TOP 5 IMPROVEMENT PROJECTS FOR YOUR MONEY2016-07-25 09:56:24 Posted By Jila Rezai
Some home improvements cost more than they're worth. Before you get started on that home improvement project, take a moment to consider its potential return. To help you understand which projects offer the highest returns, we used the recent Remodeling Cost vs. Value Report to compile a list of the 5 top home improvement projects for your money.
Each year, Remodeling magazine's Cost vs. Value Report provides a fascinating look at the percentage of a home improvement project's costs that are likely to be recouped at resale. The report finds that not all home remodeling jobs are created equal—you'll probably get better return on your investment back after building a wooden deck, for example, than adding a sunroom.
1. Entry door replacement. Homeowners who install a steel front door recoup nearly 129% of the project's cost when they sell their home, according to the report. The reason being a steel door is less expensive than the alternatives. A fiberglass front door replacement project, for example, costs about three times more than a steel door replacement. But a steel door can still be attractive enough to boost your home's curb appeal and makes a big first impression on somebody who is looking at the house.
2. Minor kitchen remodel. Most people consider the kitchen to be the heart of the home, and because of this, updates in this room pay off. According to the report, you can expect to recoup between 60%-120% of your investment on a kitchen remodel, as long as you don’t go overboard. You should never make your kitchen fancier than the rest of the house, or the neighbourhood.
3. Attic bedroom. Converting that dusty old attic into a functional bedroom recoups on average about 83% of the project's cost when you sell your home, according to the report. At around $49,000 the bedroom addition is certainly more expensive than replacing your front door. But when it comes to adding new livable space to your home, building an attic bedroom is often easier on your budget than, a family room addition, for example, which can run around $85,000.
4. Wood deck addition. The addition of a wooden deck to your property gives nearly 81% of the project's cost when you sell your home. The wooden deck's appeal is linked to today's more thrift-conscious consumers, who are looking to save money by spending more time at home. Since they are staying home they want to enjoy their exterior space so adding a deck is one of those areas that can add value. Like a steel door, the popularity of wooden decks is also associated with costs. A similar project built from composite materials can run you about 50% more.
5. Old windows replacement recoup on average about 77% of the project's cost. This makes your home more attractive while increasing its energy efficiency. Also, certain window replacements can qualify for federal tax credits. Start by replacing windows that are beaten up or broken and consider the project's energy efficiency benefits the icing on the cake