Quality and value. These are two reasons why you should seriously consider doing some renovations in your home. If you either want to live under significantly better conditions or you want to make your home increase in value than it would fetch in its current state before the renovations. Looking at it, this is a win-win situation. Even if you do not end up selling your house, there’s nothing that brightens your mood faster than being able to finally use your new and upgraded kitchen. Many homeowners are however inadequately informed about which areas in their homes they need to focus their attention on. Areas that will not only look good but also areas that can simultaneously significantly add value.
You may want to have a master bedroom suite, but it would be better to install that steel front door in place of that frail wooden door. It is not very much about how much money you use for an upgrade, but more about where you focus this money. At the end of the day, several factors determine how good or bad your renovation idea is. So how do you know whether a renovation project is going to add value or not?
You do not spend a fortune
Taking a risk and spending too much money on a small upgrade reduces the chance of making good returns. Average spending more often than not translates into a valuable addition. For instance, an ostentatious kitchen would bring significantly low returns than a mid-range kitchen project. Is your focus inside or outside? In the real estate world, the first impression means everything. How your home looks on the outside can open or close the door to opportunity when you want to sell. Exterior renovation projects have been found to bring better returns than interior renovation projects. Remember that projects that cannot be seen when standing in front of the house are also considered interior because they are not part of the view.
Where is your home located?
If you reside in an area where it is relatively cold most of the months in a year, then it would mean more value to renovate the interiors of your house where the owners spend the most time. On the other hand, if your home is located in an area where the climate is warmer, it makes more sense to focus efforts on the exteriors of your house.
Home improvement projects that will add value to your home
- Steel entry door replacement
A 20-gauge steel door is purposefully made to provide your home with security and to complement the face of your property. This steel door is a significant upgrade from the good old 36” by 80” wooden or iron door. It comes ready-made by the manufacturers. No glass panel, hinges or other additional accessories are required. Simply unload and install. On average, a steel door costs $1,471 and brings a 91.3% return of $1,344.
- Manufactured stone veneer
Most houses use vinyl siding which tends to wear off faster. Manufactured stone veneer is not only durable but brings with it significant curb appeal. On average, installing stone veneer costs $8,221 and would bring back $7,986 hence a 97.1 return on investment.
- Garage door
Replacing your garage door stands top among the list of best return on investment-ROI projects. Say your current garage door measures 16ft by 7ft and you want to replace it with a heavy duty garage door with steel tracks. This seemingly simple renovation project can help sell your home in an instant. A good garage door on average costs $3,470 with its resale value being $3,411 which translates into a 98.3% return.
- Simple kitchen upgrade
Say your kitchen measures 200 sq. ft. and has fitted cabinets covering at least 30 ft. seek to have the cabinets upgraded with stylish wood panels and attractive drawer fronts. Have old electric cooking appliances upgraded with new yet more energy saving ones. Also, it’s wise to have your old countertop laminate replaced with fresh laminate. Likewise, you should install a new sink and taps, add a new coat of paint and re-do your old floors by getting new vinyl tiles. A full kitchen renovation would cost an average of $21,198 and bring a return on investment ROI of $17,193 or 81.1%. Quite impressive don’t you think?