5 Remodeling Projects That Will Boost Your Home’s Value
Home improvement projects can cost a ton of money—but if you pick the right one, you could make your money back, the latest edition of an annual survey found.
The cost of labor and materials can vary, as can the perceived return on investment, but these five remodeling projects with a midrange budget offered the best ROI for homeowners, according to the Remodeling 2015 Cost vs. Value Report.
Whether you’re looking to boost the sale price of your home or you simply want it to look its best, see if any of these options fit into your budget and your plans.
1. Entry door replacement (steel)
Average cost: $1,230
Average ROI: 101.8%
The front door replacement has been listed as the top project for ROI for several years. One reason is that, unlike a wood door, a steel door is easy to maintain and often less costly than a wood or fiberglass door. Steel doors are also considered better for security and for fire safety. Replacing your front door is a key part of your curb appeal, since it’s the first thing guests and potential buyers see.
2. Manufactured stone veneer exterior
Average cost: $7,150
Average ROI: 92.2%
If the exterior of your home needs an update, a manufactured stone veneer could be for you. Not only does manufactured stone come in different colors, it also costs about one-fourth to one-half as much as natural stone. It’s also lighter in weight, which means it can be installed in more places without extra support and insulation. In addition, the product requires no maintenance and is more fire-resistant than wood or vinyl siding.
3. Garage door replacement
Average cost: $1,595
Average ROI: 88.4%
In addition to your front door, your garage door is one of the most noticeable features of your home. You can replace your door with one that tilts up or rolls up to match your home’s age and style. Choose from wood, steel, aluminum, or fiberglass depending on your budget and taste. Wood doors require more maintenance but are often the most attractive.
4. Siding replacement (vinyl)
Average cost: $12,013
Average ROI: 80.7%
If the outside of your house has flaking paint or you’re simply looking for a more low-maintenance option, you’ll get a good return on your money with vinyl siding. Vinyl siding is less costly than manufactured stone, wood, or cedar siding and also less expensive to install. Since it’s made of PVC plastic, it won’t rot or flake, but it can crack or look dull over time.
5. Wooden deck addition
Average cost: $10,058
Average ROI: 80.5%
A wood deck can expand your living space with an area to entertain friends, dine outside, or just relax on your own, all of which are also appealing to buyers. You can enhance the space with an outdoor fireplace, a bar, or a patio heater so you can use your deck for more of the year in a cold-weather climate.