Many homeowners are turning their attention towards home improvement this spring. According to one study, it’s anticipated that home improvement spending will increase by nearly 7% during the second quarter of this year. But what’s the best way to invest your money into home improvement? Not all home improvement projects are created equal. Determining how to best spend your money will depend on your plans for the future. Planning on selling in the next year or two? You can expect to get back around 64% of what you put into your home improvement projects when you sell. That can be a pretty big loss so you’ll want to limit your home improvement projects to those that are absolutely necessary in order to sell your home. If you’re planning on staying a little longer but you still expect to sell in the next few years, it’s still a good idea to focus on home improvement projects that will get you the best return on your investment. Here are the top ten home improvement projects which, according to experts, will get you the best return on your investment.
Vinyl window replacement
Replacing all of the windows in your home will cost you, on average, $14,725 but the resale value is $10,794 which means you’ll recoup 73.3% of your investment when you sell your home. But keep in mind that you’ll also get to enjoy lower energy costs from the time you install your new windows until you do sell.
Wood deck addition
Prospective buyers are very interested in nice outdoor living spaces these days. So even though a wood deck addition in your backyard will set you back $10,471 on average, you can expect to get $7,850 back for a 75% return on your investment.
Replacing the siding on your home is a great way to increase curb appeal and make it easier to sell your home. Though it will cost you $14,100 on average, you’ll get back $10,857 when you sell. In total, that’s a 77% return for your investment.
Fiberglass entry door replacement
Replacing the front door is a relatively small home improvement project that will also help boost curb appeal. If you go with a fiberglass entry door, it will cost you about $3,126 and will earn you $2,574 when you sell your home for an 82.3% return on your investment.
Minor kitchen remodel
While a major kitchen remodel is one of the worst home improvement projects you can do (when it comes to ROI) a minor kitchen remodel can drastically improve your chances of selling your home at the price you want. A minor kitchen remodel typically costs $20,120 and earns back $16,712 when you sell which means you’ll recoup 83.1% of your investment.
Garage door replacement (upscale)
Another great home improvement project for boosting curb appeal is an upscale garage door replacement which will set you back $3,140. It will add about $2,380 to the value of your home however for a 90.1% return on your investment.
Steel entry door replacement
Right now, steel entry doors are in so an investment of $1,335 for a new steel entry door can earn $1,217 back for an ROI of 91.1%.
Garage door replacement (mid-range)
With many home improvement projects, mid-range is often better for ROI than upscale and that’s certainly the case when it comes to garage door replacement. A mid-range garage door replacement will cost $1,652 on average and earn back $1,512 for a 91.5% return on your investment.
Manufactured stone veneer
Many prospective buyers are interested in the natural look of stone. A stone veneer for the front of your home will cost you $7,519 but it will dramatically improve curb appeal and will add $6,998 to your home’s value for a 92.9% return on your investment.
Fiberglass attic insulation
It’s said that no home improvement project can completely pay for itself but there is one exception. By spending $1,268 to replace your attic insulation, you can greatly improve the energy efficiency in your home and add $1,482 to your home’s value. That means you recoup 116.9% of your investment for a profit of over $200.
Source: The Fiscal Times