There are thousands of projects you could do to increase the value of your home. These projects range anywhere from inside to outside of your home, and you can really let your inner “Tim ‘The Toolman’ Taylor” shine. There has been tons of research completed over the years on what home improvement projects will create the most long-term value.
These projects are based solely on ROI which is broken down into several characteristics including efficiency, low maintenance and quality. Details about this information for this year can be found at “Remodeling” Magazine’s “2015 Cost vs. Value Report”. It shows that replacement projects, rather than most remodeling projects will create the most value over time. The following is a list of five home improvement projects that will make your home more appealing, add value to your home and give you the best return on your investment:
1. Front Door Replacement
Replacing your current front door with one that is composed of 20-gauge steel takes the cake in the cost-value list. This improvement turns out to be the most cost effective option for anyone to make. It has a return of almost 100% (98% to be exact) and increases your home’s curb appeal along with energy efficiency.
2. Minor Kitchen Remodel
A kitchen remodel is on the top of everyone’s “Home-Improvement To-do List.” Unfortunately, we aren’t talking about creating your dream kitchen, but we are talking about completing smaller projects that will help create a better environment that everyone will enjoy. These projects could include replacing countertops, cabinets, appliances and flooring. Features such as granite countertops, hardwood floors and Energy Star certified appliances tend to be at the top of everyone’s wish-lists this year. While the cost of these projects could be high, the return on investment reaches up to 82 percent! Looking at the long-term, you will increase the value of your home, while creating a space you will be very happy with.
3. Vinyl Siding Replacements
Going down the list, one of the projects that caught my eye was siding replacement. Most newer homes are garnished with vinyl siding, whereas older homes are mostly sided with wood, stone or brick. Vinyl siding is relatively inexpensive, easy to install, requires little maintenance, come with many style options and most come with lifetime warranties. All of these factors combine to make a very appealing and cost effective option to increase the value of your home. The ROI on this project is about 82% which makes it one of the best improvement projects you could make.
4. Garage Door Replacement
Another outdoor improvement you could make is replacing your garage door. A home’s garage door is a home’s most prominent feature, so upgrading this feature will be sure to attract potential buyers and admiration from your neighbors. You have plenty of options to choose from that can fit your budget which is always an upside. Here is an article from houselogic.com describing what the best options of garage doors are. This improvement is relatively affordable and increases curb appeal, both of which are components in creating a good return, 81% to be more precise.
Also, here’s a complete guide to garage doors that provides a lot of great info.
5. Programmable Thermostat
Last, but certainly not least, is adding a programmable thermostat to your home. This improvement does not fall on the “Cost vs. Value” list, but is definitely a great way to improve the value of your home. Most brand new homes include this feature and the market for this type of gadget has increased significantly over the past few years. What makes this feature so appealing is its efficiency and overall quality. Most have the ability to control humidity, cooling and heating and can be easily installed by yourself. Installing one of these devices will save you up to $200 annually which covers the cost of most units available!
All of these improvements have been able to withstand the constant high-to-low changes in the housing market. If you have the chance to complete one or more of these projects, you will significantly increase the value of your home if you decide to eventually sell. If you don’t plan on selling your home, these projects will still add impressionable value by making your house more of a home.