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Garage Doors, Stone Veneer Top List For Investment Returns on Home Renovations

SPRINGFIELD, Mo -- Remodeling spending is expected to eclipse over $340 billion dollars in 2018. That's up 7% from last year, and the trend can be seen right here in the Ozarks.

Lyra Sprenger and her husband are among the growing number of property owners in the renovating business; They hope flip this home with new amenities for a profit, before building their dream home next year. 

"We are going to keep this little drive because I think it's charming. This dirt road back here feels very farm like," she explained walking around the newly-purchased property.

The drive and the old barn are the only icons sticking around. The rest they plan on removing, gutting, and renovating. 

"We have never done anything like this before!"

"My husband works a demanding job during the day, and then comes home at night to play with the kids and puts them to bed. It's at that point he throws in his headphones, listens to an audiobook, and picks up the sledge hammer."

By the time they sell the home, the Sprengers will have added a new kitchen, sunroom, basement, hard wood floors, appliances, and a fresh coat of paint.

"There is almost not as much pressure because we know that we don't have to pick out our very favorite thing to be in this house" Lyra said. "That might not be what someone else likes". 

Which is a good thing, according to Zach Riggs with Keller Williams Realty in Springfield. 

"If you can cater to the masses, it is going to help you when it's time to sell." 

He reminds people that renovations like this differ greatly, and also are determined a lot by the surrounding neighborhood.

It's often best to heed advice from someone with knowledge of the area.

"We have had clients put in a $30,000 kitchen inside a house worth close to just $100,000. In a neighborhood where homes sell for around $100,000, it is going to be difficult to sell that house for 30% premium."

"That new kitchen It is a nice feature, and people will love it. But they may not want to pay more than everyone else in the neighborhood."

So just what are the top returns on renovations and home improvements?

Curb-appeal may be the way to go if you're looking to upgrade or renovate your current home, according to a new study.

The study by Remodeling showed that different improvements give different rates of returns on renovations.

New garage doors (98%), stone veneer (97.1%), steel entry doors (91.3%), and wooden deck additions (82.8%) top the list. 

Minor kitchen remodels (81.1%), bathroom remodels (70.1%), and master suite additions (56.6%) are further down on the list.


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