Remodeling with an eye on ROI
Are you ready to make some improvements on your property? Not sure where to being?
Here are some ideas that will improve the look of your home or rental properties and also increase its value according to Remodeling Magazine’s Cost vs. Value Report.
Replace your front Door. The report shows that replacing your front with a steel door averaged a 98% return on your investment (ROI). Replacing your front door is a pretty low cost improvement for a great return. Old exterior doors can be a huge source of energy loss. When you replace old front doors, you are improving the look of your home and improving energy efficiency at the same time.
How about new Siding. Not many changes to a home have as big of an impact on curb appeal as new siding. Old, worn siding can decrease your home’s value up to ten percent. New siding has a great ROI – according to the Cost vs. Value Report, new siding falls between 81.5% – 83.9% return depending on the type of siding you use.
Minor Kitchen Remodel. Note the “minor” qualifier here; we are talking about an upgrade in the range of $19 – $20,000 versus a full gourmet kitchen remodeling project. The ROI comes in right around 81.8%.
Deck Additions are popular projects with a higher ROI. One big reason decks and patios are so popular is because they are a great way to expand living space at a lower cost per square foot than the cost of a new addition to the home.
Attic bedroom remodels come in with an ROI of 79.3%, converting an attic space is a great way to increase living space without increasing your home’s current footprint allowing you to keep remodeling costs to a minimum. Don’t need another bedroom? How about a rec room for the kids or a home office? Just remember the purpose of a room for resale value does affect your ROI.
Garage Door Replacement is another great way to improve the curb appeal of your home or rental property. Enhancing your home’s exterior is always a plus enhancing marketability. Midrange costs for replacement of garage doors have historically returned around 80% of a property owner’s investment.