Everyone wants to live in a home with the best furniture, the latest gadgets and the nicest floors. You can have all of this, of course, but it's going to cost you. That doesn't mean you can't have nice things. Instead of updating everything, stick with the improvements that will actually pay you back in the long run. You may want to conduct a home inspection to get a sense of any major issues, before or after your remodel. Here are some home remodeling projects with the highest return on investment.
Perhaps the best projects you can complete if you want to see that money back later are those that enhance the exterior look of your home. Curb appeal is one of the most important factors in a home's ability to sell and its final price. And according to HouseLogic, the most sensible upgrade to your curb appeal is a new front door. It may seem minor, but Remodeling Magazine found a 98 percent return on investment for new front doors. This renovation has other ancillary benefits, too. An old door is often ill-fitting and can leak warm air to the outside, making a replacement a big energy saver. It's also one of the least expensive remodeling options. Make this one a top priority if you're looking to boost your home's value.
If you're not crazy about a new door, the rest of the best remodeling choices are more costly exterior improvements. New siding is the next best option, providing nearly 84 percent of a return on investment. Vinyl siding is generally the less expensive option that still provides good protection and durability. Fiber-cement siding and foam-backed siding are two other, slightly more expensive options. According to HouseLogic, siding that looks old or dirty can cause a home to lose as much as 10 percent of its value.
All about the basics
Beyond your home's exterior looks, there are many other fixes and additions to be made that don't just boost value, but your own comfort too. Forbes suggested thinking of the renovations that will make your home safer and more structurally sound. Perhaps your HVAC system needs to be inspected, repaired or replaced. You might be tempted to put this off, but it could mean health problems or unwieldy energy bills. Any leaks in your roof or basement are similarly essential as they could mean your foundation is cracked or could lead to mold growth. Having a solid foundation (in more ways than one) is a good way to ensure the rest of your home is in top shape. These repairs may not be so flashy, but they can still help your home command a good price when it's time to sell.
Kitchen and bath
A new kitchen or bathroom are two of the most desirable renovations that homeowners invest in. But is it always worth it? According to HouseLogic's data, even a "minor" kitchen remodel costs nearly $20,000. This still tends to provide a better ROI than a high-end kitchen remodel. This means that such big projects require some time spent saving beforehand. If you do want a new kitchen or bathroom, but may not a full remodel, what are the best things to spend on? HGTV suggested considering what you most want out of the space, not what you think will get the most money when you sell. For example, that top-of-the-line range and oven may look nice, but do you cook enough to really get any use out of it? A new bathtub may get some buyers interested, but do you ever have time to take a bath? It's the practical considerations that are most important here.