5 Homeremodeling Projects That Are Great Investments
Most homeowners want a beautiful home and are eager to make home improvements, but budget constraints are a factor for the majority of people. Since few homeowners have an endless amount of money to spend on home improvements, it is important to choose projects that not only enhance your home, but are also a good financial decision and offer a good rate of return on your investment. Some of the most financially wise home improvements include:
Exterior Door Replacement
If you are focusing on home improvement projects that have the best rate of return, replacing your front door is an excellent choice. On average, a new steel entry door costs $1,230, but the resale value is $1,252, for an amazing rate of return of 101.8%. In addition to providing extra security for your home, steel doors also come in a variety of colors and styles so a new door can add visual appeal to your house.
Wood Deck Addition
In this day and age many people are enjoying their outdoor living spaces just as much as their indoor living spaces. A wood deck addition is an excellent way to create usable space outdoors, and it is also a sound home improvement investment. A new wood deck typically costs around $10,000, and the resale value is over $8,000, for an impressive rate of return of 80.5%.
New windows can make a big difference in how your home looks, and energy efficient windows can help slash your utility bills and help you save money on heating and cooling your home. When replacing your windows you will have to choose between vinyl frames or wood frames—both offer good resale value. Wood windows offer a slightly higher rate of return of 78.8%, while you can expect to recoup 72.9% of the cost of new vinyl windows. No matter which type of windows you choose, you can count on adding value to your home and recouping a lot of the project cost when you sell your home.
Minor Kitchen Remodel
An old, outdated kitchen can bring down the overall look of an otherwise nice home, so updating a kitchen can make a big impact and add value at the same time. In terms of resale value, a minor kitchen remodel usually offers the most bang for your buck. This involves replacing your kitchen cabinets,, replacing the countertops, installing a new sink and faucet, painting, and replacing the flooring. On this type of project you can expect to recoup 79.3% of the money you spend on the project, while also having a nice updated kitchen to use.
It is often said that kitchens and bathrooms sell homes, and there is some truth to that. Outdated bathrooms can be an eyesore, and remodeling the bathroom is a home improvement project that many homeowners are eager to start. Bathroom remodeling is a wise way to spend money when it comes to home improvements—on average you can expect to get back 70% of the money you spend on the project due to the value a remodeled bathroom adds to your home.
To learn more, contact a company like CFA Cabinetry .