Home Renovation Projects That Pay You Back
If your new year’s resolution involves finally getting to those long overdue improvement projects around the house, it’s time to get to work. Your plan of execution could be more lucrative than backbreaking if you’re privy to the right information.
Start learning how you can make your next renovation worth every penny spent, and take a few moments to read. Read through this brief overview of a few home renovation projects known for their excellent return on investment.
Replacing the doors
Two doors, in particular, are the most lucrative investments. Replacing your old garage door will bring more than 98 percent return, and installing a new entry door in your home will bring an average of 90 percent on return.
For a few thousand dollars, you will improve several aspects of your home from a buyer’s perspective. Safety, curb appeal, and functionality are all boosted from these small renovation jobs. Do the work yourself, and save even more.
Minor kitchen remodel
Before you jump at the chance of a major overhaul in the kitchen, consider what a minor renovation could do for the space. Hiring a renovation specialist to get the job done costs more than doing the work yourself, but this is a job where you can’t afford to cut corners.
With a budget set around $21,000, your minor kitchen remodel will leave your space looking just as good as new. You will also have the opportunity to recoup more than 80 percent of the cost in equity.
Sprucing up the yard
Depending on the size of your yard, sprucing up your landscaping doesn’t usually cost a small fortune. Adding to the curb appeal of your home is extremely helpful if you’re planning on selling any time soon.
If you’re not planning to sell, it adds to your home’s equity and makes the neighbors happy. The average ROI for landscaping is 100 percent, so you really have nothing to lose.
Add more livable space
Spend the money to finish up that empty attic space, and you could reap more than 100 percent on your return. In the West, returns are steady at 105 percent, but a home in the Midwest will only bring around 80 percent return on investment.
Either way, adding more livable space to your home is always worth the investment. Insulate and add drywall to the attic space. If the HVAC unit won’t easily extend, add a solar-powered ceiling fan to get the air moving.
Deck, patio, or porch addition
Every homeowner digs a comfortable outside space for family gatherings and simple morning coffee adventures. Adding a sizable deck to your home will cost you a little more than $10,000, but you’ll get most of that back. The recoup rate for deck, patio, or porch additions is near 90 percent, so it’s definitely worth the investment.