Increase Your Home’s Value with These Home Improvement Projects
Improving your home with a remodel or upgrade is always exciting. Making your house more personalized and changing it to reflect current styles and looks not only is fun for you and your family, but usually helps when it comes to your home’s value.
But not all home improvement projects return the same level of value though. You might spend $5,000 on two different projects and one will increase your home’s value by $4,000 and another only $2,000. So, where do you get the biggest increase in your home’s value when it comes to upgrades and improvements?
Here are the best projects to increase your home’s value and recoup costs according to MSN Real Estate:
The outside of your house is obviously the first thing a potential buyer will see and you cannot overlook its value. Furthermore, a buyer will be willing to pay more for your house if they know they won’t have to deal with replacing siding or painting for twenty years. Upscale fiber cement or long lasting vinyl siding will pay back 78% of your costs on average.
New Entry Door
Your front door is the focal point of your house when it comes to curb appeal. Replace an old worn door with a brand new 20-guage steel one and you’ll see an average return of 73%.
A fresh, updated kitchen is great for any house and it will return 72% when it comes time to sell. You don’t have to go top of the line on everything though. A mid-range remodel with new countertops, sink, faucets and appliances. You don’t have to replace your cabinets but if they are looking beat up, then you’ll need to have them resurfaced. Make sure to check comparable sales in your neighborhood to make sure you don’t upgrade out of the price range and lose out on some of that return.
For example: If homes in your area sell for around $160,000 and these homes have laminate countertops, don’t install granite countertops and expect to sell your home for $170,000. At some point, you will price yourself out your neighborhood’s average buyer’s range and won’t see the return.
Garage Door Replacement
It’s not as sexy or fun as a new tile shower or granite countertops but it sure is valuable! Even a midrange garage door upgrade will return about 71% of its cost in corresponding home value. This comes into play because of the huge effect your garage door has on your home’s curb appeal.
Nothing screams “Buy Me!” to a potential buyer more than a brand new deck that they can see themselves relaxing and entertaining guests on. An old deck will just look like dollar signs to them as they think about how they will have to resurface or replace it soon. Turn your deck into a plus instead of letting it be a liability.
New, Energy Efficient Windows
Being able to list your home with new, energy efficient windows is a huge plus and will net you a 69% payback when the deal closes. Many newer homes have these standard, so making your home comparable is a giant plus. In addition, many states and the federal government often have tax breaks if you buy and install energy efficient windows. Make sure to check with the right officials to make sure these rebates are still in place and how much they are.