Most homeowners enjoy doing small projects to their home. However, people who know they will be moving sometime in the future have to consider the pros and cons of working on their home. For instance, if the project you are considering will add value to your home, and make it more visually appealing, then it is definitely a project worth your initial investment. However, if it will not raise the value or salability of your home, it may need to be lower on your list of priorities.
The sheer number of options that exist can be overwhelming. To help narrow it down, read the Remodeling Magazine’s Cost vs. Value Report. This compares the cost for 35 popular home improvement projects and also estimates how much of that cost will actually help boost the value of your home. Whether you agree with their calculations or not, it is a useful tool to help you sort through your options.
Best Projects for ROI
The study lists the best home improvement projects, based on the return on your investment. Here are the top four projects they recommend:
- Replace Entry Doors with Steel Doors
With a $1200 door, you can recoup 102% of your cost. This may have not been first on your list, as other items may seem more fun. However, remember that an entry door is what potential buyers will see first. Original doors are often cheaper than what you can upgrade to, and a nice door can really improve the overall look of your exterior.
- Build a Wooden Deck
Everyone loves having a deck. With the cost falling somewhere around $11,000, you can receive 73% of this back. Even though it’s not 100%, you will use the deck a lot anyway, so it’s worth adding on for your own pleasure.
- Remodel Your Kitchen
We are not talking a huge overhaul here. Stay somewhere within the $20-25,000 dollar range, and you can recoup 73%. Plus, it will make your wife happy.
- New Windows and Siding
Besides being visually appealing, new windows and siding offer a 70% return on your money.
Worst Projects for ROI
Scratch these items off your list if you are looking for a return on your investment. These lose, on average, about half of their value by resale:
- Certain additions:
- Installing a backup generator
- Replacing the roof
For homeowners planning on staying, the recoup value is not going to be as important as simply turning your house into your dream home. However, use this list to talk to your spouse about projects you have been considering. It does provide good information on which projects are worth the money, whether you are planning to sell or not.