It can be fun to think of all the things you’d like to do to enhance your living space. But which investments in your home are the most cost-effective? Some remodeling jobs can be recouped at resale while others will be for your pleasure only. If your goal is to not only improve your home, but also boost its resale value, consider these 5 projects, culled from Remodeling magazine’s helpful Cost vs. Value Report. According to the report, the average cost-value ratio for home improvement projects is 60.6%. The ideas listed below are all well above that ratio, making them good choices for improving resale value.
- Steel entry door replacement: Replacing your old front door with a new steel door will gain on average nearly 129% of your costs at resale, as well as save on energy costs. Cheaper than a fiberglass version, a steel door can help your home make a better first impression at a fraction of the price. Plus, the weather stripping on steel doors keeps out cold and heat, helping to lower your energy costs.
- Attic bedroom: Add to the livable square feet in your home when you create a bedroom in your attic. On average, you’ll recoup 83% of the project’s price at resale, while gaining more space in the meantime to accommodate a growing family. One of the cheaper ways to add space, the attic bedroom doesn’t require working with changes to your home’s foundation or other expensive work that you would run into with something like a family room addition. While a typical attic bedroom remodeling job can cost nearly $49,000, adding a family room can cost around $83,000.
- Wood deck addition: Create your outdoor oasis and spend more time at home when you add a wooden deck. You’ll get nearly 81% of the costs back at resale, plus enjoy a sense of extra space for entertaining and family activities. Plus, you don’t need to heat or cool an outdoor deck, so it’s a low-cost way to add value to your home.
- Vinyl siding replacement: Changing the way your home looks on the exterior can dramatically enhance its curb appeal while increasing its value. Not only will you gain about 80% of the costs back when you sell your home, but you’ll also save yourself some additional costs and hassle along the way. That’s because replacing your vinyl siding with low maintenance or no maintenance materials also saves you on painting and repainting costs every 5-7 years.
- Wood window replacement: You can get about 77% of the costs back for replacing your old wood windows. Window replacement makes your home more attractive and can even help you qualify for tax credits. Easier to clean and maintain, window replacements also help regulate your indoor climate and lower your energy bills.
Home improvement jobs can be a significant undertaking. But, as real estate prices rise and the economic recovery continues, projects like these can really pay off. In the meantime, you’ll be getting a better living space and nice curb appeal.