Have you ever wondered if that home improvement project was really worth the investment and time? According to Remodeling Magazine (http://www.remodeling.hw.net/) you’re less likely to recoup your investment in a major kitchen or bathroom remodel than you are to get back what you spend on basic home maintenance such as siding. Siding replacement recouped 92% of its cost, according to this study. Our team breaks some projects down for you to help you understand where you should put your dollars to work.
1. Replace Your Front Door
You may be thinking to yourself a front door really? But yes according to recent statistics a solid front door yields an amazing 96% return on investment. If your door does not need replacing some simple updating may be all that is needed, updating hardware and a fresh coat of paint.
2. Add a Deck or Patio
No matter where you live buyers are always looking for outdoor living spaces. Our data shows that you can recoup 87% of your investment on a new wood deck or outdoor patio. Do you already have an outdoor space, our suggestion is keeping up with maintenance to ensure you retain top dollar.
3. Add Space/Attic Bedroom
There is no doubt that adding square footage to your property will bring you an additional return. You can easily recoup 84% of your investment in an additional bedroom or living space.
4. Replace Your Garage Door
Is your garage door starting to stall when you close it or getting squeaky at the hinges? Upgrading to an upscale or midrange garage door recoups 83% of your investment. Manufactures offer a host of styles and choices, from plain steel panels to energy-efficient and insulated models.
5. Kitchen Remodel
What home owner doesn’t dream of granite countertops, upgraded backsplash and brand new cabinets? Did you know that when showing a home buyers are most likely to consider the kitchen and bathroom as major selling points. You can easily recoup 80% of a minor kitchen remodel and 70% of a major one. If you are thinking of selling soon, our suggestion is keep the updates minor like updating appliances, painting cabinets or updating countertops.
6. Replace Your Windows
This one really is a no brainer. Having efficient windows in a home is a major selling point. Buyers are always interested in the upkeep of windows after all this could be a major expense they will need to incur if they are outdated and leaking cold air. But updating your windows can bring you an easy 79% return on investment.
7. Replace Your Siding
If you have an older home it may be time to consider updating your exterior. In fact updating your siding can bring you a 78% return.
8. Basement Addition/Remodel
Depending on the market, most suburban families are in the market for additional space as they grow their families. And in this day in age it is all about entertaining. So if you are going to finish go for the wet bar and full bathroom. Open entertaining spaces will sell more than a disconfigured basement with multiple rooms.
9. Bathroom Update
Let’s start with the basics here. Bathroom remodels are not a cheap project. In fact the average bathroom remodel can range anywhere from $10k to upwards of $50k depending on the size and amount of upgrades. So when it comes to bathrooms and you are thinking of selling in the near future we suggest sticking with some minor updates: replacing fixtures, mirror, updated paint, re-do the caulking around your tub and shower, and replace the grout on your tile floor.
10. Three or Four Season Porch
Again simply adding a three our four season porch gives you additional square footage and can even be considered another bedroom in some cases. This is an easy win when it comes a return on investment.
No matter which project you choose, be careful not to over improve depending on your location. If you are thinking of selling at some point in time you may not want to over spend as you may not reap the return based on other comps in your area.