When you’re passionate about your home or rental, remodeling is exciting. Remodeling is adventurous. Remodeling breaks the routine that you have been dying to change. Nonetheless, one can never remodel for the wrong reasons and that includes ignoring your return on investment (ROI).
Sadly, very few home remodeling projects with give you a positive ROI. It’s common knowledge that kitchens and baths sell homes, but believe it or not, rarely do either bring back even 80% of your initial investment. Fortunately, there are four renovation projects that bring very high returns on your investment.
All facts below were taken from Remodeling Magazine’s 2015 Cost vs. Value report or Home Improvements Return on Investment (ROI) Facts.
Front Door Replacement
Surprising to many, front door replacement has been and remains one of the most profitable home remodeling projects out there. In fact, national averages show that 102% of the money you put into a front door replacement will be recouped when you sell the home. It’s a win-win for all.
More specifically, steel entry door replacement has the biggest return with an average national cost of $1,230. However, if you handle the project on your own, the price drastically reduces. Steel entry doors typically cost between $160 and $500, according to ImproveNet’s material estimator.
Replace the Garage Door
Many of us think of the garage as a point of entry into our homes. It does serve this function, but your garage door is also a key part of your home’s security system. A new and secure garage door provides any potential buyer the security and peace of mind we all seek before we move.
Additionally, a new garage door will upgrade your home’s curb appeal, as well as improve your home’s insulation, both of which are key components in the buying and selling industry.
While the average price to install or replace a garage door is $1,595 (as indicated above), smart home remodelers can find effective and attractive options for less than $1,000. In fact, according to ImproveNet data, the average is closer to $964. Either way, expect to recoup roughly 88% of your cost input once you sell your home.
Build A New Wood Deck
Not all of us have the space to add a wood deck, but if you have the room, I highly recommend the addition of a wood deck. They not only look great in the summer and increase your home’s value, but they also give you added usable square footage outside, perfect for hosting a summer BBQ, family reunion, book club or any other larger gathering.
According to the report above, homeowners who add a deck recoup 80% of the cost put into it. As always, there are many factors that determine the overall cost of the deck addition, such as size, location, design, whether or not you hire a pro and type of wood. Five of the most popular types of wood for decks are:
- Pressure-Treated Pine
Despite the high price point seen above, if you play your cards right, you could install a terrific deck for less than $6,000.
Replace the Windows
Well-made windows can last for decades, but over time, much like your roof, coffee maker or computer, they slow down and do not function as well as they once did. Fortunately, vinyl window replacement recoups 73% of its total cost.
If you are not sure whether or not it’s time to replace your windows, fortunately, there are a few telltale signs that your windows need to be replaced.
- Drafts inside the home
- Clear cracks or gouges in the glass
- Long-term mildew or damage around the frame of the window
- Rotten window sills
- Windows that are hard to open or close
- Visible condensation in double- and triple-paned windows
While the overall cost can get expensive, the benefits are many. Major advantages include lower energy bills and greater insulation within the home, an increase in the curb appeal and less condensation between old glass panes.
Overall, replacing your windows, much like the other projects above, is a smart investment. Check out the Unpakt blog for more moving tips or preparing your home for sale.