It’s almost Spring and you’re probably already dusting off the honey-do list and getting ready to spruce up your home up for the Summer entertaining season, and perhaps even to sell in the near or distant future.
While not everything we do to make a house a home is about getting the best return on investment, if you’re planning on improving the value of your home here are the top 5 most cost-effective projects for improving home value:
New Entry Door – 102% of cost recouped
A new steel entry door is the best way to quickly improve home value. Steel doors are affordable, and can quickly improve the curb appeal of an older home with a door that has seen many years of love. Wood and fiberglass doors can also improve value but their higher cost isn’t always offset with higher values when the home is sold.
Garage Door Replacement – 84% of cost recouped
If you’ve got a home with older wood garage doors, or metal doors that have seen better days, new garage doors can give your home a quick facelift for a small investment. It’s easy to forget just how prominent the doors of a 2 or 3 car garage can be for most homes – so new metal, painted garage doors can really make a big difference.
Siding Replacement – 80% of cost recouped
New siding can give a major facelift to any home – though it does come at a substantial cost. For older homes with non-lap siding, or homes that have inferior siding (LP, Weyerhauser), upgrading to Hardiplank or similar siding can be a great way improving the curb appeal of the home as well as its fundamental value. Siding is one of the most important systems in a home, protecting your home from the elements, improving energy efficiency and making your home look beautiful and contemporary.
Minor Kitchen Remodel – 73% of cost recouped
Refacing old cabinets, replacing old counters, a new sink, new cabinet and sink hardware and new paint/flooring are great cost effective ways at transforming a dated kitchen into a contemporary kitchen that’s more enjoyable to live with as well as more attractive to buyers. Just be careful not to over-improve for your market, as it’s the quickest way to lose money. Not every home needs slab granite counters, new maple or cherry designer cabinets or commercial quality appliances. These are often quite expensive personal preferences that may not translate to all buyers.
Deck or Patio Addition – 72% of cost recouped
Adding comfortable outdoor space in the form of a deck or patio, especially if all or part of it is covered, is an excellent way of improving value. Adding a covered area of the deck or patio does add cost, but it allow the space to be used year round for BBQ’s and more.
Our best advice: don’t wait to improve you home until you’re getting ready to sell. If you’re going to spend the money to upgrade your home you should at least get some of the enjoyment and benefit from the updates and upgrades.