbs.
7. 94.2%, Siding Replacement (Midrange)
7th on the list is replacing all your siding! Choose a midrange update to see big returns.
8. 93.6%, Wood Deck Addition (Midrange)
Next up, go ahead and replace your older deck with a new wood one! Stick with midrange finishes, build it out in a linear pattern, with a built-in bench, planter of decking material, stairs and a railing system to expect 93.6% back!
9. 91.7%, Vinyl Window Replacement (Upscale)
Our last two items to round out the top 10 are both window replacements. Let’s start with vinyl windows. For this update, go ahead and choose upscale finishes! This will last for a long time and potential buyers are looking for that! Choose an insulated, simulated wood-grain interior finish, custom-color exterior finish, and make sure your trim matches anything existing.
10. 88.7%, Window Replacement (wood), Upscale
If you choose to replace your windows with wood, make sure you also choose upscale options! The interior finish should be stained hardwood and exterior finish should be a custom-color aluminum cladding. Again, make sure any trim matches the existing colors!
You can read the full report here!