The savvy home owner understands that money invested towards remodeling and renovating their home can be recovered, but only if they invest in the right projects. If you are looking to remodel your home, it is important to understand which projects you should invest in, how much you will be required to invest and what resale value of your home will be after the completion of the project.
Remodeling.com compares average cost for 36 popular remodeling projects with the value those projects retain at resale in 102 U.S. markets. Based on the survey results, here is a list of projects every homeowner should be looking to get started on:
New Front Door
Investing $1,218 in a new half-glass 20-gauge steel front door will raise your home’s resale value by $1,243 which represents 102.1% return on the initial investment. Besides boosting the resale value, switching from a wood door to a steel door will see you spend less money and time on maintenance, which is a win-win for you.
New Garage Door
If your garage door faces the street, replacing it with an aesthetically appealing version will not only boost your home’s curb appeal but also improve its resale value. You can invest about $1300 and expect to get a return of 83.9 percent.
Fiber-cement siding is a stylish choice for any homeowner who wants to boost their home’s resale value. The trick is to choose siding that is similar to your neighbors. For instance, if your neighbors choose vinyl siding, go for that too. There’s a payback of 80 percent attached to this investment, and you’ll be required to spend about $11,000 to $14,000 depending on the type of siding chosen.
There’s no better way to transform a dull outdoor space into a livable indoor space than by building a deck, complete with a bench and planter. Remember to pay attention to the railings for your deck, as they are highly functional and enhance the safety and style of your outdoor living space. Although a wood deck has a much lower return (57.7 percent) than the other mentioned projects, if you have extra money in the range of $11,000 to $38,000 you should think about building a wood deck.
If you’ve been thinking of remodeling you kitchen, it is a great idea to implement as it will not only improve your kitchen’s appeal but give you a 72.8 percent return on your investment. A $22,000 investment will be worthwhile, especially if you opt for laminate in the place of granite, and also avoid custom cabinets.
Don’t wait until a window gets broken to replace your windows. Replacing existing windows with better-looking versions will give you a return on investment of 67.5 percent to 72.6 percent. If you are torn between vinyl and wood, go for the option that is the most popular on your street.
It is important to remember that when undertaking a home remodeling project, you should always stick to what is considered a standard in your neighborhood. For instance, you should not make outrageous additions to your home to the extent that your house is the biggest on the block as the value of the home will have to be at par as the other homes on the street, and you will have low returns on your investment.