Since the Pandemic last year, the U.S. housing market exploded. Mainly through a combination of low mortgage rates and a shortage of homes available for buyers. And only recently has it shown minor signs of slowing down. So, whether you decide to take advantage of the current rates and equity in your own property and sell, or you decide you’d appreciate some basic home updates, I’ll tell you what home improvements give the best return.
From 2017 throughout last year, home improvement has been a steady ~$400 billion industry. What made it interesting during the Pandemic was that the U.S. economy diminished by 3%. Remodeling Magazine’s Cost vs Value Report has broken down the types of home renovations by national, regional, and city level. So I’ll be covering and comparing 2020s national levels of just 6 home upgrades to the West South Central region of the U.S. and Oklahoma City.
6 Home Improvements that Give the Best Return
- Manufactured stone veneer
National ROI ~96% Regional ROI ~91% Oklahoma City ROI ~87%
Manufactured stone veneer is basically artificial stone made to look genuine as a covering for the outside of buildings, including homes, and even interior projects like fireplace walls. And manufactured stone veneer is one home improvement that gives the best return on all three levels.
Additionally, it’s less expensive than using real stone. But it can be labor intensive and takes expertise, so experience is vital. Therefore, you want to confirm your contractor’s ability beforehand. Also, check availability on your product, because a lot of these materials come from overseas. Plus, make sure you purchase from the same lot numbers. And just be aware that colors of the stones can vary. If you confirm these details up front, it will alleviate some problems that could come up.
- Mid-range bath remodel
National ROI ~64% Regional ROI ~66% Oklahoma City ROI ~83%
Mid-range bath remodels didn’t give much ROI on the national and regional levels. Although Oklahoma City homeowners will still benefit from renovating their bathrooms. But you don’t necessarily need to gut your bathrooms.
With a mid-range bath remodel you find that people typically spend less than $25,000. However they still can get a lot accomplished. The most important thing to consider is the plumbing. And if everything is good there, then comes the fun stuff. Like changing or adding ceramic tile, new bath fixtures, a new vanity. Or changing the cabinets.
- Wood deck addition
National ROI ~72% Regional ROI ~66% Oklahoma City ROI ~80%
Just like with the mid-range bath remodel, last year Oklahoma City saw a greater ROI with adding a wood deck. And more than likely that has to do with homeowners shuttering in place due to the Pandemic. More people worked from home. So our homes became our offices, our classrooms, and where we entertained the most. Additionally, because we were getting together more in our homes amid the Pandemic, we spent more time outdoors.
If you’re considering a wood deck addition, lumber prices become an important factor. Though wood decks are still less expensive than composite. Also, local weather is a factor for longevity. Especially if there are drastic temperature swings. Furthermore, direct sunlight can shorten the life of a wood deck. And it requires maintenance, such as: tightening fasteners, stripping (or pressure washing), staining, and sealing.
But there are a lot of pros to a wood deck addition as well. For example, if properly maintained, a wood deck can last decades. Also, a wood deck addition looks like real wood. And you can stain it any color you want.
- Fiber cement siding
National ROI ~78% Regional ROI ~77% Oklahoma City ROI ~79%
Fiber cement is a siding material made from cement, sand, water, and cellulose fiber, which is usually wood pulp. And it performs the same function as vinyl siding. Which is that it boosts the appearance of your property while defending the outside of your home. However fiber cement has some significant differences compared to vinyl siding.
Fiber cement lasts a long time, is resilient, and can tolerate nearly every type of weather event. And it’s well-made, impervious to water, fire resistant, and even repels bugs, rodents, and birds. So, based on this info, it’s no wonder fiber cement siding is a home improvement that gives some of the best returns.
- Minor kitchen remodel
National ROI ~78% Regional ROI ~76% Oklahoma City ROI ~77%
A minor kitchen remodel doesn’t gut the whole kitchen or change everything out. Instead some items are left in place and re-used. For instance, if you’re thinking about a minor kitchen remodel, you might paint your existing cabinets while updating your floors and appliances. Or you might have a kitchen island installed while adding a new backsplash.
But whatever you decide on your kitchen remodel, minor changes seem to give the best return rather than major changes in the kitchen. And that’s across all three levels: national, regional, and city.
- Mid-range master suite addition
National ROI ~59% Regional ROI ~62% Oklahoma City ROI ~72%
A mid-range master suite addition is an extensive job and costly up front. Also, it can include work from the foundation of your home to the the roof. With everything in between. Also, your lot size will determine whether you’re restricted on building out. Or if you’ll need to build up instead. Which means that easements and offsets become more important. Additionally, adding a mid-range master suite will require extensive planning and drawing. Plus, you may even have to hire an architect, especially if there are homeowner covenants.
However the plus side to building a mid-range master suite is the added space you’ll get. Master bedrooms are typically just bigger rooms and possibly an attached bathroom, depending on where you live. But with a master suite, you get much more. Think your own hotel suite in your house. That would be your master suite addition.
If we can’t personally help with the home improvement project you have for your house, we can assist you in finding the person for the job.