If you’re considering some improvement projects throughout the year, it’s important to consider which ones will give you a strong return on your investment, and which ones may be more for your comfort and enjoyment and less about recouping your money. For example, replacing a dingy 25-year-old roof is a no-brainer. If you are leaning toward building a $10,000 movie room, you might might not add the value you’re dreaming of.
It’s important to remember, though, that most buyers won’t get beyond a peeling roof or moldy basement smell even if you just completed a high-dollar kitchen renovation, so make sure to prioritize your home maintenance projects first.
Let’s look at some projects that will give you the most bang for your buck.
Start with your door – If you’re looking for that one home improvement project that will give you back every bit of what you spent, and maybe more, start with your front door. A steel entry door is reported to return 101.8 percent of the initial investment upon selling the home. A new door can really refresh your home’s look, which will make it appeal to more buyers.
Replacing a roof – Nothing says a home is unloved more than an old, stained, peeling roof, and it’s a huge buyer turnoff from the moment they pull up to the curb. Plus roofing replacements yield a high-value return. Selecting a roofing contractor can be tricky, though, as scams in the roofing industry are widespread. From overcharging for the service, making unnecessary repairs, or incomplete repair work, there’s plenty of things to watch out for. Your safest bet is to talk to multiple contractors before signing. Make sure you’re getting similar estimates and similar action plans for damage repair, etc.
A minor kitchen renovation – Small kitchen projects earn a return on investment of more than 83 percent. According to a Cost vs. Value Report from Remodeling magazine, for every $100 spent on a minor kitchen upgrade, a home’s value increases by $83, on average. These items include resurfacing kitchen cabinets, upgrading counter surfaces, replacing older appliances, or swapping out old, dated cabinet hardware for a new trendier look.
Add a wood deck – A home’s deck is a popular social center that home buyers prefer over more traditional patios and with this home improvement project you really can’t go wrong.The National Association of REALTORS® and National Association of Landscape Professionals (NALP), estimate that a new wood deck will recover 106 percent of its value when the house is sold.
A minor bathroom remodel – HGTV reports that replacing a bathroom tub and tile surround, floor, toilet, sink vanity and fixtures will cost around $10,500 and yield a recoup rate of 102 percent. You can work on other projects yourself like fresh caulk and fresh paint.
Home improvement projects can range in scale and cost and you don’t have to just focus on the major renovations. Here’s a list of easy and inexpensive DIY projects that you can tackle yourself that will also improve your home’s value:
- A fresh coat of paint.
- Cleaning up your home’s landscaping.
- Switching out an old light fixture.
- A thorough decluttering.
- Painting cabinets.
Whatever project you chose to tackle make sure you take a good look at whether you’ll be increasing your property value or merely adding to your pleasure. While you’re dreaming of installing that new backyard pool, home buyers often see that as an unwanted maintenance feature that they’re unwilling to pay for. The same goes for rooms that eat up space for a specific homeowner purpose, like craft rooms, wine cellars or home gyms.
There’s plenty of great ways to increase your home’s value from spending $100 to $50,000. If you didn’t find the project you’re considering here, take the time to do the research to make sure your spending money you’ll likely get back.