Home renovations add value to your home no matter what, whether that value resides in your own enjoyment of the improvements or in the money you will make back when selling your property. It is no secret that home improvements are extremely pricey, so knowing what types of renovations will earn you the highest return on investment is very important. Check out these five home improvements that will give you the most bang back for your buck.
Replacing a garage door can have one of the highest return rates in the business. Though a new garage door might not be the first thing that comes to mind when contemplating your home’s potential facelift, updating the door can have a huge effect on your home’s overall curb appeal. This minor improvement will earn you back almost every penny at an average 98 percent return when you make the decision to sell your home.
A new garage door isn’t the only improvement you can make to the face of your house that will massively improve its curb appeal. Update your front door for a similar effect for less money. A steel entry door can earn you up to 91 percent of your investment back while a fiberglass one can bring back 71 percent of what you spent. This is another way to refresh the face of your house without having to completely remodel the entire exterior.
Vinyl siding was totally in style in the 80s, but these days it can give your home an outdated look, which is not ideal for attracting potential buyers. Swap siding for a stone veneer to appeal to guests and buyers alike. Vinyl is easily stripped away and can be replaced with a modern manufactured veneer. The veneer is an economical option compared to covering the outside of your house in stone, and will allow you to earn your investment back when you go to sell.
Yard space if a huge draw for potential buyers, yet many are also looking for the perfect setting for a backyard barbecue. Preserve your yard and install an elevated deck that will be ideal for family and neighborhood gatherings. This improvement will earn you back nearly 82 percent of what you spent.
Before you rip out your entire kitchen, think of minor improvements you could make that will allow you to enjoy your own cooking space as well as appeal to buyers in the future. Try adding paneling over your cabinet doors and drawers to give your kitchen a simple facelift without breaking the bank. Painting exposed walls will give your space a major upgrade. Strip old laminate from your countertops and replace with a new material. These are all straightforward and simple ways to restore and refresh an outdated room. Plus, they have the potential to earn you back an 80 percent return on investment.
Your house improvements might have nothing to do with preparing your home for resale; they might just be about getting the most enjoyment possible out of your home. However, considering how much your home is worth is an important factor to keep in the back of your mind in case the opportunity to sell arises sooner that you expected. Home renovations are known to be wildly overpriced, so knowing the value of the work you are getting done is a must. Try out these renovations before destroying your house from the studs to get the greatest return on investment possible or simply to enjoy your own living space to the greatest possible extent.
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